One of the biggest perks of interactive gambling is that this is an industry that always stays abreast of the latest solutions in both the iGaming sector and non-gambling scenes. That way online players can improve their gambling experience by making it more convenient, fun, and rewarding.
Crypto has become one of the latest trends in online gambling, with crypto coins also leading to the development of metaverse gambling and wagering non-fungible tokens (NFTs). If you are interested in crypto casino and sports betting websites and you have been following the NFT trends, then you might be wondering how NFTs can be used for gambling.
While some people disregard NFTs as something that can carry any type of real value, many see this new innovation as so much more than simple jpeg images. In the last year, NFTs have become a part of crypto gambling, with some NFTs even becoming extremely popular in the virtual gambling field.
Of course, not all NFTs deserve to be acknowledged as something valuable, but there are some tokens that deserve your attention, especially if you are interested in crypto gambling. If you want to learn what is the value of NFTs and which gambling NFTs to invest in, we suggest you continue reading.
Where Does the Value in NFTs Come from?
Before you start gambling with NFTs, you should understand how come what looks like an ordinary jpeg image actually has any value. We should begin by clarifying that not all NFTs are the same and one NFT is not interchangeable with another.
The value of every NFT comes from its utility in the blockchain, with every NFT having a unique feature that can be verified and is impossible to be faked. With different properties in the blockchain, it should not come as a surprise that some NFTs might be worth £1, while others may be estimated to be worth £1 million.
Another factor that determines the value of NFTs is the asset they represent. If an NFT presents ownership over a painting of a famous artist, naturally, this NFT will have a much higher value than a blank-canvas NFT. People who are not familiar with the way NFTs work may argue that it is pointless to spend money on jpeg images that can be copied by anyone. However, what they fail to understand is that the value of NFT lies in the ability to prove ownership over an asset, which no replica can do.
The simple way to explain the value of an NFT is to compare it to a deed that proves your ownership of an object in real life. However, NFTs have much more complicated functionality than deeds. Thanks to the way the blockchain works, NFTs have the ability to offer artists a certain commission whenever the piece of art they have created gets resold. Another great function of NFTs is to provide their owners with exclusive access to merchandise stores, chat rooms, special products, and even other NFTs.
In the case of NFTs being used to prove that a person owns a physical asset, it is easier to determine the value of the NFT as it will carry the monetary value of the said asset. However, when an NFT represents the ownership of a digital art piece or collectables, domains, or media posts, it is a tad difficult to correctly determine the value of the NFT as it did not start with an already established price.
How to Determine the Value of NFTs?
When an NFT has a speculative value, it can be difficult to determine its real worth. Theoretically speaking, you can create an NFT and choose its price tag yourself. As long as you are selling your creation on the NFT market and someone is willing to buy it at the price you have set yourself, this becomes the value of your NFT. However, to make sure that you are choosing a relatively reasonable price for your NFT, you can trust several factors to determine the right value.
One of the first things you can do to figure out the value of an NFT is to compare it to similar NFTs. That may include comparing the different works of the same artist or pieces of art on the market that share some similarities. Comparing similar market values can help you decide on the underlying value of an NFT.
Another thing that may affect the value of an NFT is how rare the asset it represents is. The fewer similar NFTs are on the market, the higher the value of NFT can be.
Since NFTs can represent many things, they can also express the ownership of a moment of very high cultural importance. For example, the first-ever tweet on Twitter was sold as an NFT, with its value being determined to be nearly $3 million. As Twitter is a major global social media platform, the first tweet by Jack Dorsey has a very high value.
Even if an artist is relatively new to the scene and has not proven themselves as an art creator, their creations might have the potential to be worth millions in the future. That should also be a factor to be considered when determining the value of an NFT.
Arguably, one of the most important factors that will let you determine the value of an NFT is its utility in the blockchain. One of the current most popular NFTs is the Bored Ape Yacht Club. Owning one of the Bored Ape NFTs can act as a ticket for exclusive social events available only to owners of the NFT. Another example of an NFT with a high value is the Flyfish Club (FFC), which is the first-ever exclusive dining club only for members who have purchased the FFC NFT. While the value of this NFT is determined by the exclusive access it allows to the private dining room, such NFTs can even be rented out, allowing others to enter the dining room temporarily. As you can see, different functions can give your NFT a different value.
NFTs You Can Use for Gambling
As NFT has become one of the keywords of 2021, there have been multiple advanced industries that have tried to implement NFTs in their operations. The gambling industry is no exception with crypto gambling and now NFT gambling slowly taking over this field. This is great news for those who enjoy gambling and have also dipped their toes into the NFT universe.
As already covered, there are different NFTs, representing various utilities. However, the avatar ones are most commonly used in the gambling industry, allowing players to enjoy so much more than simply owning a fun digital avatar. If you want to dive into the world of NFT gaming, we will recommend a few NFTs that are currently hot on the gambling market.
Slotie
Slotie is an NFT game that has been introduced pretty recently, combining DeFi (Decentralised Finance) and gambling at virtual casinos. Instead of running an online casino themselves, Slotie implements its slots into the gaming portfolios of virtual casinos and gets a 12% commission from every operator it partners with. Some 80% of that commission is split among the wonders of Slotie NFTs, with funds being distributed in Slotie’s native token – $WATT.
If you increase the number of Sloties you own, you will earn more WATTs. This is especially true if the Sloties you own are rarer, with staking your Sloties allowing you to increase your rewards even further. You can also boost your earnings by keeping Slotie Juniors as companions of your Sloties.
There are only 10,000 unique Sloties, providing their owners with the opportunity to dive into DeFi gambling. Sloties have been created with the ERC-721 standard, which also serves as evidence of ownership. This type of NFT allows its holders the chance to enjoy various advantages at more than 150 casinos worldwide, with Sloties existing on the Ethereum blockchain.
Like other NFTs, Sloties also have different rarity levels, with more rare Sloties allowing their holders better percentages of Exclusive Holder Rewards (EHR).
Benefits of Slotie include:
As mentioned above, Sloties offer their owners Exclusive Holder Rewards, with this type of benefit allowing NFT holders to increase their profits by stacking more Sloties. That means that the more Sloties you own, the bigger share of the profit you will enjoy.
As explained, Slotie combines DeFi with gambling at virtual casinos, meaning you can use your NFTs to place stakes on slot machines and enjoy high EHR wins.
Some virtual casinos offer their VIP members rakebacks as a form of exclusive incentive. Slotie holders immediately become VIP players at the numerous virtual casinos that have partnered with Slotie. That guarantees up to 20% rakeback as a reward for being one of the top-tier members of the casinos.
The tokens used in the Slotie universe are known as WATT, with rewards being credited in the form of the said token. Every day, Slotie holders receive 10 WATTs, with NFT owners being able to generate enough tokens in a month to breed their Sloties.
Another reason to consider gambling with Sloties is the opportunity to participate in the weekly slottery. The different types of prizes the NFT lottery offers Slotie holders include WATTs, cash prizes, NFTs, or free spins on slots offered at partner casinos.
Gambling Apes
When we compare different gambling NFTs, we must acknowledge that Gambling Apes are the first NFTs in this category. Moreover, Gambling Apes are the only ones that have launched their product, with the NFT having its own virtual casino that started its operation in December 2021.
Just like any other online casino Gambling Apes allows any player to open an account and place bets on numerous slot variations and live casino games. To fund their profiles, members of the Gambling Apes casino can use ETH, BTC, LTC, DOGE, or USDT.
There are plans for the launch of a second online casino and even a huge Gambling Apes casino in the metaverse in Decentraland. The biggest advantage of being a holder of Gambling Apes is the opportunity to become a co-owner of the gambling projects run by Gambling Apes. That allows you to enjoy a portion of the profits generated through the casinos every month, with funds being credited to you in ETH.
The Gambling Apes NFT project has 7777 one-of-a-kind characters that exist on the Ethereum blockchain. The NFT is hosted on IFPS, which also serves as proof of ownership. At the Gambling Apes casino, you will be able to bet on slots, classic table games, and live-dealer options. To cater to an even wider group of gamblers, the casino also features a sports betting section.
Some of the advantages of Gambling Apes NFT include:
Owners of the NFT can join weekly competitions for free. These events are typically held every Thursday evening but they might start at a different time, depending on the time zone difference in the country you live in.
Owners of the NFT can enjoy weekly picks for bets from the experts in the Gambling Apes universe.
Holders of a Gambling Apes NFT can attend various exclusive parties that are hosted at different times of the year.
As you may know, one of the things that many enjoy about NFTs is the opportunity to enjoy different collectables. If you own a Gambling Apes NFT, you will also receive unique collectables with fund design.
While anyone can join the virtual and metaverse casinos of Gambling Apes, those who own the NFT will become co-owners of the gambling facilities. That will guarantee them a portion of the casino revenue.
Monkey Bet DAO
Monkey Bet is known to be one of the small numbers of decentralised NFT protocols. As soon as you purchase a Monkey Bet NFT, you automatically become a DAO member. There are 10,000 unique characters on the Open Sea market.
The local currency used by Monkey Bet owners is known as Monkey Money and it is also used in the Monkey Bet casino. The first slot launched by InvarinatLabs is also available to Monkey Bet NFT holders. To join in on the fun of NFT gambling, you can use the Monkey Money you will earn after you buy your Monkey Bet NFT.
Any time you get a Monkey Bet NFT, you will receive 22,000 Monkey Money. You will also be able to wager additional 25,000 Monkey Money coins for every Monkey Bet NFT. This token has been created with the ERC-20 standard.
At the Monkey Bet casino, you will have the chance to play slots, blackjack, and roulette. You can convert your Monkey Money to game credits on the website of the casino, which will also allow you to convert your game credits back to Monkey Money. However, the conversion of in-game funds to Monkey Money incurs a $20 fee.
Each monkey in Monkey Bet’s casino represents a DAO member. All of the revenue generated at the casino goes to the DAO. Monkeys have a genuine utility that will have a certain effect on the game, with trait scores having an impact on your chances of landing a win at the casino.
The slot on the Monkey Bet casino utilises a unique Monkey Bet RNG technology that is exclusive to the casino. The name of the game is also Monkey Bet and is available on the casino’s official website.
There are several advantages of minting Monkeys and playing at the Monkey Bet casino:
As soon as you get a Monkey Bet NFT, you become a DAO member. That means that the casino revenue that goes to the DAO will also partially go to you. That would mean that you are partially an owner of the casino and enjoy profit thanks to the games played by other Monkeys.
The number of Monkeys you own can have a direct effect on the games at the casino. The more Monkey NFTs you own, the higher your winning chances are. Each Monkey has an assigned RTP percentage and Free Spins scores. Holding more Monkeys will increase the RTP of the games and you can earn more free spins while playing the slot at Monkey Bet’s casino.
If you are holding more than one Monkey NFT, you will be able to choose which one to connect to your casino account and start playing. There is no rule that you must always play with the same Monkey, so you have the freedom to choose which NFT to use.
Conclusion
With NFTs taking over the world by storm in 2021, they have been integrated into various industries, allowing people to enjoy everyday life in a brand new and exciting way. The gambling sector has also introduced NFTs to players, enabling them to dive into a very fun and different gaming experience.
While there is a myriad of new NFTs appearing every day, currently, a few of them have caught the eye of gamblers. We have covered a few gambling NFTs we believe deserve your attention. By no means are we giving you financial advice or claiming that these are the best options for gambling. With so many developments in this sector, metaverse casinos and various NFTs entering the market, things can quickly change.
With all that being said, we believe checking the NFTs we have covered and comparing their perks can help you start your NFT gambling adventure successfully.
