What Are non fungible tokens?
I remember the first time I encountered NFTs; it was like stepping into a new digital frontier. Non-fungible tokens, or NFTs, are assets tokenized via a blockchain. Each token is created from metadata through an encryption function, giving it a unique identification code.
Non-fungible tokens, or NFTs, are assets tokenized via a blockchain. Each token is created from a metadata through an encryption function, giving it a unique identification code.
This token is then stored on the blockchain, while the actual asset it represents is stored elsewhere. The unique link between the token and the asset is what sets NFTs apart.
NFTs can be traded or exchanged for money, cryptocurrencies, or other NFTs. Now, imagine you draw a smiley face on a banana, snap a photo of it (embedding metadata), and tokenize that image on a blockchain. Whoever holds the private keys to that token owns the rights you’ve assigned to it.
This trend became so popular that even the giants in the industry followed. For example, Disney created their own NFT platform called Disney Pinnacle. This shows the massive popularity of NFTs is already entering all types of industries around us.
Can You Gamble Using non fungible tokens?
Absolutely, you can! With the rise of crypto gambling, the iGaming industry is eager to integrate fresh and exciting technologies, and NFTs are at the forefront of this push.
One cool way NFTs are being used is as winnings instead of traditional cash prizes. Normally, when you place a bet on your favorite game, you use money and get money back if you win. But with NFT gambling, you could win unique digital items like artwork or collectibles instead of cash.
NFTs could also change how we think about ownership in gambling. Imagine a top crypto casino with NFT in the metaverse where you can buy digital slot machines as NFTs. When people play on your machines, you earn a portion of the profits. It’s like owning a piece of the casino.
How Does A non fungible token Casino Work?
In a nutshell, NFT gambling platforms work quite similarly to crypto or traditional online casinos but with some extra perks that make them stand out. For instance, when I explored BC.Game, I found that this platform allows you to use NFTs and scale much more in the VIP section.
So, how does an NFT casino work?
On most NFT gambling platforms, you can fund your account and place bets using NFTs as your currency. The decentralized nature of the blockchain ensures all transactions are safe and secure, with no risk of third-party interference.
Once your account is funded via your external wallet (Phantom or MetaMask for example), you can start playing your favorite NFT casino game. No matter if you love playing Bitcoin slots, table games, jackpots, bingo, or unique crypto originals.
NFTs might be given as welcome bonuses, part of rewards programs, or cashback promotions.
On top of that, using NFTs for gambling comes with other benefits as well. For example, NFTs might be given as welcome bonuses, part of rewards programs, or cashback promotions. Players might also have the chance to invest in platform-specific NFTs. This allows them to be part of the unique share system where they can earn a set percentage of profits.
How Else Are non fungible tokens Used in Casino Games?
NFTs have popped up in several ways in casino games over the years. Here are some of the most common uses you’ll see:
- Game Inspiration
Before online casinos started using NFTs directly in their games, they used them as inspiration. For example, Netent released a slot game called NFT Megaways in 2021. They bought some CryptoPunks NFTs and used them to create a game with 200,704 ways to win. It was a cool way to bring NFTs into the world of online slots.
- Core Game Elements
Some developers have gone a step further by making NFTs a key part of their games. Take Aviatrix, for instance. They made a version of the Crash game where you fly your own NFT airplane instead of the usual rocket. They’re even planning to open a marketplace where you can buy, sell, and trade these NFT game pieces.
- Prizes for Playing
NFT casinos also use NFTs as high-value prizes to get players even more pumped. You might win an NFT in a lucky draw, by trying out a new game, or by spinning a wheel to win an NFT that’s available in the marketplace. The owner of the NFT earns a commission on the revenue generated by these potential new owners, which is a unique and engaging reward system.
NFT casinos also use NFTs as high-value prizes to get players even more pumped.
Examples of non fungible token-Friendly Casinos
Now, to give you an example of what a good NFT casino looks like, I’ll review the BC.Game casino and show you how they manage NFT gambling.
Playing with non fungible tokens on BC.Game Casino
BC.Game makes great use of NFTs throughout its platform. You can use NFTs to help track your VIP status and bonus offers. Now, playing with NFTs on BC.Game requires you to set up a crypto wallet first. You can do that by clicking on the profile’s icon at the top right part of the screen and choosing ‘’Wallet’’ there.
Now, you’ll have to set up the address and connect your wallet. First, head over to the ‘’NFT’’ section. Then, you’ll see a unique QR code, or you can simply copy the address and paste it into your wallet to deposit NFTs.
After your NFT hits the site, you’re good to go and play over 6000 different titles on BC.Game. This platform makes sure you have all the options when it comes to gaming. Also, the casino is offering an amazing welcome bonus of up to BCD 220,000 across their first four deposits. BCD is the casino’s unique currency used for wagering on games.
But, what really surprised me on BC.Game is the responsiveness of their customer support. I talked to Esa, a lovely person that told me everything I wanted to know about NFT gambling on BC.Game.
Is It Safe to Use non fungible tokens While Gambling?
Yes, it is. Online casinos like BC.Game or Stake Casino support numerous gambling currencies, including NFTs. You can deposit traditional money through credit cards or e-wallets, or you can use crypto coins. The same goes when you use NFTs for gambling.
The security of your transactions is guaranteed by the casino itself. So, if you’re aiming for regulated and licensed casinos, you’ll have a good time gambling.
Online casinos that use 2FA and SSL encryption models to protect their users are showing that they care about their users' security. That’s a good sign, and you should opt for them.