Every year the gaming industry is transforming, and one of the most striking innovations is NFT, which stands for Non-Fungible Tokens. These are digital assets based on blockchain technology. They are already used in various fields: from art to collecting. Now they have come to the gaming industry. Oleksiy Savchenko, an expert of the plinko.com.ua platform, examined in detail the question of whether NFT games will become a new standard in the world of gambling.
What are NFTs and how do they work?
NFTs are unique digital tokens that prove ownership of a specific asset on a blockchain network. Unlike traditional cryptocurrencies like Bitcoin or Ethereum, each NFT is unique and cannot be exchanged for another token of the same value. This makes them ideal for digital assets that can be collected, traded, transferred, and used in a variety of applications.
When talking about NFTs in the context of online gaming, we primarily mean items or characters that can be purchased or won in a game and then sold or traded on other platforms or in other games. With NFTs, players can have real and verifiable rights to their in-game achievements, and this opens up new horizons for the online gambling market.
Impact of NFTs on online gambling
Online gambling is one of the fastest growing industries on the Internet. And new technologies can change not only the way gambling is conducted, but also the very structure of the gambling market. NFTs can bring several key changes to online gambling.
1. Ownership of game assets
In traditional online games, items won or purchased by players belong to the game developer. With NFTs, players can become the ultimate beneficiaries of their assets. For example, weapons, costumes, characters, or even cards can be purchased as NFTs and sold to other players. This creates a whole new market where each asset has its own value.
2. Increased trust and transparency
Online gambling is dangerous due to the high probability of cheating players. The lack of complete transparency is one of the key drawbacks of the industry, especially in relation to random number algorithms and withdrawals. With the help of the blockchain, on which NFTs are based, a high degree of transparency and security can be ensured. Players will know for sure that all transactions are carried out according to established rules, and their wins or losses are the result of chance, and not manipulation by the casino.
3. New formats and types of gambling
NFTs can also create new types of gambling. For example, games in which each item or card is unique and has its own value can become the basis for card games with collectible elements, similar to popular games like poker or Magic: The Gathering. At the same time, participants can exchange or sell their cards and items, creating additional ways to earn money.
Problems and challenges of implementing NFT in gambling
Despite the obvious benefits, there are a number of issues and challenges that could hinder the full adoption of NFTs in the world of online gambling.
1. Legislation
Laws governing online gambling vary greatly from country to country. Many countries, such as the United States, have strict laws regarding gambling. The use of blockchain and cryptocurrencies is often regulated separately from traditional financial institutions, making the implementation of NFTs much more difficult.
2. Ecological footprint
The ecology of blockchain technologies is also an issue. Mining cryptocurrencies that use the Proof of Work algorithm results in significant carbon emissions. This could become an obstacle to the widespread adoption of NFTs in online gambling unless more environmentally friendly and sustainable solutions are developed.
3. Fraud and manipulation risks
While blockchain offers a high degree of security, there is a risk that some users may use NFT technologies to manipulate or create fake tokens, which could undermine trust in new systems.
Conclusion
Looking to the future, we can expect several scenarios to unfold. Blockchain and NFT technologies will likely continue to develop and evolve. We may see the emergence of more advanced and environmentally friendly solutions that will allow NFTs to be integrated into online gambling without significant energy costs. Developers may create new game mechanics and formats that will provide a more interesting experience for users and make NFTs accessible to a wider audience.
In addition, we may see the creation of new players in the online gambling market that will be based exclusively on NFT and blockchain technologies, and they may offer unique, innovative solutions. Considering that there are already several crypto casinos that offer blockchain-based games, integrating NFTs will only be a logical step forward.
Oleksiy Savchenko, online gambling and casino expert