Have you heard about NFT casinos yet? If this is the first time the name has popped up and you’re now wondering what they’re about, don’t worry. We’ve compiled this guide to give you more information about them, so you can find out whether they’re the right sites for you.
NFT terminology began to gather pace during 2021, so this could be the right time to learn more about NFT casinos and what they might mean for the future of online gaming.
What are NFT casinos?
Perhaps we ought to begin by figuring out what NFT stands for. The letters stand for non-fungible tokens… but this still doesn’t fully answer the question, not unless you know a lot about such tokens.
If we tell you that non-fungible tokens are stored on blockchains, you might begin to get an idea of how they work. These are essentially virtual tokens, data units that represent data. That data is a digital file, which could consist of various things. For instance, a photo could be an NFT, with multiple photos acting as multiple digital units, each one a non-fungible token.
Are they similar to Bitcoin and other virtual tokens?
In some ways yes… but don’t confuse the two. Bitcoin is a fungible token, whereas non-fungible tokens are unique. That’s the meaning of fungible.
Still confused? Yep, we were too, but after extensive research, we’ve tried to distil everything down into a form we can all understand.
Let’s use Bitcoin as an example. This is a fungible token, meaning that it can be exchanged for another unit of Bitcoin. If you sent us one Bitcoin and we sent you back the same thing, you’d still have one Bitcoin. Nothing has changed.
However, if we sent you a unique token bearing a piece of artwork, this would be a non-fungible token. You could swap it for another piece of artwork by the same artist, but you wouldn’t have the same thing you originally did. That’s the non-fungible part in action.
Whenever an NFT is traded between one party and another, the owner will receive
proof of ownership to confirm they now own that NFT.
So, how does this relate to NFT casinos?
Clearly, we’re talking about specific casinos here, rather than those already established that offer traditional methods of payment and ways to play and pay.
You’ll find all your favorite games at an NFT casino, including slots and the usual mix of table games. As always, the mix of games will vary from one site to another, so looking around to see which NFT casinos appeal most is a good idea.
Look out for NFT case opening
What is NFT case opening? If you’ve ever played free games on iOS or Android smartphones or tablets, you know you can often play them without paying to do so. Most have in-game purchases you can make if you like, but you might also have chances to open boxes and receive prizes in other ways.
This often involves finding coins to use inside the game, or other items such as decorations. NFT case opening at an NFT casino works along similar lines. In this case, you’d usually pay a certain amount to open a case or similar receptacle. You can then see what’s inside. You’ll always find a non-fungible token in there, but its value varies between boxes. Plenty are worth a cent or two, while the rarest ones can reveal items worth millions.
These boxes and crates typically appear in games found only at specific casinos. In some cases, you may spot some slot games that include the boxes as possible prizes.
Because of the nature of NFTs, some casinos are even introducing them as a form of share in their own website. This means you could join a casino, play for prizes as usual, and pick up NFTs along the way that represent individual shares in that site’s profits. It’s all quite impressive, and it does become more understandable the more you learn about it.
Is it safe to use NFT casinos?
It’s obviously sensible to learn how they work and to make sure you understand how they work. There is a transparency with blockchain technology that you don’t always get with more traditional ways of making payments for goods and services.
The crux of blockchain technology is decentralization. This means no single person or company controls it. You can go into the ledger of transactions and verify it whenever you wish. Can you imagine walking into a bank and asking to do the same thing?
You may also know that blockchain transactions tend to be way faster than t
raditional ones. You’re not left waiting for ages to receive a payout to an online wallet or bank card.
Why play at an NFT casino?
There is a degree of transparency at NFT casinos that you do not get at regular online casinos. While many online casino websites are honest, regulated, and have an outstanding track record, you don’t get to see what happens behind the scenes. With an NFT casino, you may find you can check all the transactions the site has processed. You may not want to, of course, but the accessibility is there.
Furthermore, it pays to know and understand more about non-fungible tokens and how an online casino can use them to the benefit of its players. If you’re technically minded and you like the idea of playing for a chance of collecting NFTs – especially those of significant value – it could be worthwhile joining such a casino.
When it comes to depositing at one of these casinos, you’ll usually find you can either use a cryptocurrency, such as Bitcoin, Ethereum, or Litecoin, or even a regular deposit method. You can then play as usual; except this time, you’ve got the chance to pick up NFTs as prizes rather than just the usual cash.
You will need to set up an NFT wallet though, such as an AlphaWallet or TrustWallet. These typically allow you to store cryptocurrencies along with NFTs, so make sure you can do both. It makes sense if you’re going to deposit in cryptocurrencies anyway.
Other things to look for at NFT casinos
Before you sign up to one of these sites, you should practice your due diligence and check out any site you’re considering joining. Here are a few pointers to follow.
Make sure they follow all the usual rules and requirements, such as adopting the Know Your Customer (KYC) process
Check how many software developers add games to the site; are your favorites there, and is there more than one developer involved?
Make sure the site rules are clear and the site offers an easy to navigate design
Check their terms and conditions and make sure you understand them
Our recommended NFT casino: Rollbit
Rollbit stands out as a site with a difference. If you check the menu on the left of the site, you’ll see a casino area there. Underneath it, you’ll see an NFT area. This offers NFT lootboxes and a marketplace to explore. You can make trades and enjoy the chat facility on the site too, giving Rollbit an edge over many traditional casinos that don’t use chat facilities.
The casino has lots of gaming areas to explore, including slots, game shows, roulette, blackjack, and live casino games. We noticed plenty of slots from Pragmatic Play, GameArt, Hacksaw Gaming, and Push Gaming, to cover a few of the possibilities there.
If you’re new to NFT casinos, we suggest taking your time to explore Rollbit or any similar NFT casino you find. There are differences, but the community feel certainly stands out as one of the most promising differences.
