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NFT Betting 2023
Gambling and betting have adapted quite well to the technological changes of the past few decades, having been successfully implemented in web pages and mobile applications over the last few years (check the best crypto betting sites). Today you will learn the most important things about NFT betting.
The adaptation of payments via cryptocurrency has opened the door to new technologies like the NFT, which has become one of the hottest trends on the internet, allowing users to gain ownership over digital assets through blockchain technology and gain them access to betting on NFT.
This immense popularity of the NFT in recent years has allowed NFT technology to be integrated into different industries such as graphic design, music, gaming, taking them to a whole new level, and of course, gambling and online betting couldn't be the exception.
However, these rapid changes can lead to confusion and misunderstandings for those without experience with cryptocurrencies or blockchain technology in general, which is why we will review the world of NFT and NFT betting in the following article.
⭐ What is NFT in crypto?
NFT is a Non-fungible token that serves as a type of encrypted digital data stored in a blockchain and is often recognized for providing proof of authenticity and ownership to the ones who obtain it. NFTs differ from cryptocurrencies because they are fungible, meaning they can’t be distinguished from one another and can be exchanged for other units. Meanwhile, the NFTs are unique from each other, and they can’t be exchanged for another unit.
⭐ What is NFT gambling?
NFT gambling consists of playing a NFT casino game or gambling game that may offer NFT as prizes or game tokens that can often be later exchanged.
⭐ What is an NFT Casino?
An NFT casino is an online casino that offers NFT as a reward and allows their use inside its platform, keep in mind that these casinos don't use NFT as currency, and you will still need to use FIAT currency or cryptocurrency to play in them.
⭐ How much is a Slotie NFT?
You can obtain Sloties NFT on marketplaces like Rarible for 0.179 ETH (around 326.94 EUR), though the conversion rate of ETH changes consistently. Remember that the rarer a Slotie NFT is, the more rewards you will get from it.
⭐ What are the best NFT tokens?
The most popular NFTs are the SAND, ENJIN COIN, AXS, FLOW and MANA NFTs. Be aware that various NFTs have high prices ranging from 1.58 ETH (around 2,885.83 EUR, as its value goes up and down).
Our team of experts have made a thoughtful investigation about the world of NFT gambling, so we are more than prepared to bring you all the information you need to start in this world.
Table of content
Table of content
What Are NFTs, And Why Is It Good For Betting?
The NFT or Non-Fungible Token is a type of encrypted digital data stored in a blockchain, this type of token can contain digital files such as images, audio or video.
The main feature of the NFT is the ability to provide a certificate of authenticity and ownership to its owners by using blockchain technology, meaning that each NFT (at least in theory) will be unique.
NFT sports betting offers another safe and fast way of betting as these tokens work with blockchain technology that is also used on cryptocurrency, creating a safe environment for NFT betting.
Some games and platforms now allow betting on NFT, letting players wager their NFT or claim them as a prize instead of fiat currency. Earning NFT might not seem as appealing as winning the money at first.
Still, it does present various benefits, starting with the fact that the NFT is an asset whose value can grow over time, allowing you to conserve it and exchange it later when its value rises.
What Is The Difference Between NFT Betting And Crypto Betting?
NFT and cryptocurrencies work on similar technology; this doesn't mean that crypto betting and NFT betting work the same way. Suppose you don't have many resources available. In that case, you might see betting on NFT as a better option, since some NFT can be found for free using specific platforms or playing certain NFT gambling games.
This means that you won't need too much monetary investment at first compared to cryptocurrency, which can only be obtained by exchanging for other cryptos or by using FIAT currency.
However, you must also understand that NFTs can't be used as a currency alone, so you will need to sell them to profit from them. It would be best if you also considered that to get NFT through NFTs gambling, you might need to use FIAT currency or cryptocurrency.
How To Get NFT?
If you want to start gambling NFT, you can buy them in various marketplaces like OpenSea, Axie Marketplace, Rarible or NBA Top Shot Marketplace. Furthermore, you can also obtain them by winning NFT auctions or through betting on NFT.
If you don't want to spend money, you can also play games like Mir4, Ni no Kuni: Cross Worlds, and Axie Infinity, in which you can get NFTs that can be used in-game as usable items or equipment.
These NFTs can be sold for the in-game currency or to other players. Other games allow betting on NFT between players, with the winning player obtaining the NFT of the loser.
If you are looking for NFT related to the NFT gamble world, then look at the Slotie NFT. This token is a special NFT that works on the Ethereum blockchain, and it's based on the ERC-721. If you obtain a Slotie NFT, you will get access to a VIP membership in more than 150 real-life casinos and receive different bonuses like a 20% rake back.
The Sloties come on various rarities; the more rare your Slotie is, the more rewards you will likely obtain. This NFT is available on platforms like Rarible so don't waste your chance to begin in the NFT betting world.
Conclusion: How NFT Will Change The Gambling Industry
Gambling NFTs will surely change the online gambling industry in the following years. These assets can be offered as a prize on sports betting NFT sites or in NFT casinos to attract players to participate in different activities or play various games.
Some sites may also offer them as an exclusive prize to the players that enter the VIP Club, and therefore motivating the player to be more active inside the casino.
The betting on NFT world offers a lot of space to experiment, and if it's properly used, it can lead to significant changes and the creation of new platforms that reward the users for playing. We recommend staying tuned to the news of the NFT betting world, as we are sure that NFT will be more and more used in the gambling industry.
Sports Betting Expert