Use of NFT by Arab Players at Online Casinos

hoaict - Sep 29, 2022


Use of NFT by Arab Players at Online Casinos

One of the best practices in the online casino community is the rapid adoption of new technologies. These casinos were considered innovative when they first appeared on the gambling scene. So it makes sense that the competitive online gambling community would quickly adopt new technologies to keep their competitive edge.

Consequently, this has allowed online casinos to cast a shadow over their traditional counterparts. Part of this effort is the entrance of NFTs to the scene. Non-fungible tokens, better known as NFTs, are all the rage these days, and online casinos are doing everything to utilize these digital assets and stay ahead of the competition. 

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How can these be used in the gambling industry? Can Arab players benefit from NFT tokens? Let’s find out the answers to those questions, starting with the most basic one.

What Are NFTs?

NFT is an acronym for a non-fungible token, a digital asset on the blockchain that has the capability to generate smart contracts. As a result, they have significant digital utility since NFTs can provide proof of ownership. 

You can use pictures, gifs, audio files, and even digital art to create non-fungible tokens, and while they can be shared across the internet, there’s only one actual owner because they’re the ones who minted the token on the blockchain.

In addition to their fantastic utility in different industries, NFTs can also be used on online casino sites in the form of various features and rewards. 

NFT Benefits to Arab Players

NFTs are extremely popular all over the world. In 2021, they generated more than $1.5 billion in sales in the first quarter. People have managed to sell a single NFT for millions of dollars. The Middle East is quickly adopting the technology. 

With some going as far as to claim NFTs are an “economic treasure” for the Middle East, can Arab players benefit from NFT tokens in online gambling? Yes, they can, and here’s how.

NFT Casino Games

As NFTs represent unique virtual assets, they can be used in various ways to add excitement to online casinos. For instance, non-fungible tokens can be used to create casino games where players can bet on the outcome of NFTs matches to win big payouts.

Loyalty Programs

Similarly, non-fungible tokens can be used as rewards for loyal players. Online casinos have VIP and loyalty programs for regular players and high rollers as a way to retain them. NFTs can also be used as an incentive to reward players who achieve high scores or play for a long time.

Using NFTs to Get a Share of the House Edge

Operators can allow players to offer NFTs as the main prize in specific casino games. Players can determine the buyout price of the token beforehand, so if a player wins the main prize, the NFT owner collects the buyout price. This gives the owner a share of the house edge, allowing them to profit even if they lose the game themselves.

Selling NFTs as Merch to Loyal Members

NFTs are an excellent way for casinos to sell digital merchandise. In fact, online casinos can establish their private marketplace for selling NFTs to loyal players at discounted prices. King Billy Casino and the online betting company DraftKings have already started utilizing NFTs as digital merch for promoting their brands.

Using NFTs to Create Casinos

In theory, NFTs could even be used to create specialized online casinos where players can bet using cryptocurrencies and tokens. As a result, non-fungible tokens could pave the way for faster, safer, and more efficient gambling, increasing the industry’s already soaring popularity. 

Moreover, young adults with non-fungible tokens will be drawn to such a unique casino, and so will others like them. The best way to market an already existing product is to give it a unique spin, NFTs in this case.

To Sum Up… 

There are countless ways to utilize NFTs and benefit from them in the online gambling industry. The points we’ve mentioned above barely scratch the surface. Non-fungible tokens are a potentially untapped resource for casino operators. They can utilize them for countless purposes, from buying and selling purposes to NFT sports betting and gambling capabilities. Incorporating NFT tokens in online casinos is a win-win situation for all concerned parties!

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