Currently, there aren’t as many integrations with the betting industry as there are with the gaming industry, for example. However, NFT betting is an up-and-coming premise that is backed by some of the top platforms in the space. With many developers and organisations seeking to take advantage of the ongoing value of NFTs, we could see options opening up for direct NFT gambling in the near future.
Read on to learn more about NFTs, what they actually are, and how they could impact the betting industry.
Introducing NFTs to Betting
With the rise of crypto betting, there’s an eagerness to introduce fresh, powerful technologies into the betting industry. At the forefront of this push is NFT technology, which could integrate with betting in a number of ways. For instance, the chief concept driving NFT integration is the introduction of NFTs as winnings, as opposed to traditional cash prizes. When you place a bet on a sports or an esports market, you’ll typically use fiat currency and receive the same back, provided you are successful.
But, if you were to partake in NFT gambling, you could potentially win NFTs instead of hard cash. Similarly, there could be a function that would allow you to stake NFTs on your wagers, instead of traditional currency. It’s a similar concept to CSGO skin betting, in which bettors use valuable CSGO skins as stakes for bets, and if they win, they collect more skins. If the notion of ‘decentralised gambling’ was to truly take off, this is one way in which NFT betting could be successful.
Elsewhere, the concept of NFTs could apply to the direct ownership of ‘portions’ of the gambling industry. For example, let’s propose that a top crypto casino opens up a digital environment hosted in the realms of the ‘metaverse’. Now, as part of this venture, the platform has given users the opportunity to purchase slot machines as NFTs. When a user enters the digital casino and gambles on the machines, the owner receives a portion of the profit.
It’s just one of the many ways NFTs could be introduced to the betting industry.
How Are NFTs Different From Crypto Betting?
On one side, you’ve got NFT gambling, which would most likely include betting with and for NFTs. However, when you make use of the top crypto betting sites out there, you’re typically gambling in a very traditional way, but you’re using cryptocurrency to fund your betting wallet. It’s a simple separation and the two shouldn’t be confused as they’re quite different in nature.
At present, crypto betting is a very real, tangible thing, and you can practice it on various websites right now. Conversely, NFT betting is, for the most part, mostly conceptual, and there aren’t really any platforms that offer it as a practice. Before we finish this guide, we’ll walk you through exactly what an NFT is, highlighting the value of them and explaining where exactly you can obtain them.