One of the biggest perks of interactive gambling is that it always keeps abreast of the latest developments in both the iGaming sector and the wider non-gambling world. In this way, online players can enhance their gambling experience, making it more convenient, fun and rewarding.
Crypto has become one of the latest trends in online gambling, with crypto coins also leading to the development of metaverse gambling and wagering non-fungible tokens (NFTs). If you are interested in crypto casino and sports-betting websites and have been following NFT trends, you might be wondering how NFTs can be used for gambling.
While some people dismiss NFTs, claiming they have no real value, many regard this innovation as far more than simple JPEG images. In the last year, NFTs have become a part of crypto gambling, with some tokens even proving extremely popular in the virtual gambling sphere.
Of course, not all NFTs merit recognition as valuable assets, but some tokens do warrant your attention, especially if you are interested in crypto gambling. If you want to learn what value NFTs have and which gambling NFTs to invest in, we suggest you continue reading.
Where Does the Value in NFTs Come from?
Before you start gambling with NFTs, you should understand how something that looks like an ordinary JPEG image can actually have value. We should begin by clarifying that not all NFTs are the same and that one NFT is not interchangeable with another.
The value of every NFT comes from its utility on the blockchain, with each token possessing a unique feature that can be verified and is impossible to fake. Given their differing properties, it should not come as a surprise that some NFTs might be worth £1, while others could be valued at £1 million.
Another factor that determines the value of NFTs is the asset they represent. If an NFT represents ownership of a painting by a famous artist, naturally, this token will have a much higher value than a blank-canvas NFT. People who are not familiar with the way NFTs work may argue that it is pointless to spend money on JPEG images that can be copied by anyone. However, what they fail to understand is that the value of an NFT lies in its ability to prove ownership of an asset, something no replica can offer.
A simple way to explain the value of an NFT is to compare it to a deed that proves your ownership of a real-world object. However, NFTs offer far more complex functionality than deeds. Thanks to blockchain technology, NFTs can automatically pay artists a commission whenever the piece of art they created is resold. Another useful feature is that NFTs can grant their owners exclusive access to merchandise stores, chat rooms, special products and even other NFTs.
When NFTs are used to prove that a person owns a physical asset, it is easier to determine their value because they carry the monetary worth of that asset. However, when an NFT represents ownership of a piece of digital art, collectables, domains or media posts, it is somewhat harder to determine its worth, as there is no pre-established price.
How to Determine the Value of NFTs?
When an NFT has a speculative value, it can be difficult to determine its true worth. In theory, you can create an NFT and set its own price tag. As long as you list your creation on the NFT market and someone is willing to buy it at that price, the sale establishes the token’s value. However, to ensure you are choosing a relatively reasonable price, you can rely on several factors.
One of the first things you can do to gauge the value of an NFT is to compare it with similar tokens. This may include comparing various works by the same artist or pieces of art on the market that share certain similarities. Assessing comparable market values can help you decide on the underlying worth of an NFT.
Another factor that can affect the value of an NFT is how rare the asset it represents is. The fewer similar NFTs there are on the market, the higher the token’s value can be.
Since NFTs can represent many things, they can also record ownership of a moment of significant cultural importance. For example, the first-ever tweet on Twitter was sold as an NFT for nearly $3 million. As Twitter is a major global social-media platform, Jack Dorsey’s inaugural tweet carries substantial value.
Even if an artist is relatively new to the scene and has yet to prove themselves, their creations might have the potential to be worth millions in the future. This possibility should also be considered when determining the value of an NFT.
Arguably, one of the most important factors in determining the value of an NFT is its utility on the blockchain. One of the most popular NFTs at present is the Bored Ape Yacht Club. Owning one of these NFTs can serve as a ticket to exclusive social events available only to holders. Another example is the Flyfish Club (FFC), the first exclusive dining club open solely to members who have purchased the FFC NFT. While this NFT’s value is driven by the private dining-room access it provides, such tokens can even be rented out, allowing others temporary entry. As you can see, different functions can give your NFT a different value.
NFTs You Can Use for Gambling
As “NFT” became one of the buzzwords of 2021, numerous forward-thinking industries tried to implement tokens into their operations. The gambling industry is no exception, with crypto gambling and now NFT gambling gradually gaining ground. This is great news for those who enjoy betting and have also dipped their toes into the NFT universe.
As already noted, different NFTs provide various utilities. However, avatar-style tokens are most commonly used in the gambling industry, allowing players to do far more than simply own a fun digital character. If you want to dive into the world of NFT gaming, we will recommend a few tokens that are currently popular in the gambling market.
Slotie
Slotie is an NFT game that was introduced quite recently, combining DeFi (Decentralised Finance) with gambling at virtual casinos. Instead of running its own online casino, Slotie integrates its slots into the gaming portfolios of partner casinos and receives a 12% commission from every operator it works with. Some 80% of that commission is shared among the owners of Slotie NFTs, with funds distributed in Slotie’s native token – $WATT.
If you increase the number of Sloties you own, you will earn more WATTs. This is especially true if your Sloties are rarer, with staking allowing you to increase your rewards even further. You can also boost your earnings by keeping Slotie Juniors as companions to your Sloties.
There are only 10,000 unique Sloties, giving their owners the opportunity to dive into DeFi gambling. Sloties were created using the ERC-721 standard, which also serves as proof of ownership. This type of NFT allows its holders to enjoy various advantages at more than 150 casinos worldwide, with Sloties existing on the Ethereum blockchain.
Like other NFTs, Sloties also come in different rarity levels, with rarer tokens granting their holders higher percentages of Exclusive Holder Rewards (EHR).
Benefits of Slotie include:
As mentioned above, Sloties offer their owners Exclusive Holder Rewards, with this benefit allowing NFT holders to increase their profits by staking more Sloties. That means the more Sloties you own, the bigger the share of the profit you will enjoy.
As explained, Slotie combines DeFi with gambling at virtual casinos, meaning you can use your NFTs to place bets on slot machines and enjoy high EHR wins.
Some virtual casinos offer their VIP members rakebacks as an exclusive incentive. Slotie holders instantly become VIP players at the numerous virtual casinos partnered with Slotie. This guarantees up to 20% rakeback as a reward for being one of the casinos’ top-tier members.
The tokens used in the Slotie universe are known as WATT, with rewards credited in this token. Every day, Slotie holders receive 10 WATTs, enabling NFT owners to generate enough tokens in a month to breed their Sloties.
Another reason to consider gambling with Sloties is the opportunity to participate in the weekly slottery. Prizes in this NFT lottery can include WATTs, cash rewards, NFTs or free spins on slots offered at partner casinos.
Gambling Apes
When we compare different gambling NFTs, we must acknowledge that Gambling Apes were the first tokens in this category. Moreover, Gambling Apes are the only ones to have launched their product, with the NFT boasting its own virtual casino that began operating in December 2021.
Just like any other online casino, Gambling Apes allows any player to open an account and place bets on numerous slot variations and live-casino games. To fund their profiles, members of the Gambling Apes casino can use ETH, BTC, LTC, DOGE or USDT.
Plans are under way for the launch of a second online casino and even a large Gambling Apes venue in the Decentraland metaverse. The biggest advantage of holding a Gambling Apes NFT is the opportunity to become a co-owner of the gambling projects run by the team. This allows you to receive a portion of the profits generated by the casinos every month, with funds credited to you in ETH.
The Gambling Apes NFT project features 7,777 one-of-a-kind characters that exist on the Ethereum blockchain. The NFT is hosted on IPFS, which also serves as proof of ownership. At the Gambling Apes casino, you will be able to bet on slots, classic table games and live-dealer options. To cater to an even wider range of gamblers, the casino also features a sports-betting section.
Some of the advantages of the Gambling Apes NFT include:
Owners of the NFT can join weekly competitions free of charge. These events are typically held every Thursday evening, but they might start at a different time depending on your time zone.
Owners of the NFT can enjoy weekly expert betting picks from the Gambling Apes team.
Holders of a Gambling Apes NFT can attend various exclusive parties held at different times of the year.
As you may know, many NFT enthusiasts relish the opportunity to collect different digital items. If you own a Gambling Apes NFT, you will also receive unique collectables with fun designs.
While anyone can join the virtual and metaverse casinos of Gambling Apes, those who own the NFT become co-owners of the gambling facilities. This status guarantees them a portion of the casino revenue.
Monkey Bet DAO
Monkey Bet is regarded as one of the few decentralised NFT protocols. As soon as you purchase a Monkey Bet NFT, you automatically become a DAO member. There are 10,000 unique characters listed on the OpenSea marketplace.
The local currency used by Monkey Bet owners is known as Monkey Money and it is also used in the Monkey Bet casino. The first slot launched by InvariantLabs is also available to Monkey Bet NFT holders. To join in the fun of NFT gambling, you can use the Monkey Money you earn after you buy your Monkey Bet NFT.
Every time you acquire a Monkey Bet NFT, you will receive 22,000 Monkey Money. You will also be able to wager an additional 25,000 Monkey Money coins for every Monkey Bet NFT. This token has been created using the ERC-20 standard.
At the Monkey Bet casino, you will have the chance to play slots, blackjack and roulette. You can convert your Monkey Money into game credits on the casino’s website, and you can later convert your credits back to Monkey Money. However, converting in-game funds to Monkey Money incurs a $20 fee.
Each monkey in Monkey Bet’s casino represents a DAO member. All of the revenue generated at the casino goes to the DAO. Monkeys also have genuine utility that affects gameplay, with trait scores influencing your chances of landing a win at the casino.
The slot at the Monkey Bet casino utilises unique Monkey Bet RNG technology that is exclusive to the site. The game itself is named Monkey Bet and is available on the casino’s official website.
There are several advantages to minting Monkeys and playing at the Monkey Bet casino:
As soon as you acquire a Monkey Bet NFT, you become a DAO member. This means that a share of the casino revenue directed to the DAO will also go to you. You will therefore become a part-owner of the casino and enjoy profits generated by the games played by other Monkeys.
The number of Monkeys you own can have a direct effect on the games at the casino. The more Monkey NFTs you hold, the higher your chances of winning. Each Monkey has an assigned RTP percentage and free-spins score. Holding more Monkeys will increase the RTP of the games, and you can earn more free spins while playing the slot at Monkey Bet’s casino.
If you hold more than one Monkey NFT, you will be able to choose which one to connect to your casino account and start playing. There is no rule that you must always play with the same Monkey, so you have the freedom to switch between NFTs whenever you wish.
Conclusion
With NFTs taking the world by storm in 2021, they have been integrated into various industries, allowing people to enjoy everyday life in a brand-new and exciting way. The gambling sector has also introduced NFTs to players, enabling them to embark on a fresh and enjoyable gaming experience.
While there are myriad new NFTs appearing every day, only a few have currently caught the eye of gamblers. We have covered several gambling NFTs we believe deserve your attention. By no means are we giving financial advice or claiming that these are the best options for gambling. With so many developments in this sector, and with metaverse casinos and various NFTs entering the market, things can quickly change.
With all that being said, we believe that checking the NFTs we have covered and comparing their perks can help you start your NFT gambling adventure successfully.
