NFT Betting

Everything You Need to Know about NFT Gambling 2022

Since 2017, NFTs have been growing in popularity, with tech firms constantly seeking new ways to exploit the technology. Within the last couple of years, we’ve seen NFTs integrate with the gaming, music, real estate, and now, betting industries. For some, NFTs are an incredible, emerging technology and concept that could change the future of finance as we know it. Today, we’re here to look at a small portion of that technology, addressing the concept of NFT betting and explaining the future potential of the practice.

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.

nft betting

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.

NFT Monkey

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.

FAQs

An NFT is a non-fungible token, and it’s essentially a digital certificate used to prove ownership of a digital thing. This could be an image, a piece of music, a virtual machine, or even a digital avatar.

It’s non-fungible, which means it’s totally unique and cannot be replicated, and that’s backed up by the power of the blockchain. It’s an inherently secure, anonymous, and immutable technology, and it’s this uniqueness that provides the source of overall value to an NFT.

While the vast majority of NFTs are not valuable, there are several ‘collections’ that have become coveted. As a result, they trade on digital marketplaces and in private transactions for as much as $91 million.

That’s the going rate for the most expensive and staggeringly valuable NFT ever sold at an auction, and it’s co-owned by 28,983 collectors. However, the most valuable NFT ever sold to a single owner was worth some $69 million. But, given that anyone can create NFTs, there are millions out there essentially worth nothing – there has to be a ‘point’ and a demand to drive up their value.

There are a few ways to obtain NFTs – some more complex than others. Firstly, you can simply log into a platform like OpenSea, register, fund an account, and begin purchasing them outright. Elsewhere, you can enter as a community member of an upcoming project, and potentially win NFTs simply for being involved.

Alternatively, you can just mint them yourself, creating a digital image and using a platform like OpenSea to register it as an NFT in your own name. Finally, there are the top-end auctions, is this is where the real high-value NFTs emerge. If you’re going to buy NFTs at an auction, you might need to take a few million dollars with you.