Alongside cryptocurrency, NFTs are the latest explosive trend to hit the financial industry. In recent years, almost hand-in-hand with cryptocurrency, NFTs have seen a massive and almost uninterrupted rise in popularity. Now, NFTs are finding their way into the online betting industry, with Evolution announcing a $162,000 CryptoPunk purchase, to appear in a brand new slots game, NFT Megaways.
This game comes directly from an Evolution brand, Red Tiger, and it features an NFT-themed aesthetic. However, in a groundbreaking move, parent company Evolution has actually purchased ownership of four unique NFTs to display in the game itself. In one swoop, Evolution picked up four CryptoPunk NFTs with a collective value of around $162,000, to stand in as the foundation of NFT Megaways.
What Exactly is an NFT?
To put it simply, an NFT is a non-fungible token – which literally means that it cannot be replaced by a replica or by another iteration. It’s hosted on the blockchain, which is what permits the NFT its irrefutable proof of ownership and validity. In essence, an NFT is a form of currency and it bears intrinsic value to the market.
As they’re unique, only one person can stake a claim to an NFT, but it can be traded on a peer-to-peer basis on the blockchain. Evolution has purchased four of the CryptoPunks NFTs and is now the sole owner of each one. At this point, the utilisation and publicity brought to the CryptoPunks could boost their value, and at any time, a third party can make Evolution an offer.
But, as you can imagine, they’re unlikely to sell them.
This is an example of a CryptoPunk purchased by Evolution:
The Origin of the Species
The CryptoPunks range of NFCs is the original concept, released in 2017 and forming the foundation of NFTs today. They’re dramatically prolific and were created by Larva Labs, which has since gone to create and launch a further two ranges of NFCs. In total, there are 10,000 CryptoPunks out there today, with some of them boasting multi-million dollar values.
With Evolution featuring these entities in NFT Megaways, a shrewd move has been completed. Recently, we published an article breaking down the NFT Megaways slot, discussing the potential that the game will bring to the market.
Moving to the Future
In a world where NFTs are becoming much more popular, it’s only a matter of time until we see them as common entities in online casinos.
As cryptocurrency betting is offered on more and more betting platforms, even the uninformed will start to learn about the industry. Before long, there may be opportunities for casinos to start offering NFTs as prizes in tournaments or games.
Imagine the opportunity: you’re playing a tournament on an advanced platform like the GG.bet casino, and you win big. But, you’re not given a ‘fiat’ prize, but a totally unique and non-fungible token. It’s yours to do with as you please, and it could be worth a fortune – one day.
How does that opportunity make you feel?