NFT Gambling Explained: Can You Really Bet with NFTs?

NFT gambling is the new emerging trend in the cryptocurrency industry. Non-Fungible Tokens (NFTs) started as a digital artwork and have now become an entire ecosystem. NFTs have established their place in several sectors, including crypto gambling casinos. Recently, they were in the headlines with top celebrities and influencers advocating and even investing millions in the blockchain asset. Now, they are becoming a go-to asset for online casinos. 

However, NFTs are considered to be a complex blockchain project. In such a case, there are questions like, can you bet with NFTs? Are these unique digital assets replacing traditional tokens and coins at the casino tables? In this blog, we will answer all your questions and cover everything you need to know about NFT gambling. 

What Are NFTs? 

Non-Fungible Tokens, simply known as NFTs, represent ownership of digital or sometimes even physical assets within the blockchain system. NFTs are distinct from other crypto assets because they are cryptographic. This digital asset can be anything from a digital artwork or a music track to something like a virtual land or a rare collectible in games. 

Non-fungible tokens, or NFTs, are one-of-a-kind digital objects on the blockchain. Compared to other assets like cryptocurrencies, such as Bitcoin or Ethereum, which are interchangeable and comprise the same value, each unit of NFTs is unique. They cannot be interchanged on a one-to-one basis. NFTs are differentiated by the usage of metadata and history of ownership, as well as value.

Crypto gambling is employing NFTs in a number of novel ways. A growing list of major online casinos is accepting NFTs to be used as a form of betting token, turning them into a potential source of winning in more crypto assets. NFTs are used as in-game objects in Web3 gaming, such as avatars, skins, weapons, and rare objects that may be traded or sold. Also, the casinos are giving out NFTs as unique rewards, beyond the traditional bonuses. Such NFTs could be collectors' items, reward objects, or even VIP passports, enhancing the value and status of the game for the players.

Types of NFT Gambling

NFT gambling isn’t limited to just one style or format of gambling; it comes in several unique and evolving forms. Let's cover some of the most common types of Non-Fungible Token gambling in the market. 

NFT Casino Games

Some cryptocurrency casinos have introduced traditional casino games, which include slots, blackjack, roulette, and even poker games where players can play by using NFTs rather than or in addition to cryptocurrencies. Such NFTs can be virtual chips, individual cards, or digital avatars that have gambling power-ups.

NFT casino games take into account rarity, scarcity, and the value of the respective NFT, unlike in conventional games, where currency is fungible and standard. As an illustration, you may have an advantage of getting better odds, entry into high-roller tables, or in-game advantages of being the owner of a rare "legendary" NFT avatar.

Some even allow NFTs to be functional as entry tickets or VIP access memberships, which can release special games or tournaments. This gamerification blending gives complexity, customization, and the ability to collect an ultra-standardized form of gambling.

NFT Betting Platforms

NFTs can be utilized as betting options, on real-life events in this model, like sports games, eSports, elections, or even a prediction of the cryptocurrency price. Rather than betting in ETH or BTC, gamers can instead stake their NFTs, which can be rare and desirable collectibles, to have an opportunity to win NFTs or crypto rewards from others.

There are some platforms where NFT bets can happen, so that you risk losing your NFT, and the one who wins keeps theirs, in a way similar to putting a rare collectible card on the line. The model allows exploiting the thrill of traditional sports betting but adds a special element to it since the emotional and financial worth of NFTs makes the level of stakes even higher.

Could you imagine using a very rare football-themed NFT to bet on a soccer game in the Premier League? In case your team scores, you get to win another unusual NFT or get a token payout. Otherwise, you cannot see your digital collectible again.

Play-to-Earn (P2E) NFT Games

Zed Run, Axie Infinity, Gods Unchained, and DeFi Kingdoms are among the games that belong to this fast-evolving genre. They are not casinos, at least, yet they have some element of gambling in terms of risk and reward. P2E games are borderline games and investments, and are similar to gambling. The final winning point is not only strategy and player skill but randomized results, NFT scarcity, and market timing, all typical features of a gambler.

NFT Raffles and Loot Boxes

This form of NFT gambling is similar to the idea of mystery boxes and lottery tickets. Players purchase NFTs, which serve as raffle tickets. Players hope to win other NFTs, tokens, or even real-world prizes, which are more valuable.

Likewise, there are loot boxes that players can purchase, and when opened, they contain random NFTs of different rarities. Consider them to be like digital scratch cards; they cost little to play and can be a big payout if you're lucky enough to win.

Although these formats are very popular, they are controversial in that the structure of the game contains a lot of gambling and random reward systems.

Popular Platforms That Support NFT Gambling

With the popularity of NFT gambling, a variety of crypto casinos have introduced them into their various platforms, either through their bonus systems, gameful interactions, or in their unique forms of gambling. According to the review and rating by Crypto-Gambling.ca, these are five of the top crypto casinos where NFTs are currently in use or even defining the way the gambling experience can be conceived.

BC.Game

BC.GAME is one of the best-rated crypto casinos, offering innovation and covering more than 150 cryptocurrencies. This involves the incorporation of NFTs into the gaming experience via collectibles, VIP benefits, and challenge-based rewards. The NFT airdrops, the social aspects of the system, and the constant promotions keep players engaged. BC.GAME is community-oriented, and it is a perfect choice for those who want to experience the combination of casino games and the latest blockchain-based features.

Wild.io

The games library offered by Wild.io comprises more than 7,000 games, and a large number of cryptocurrencies are supported. It provides bonuses, giveaways, and loyalty rewards in the form of NFTs based on the user's activity. It is privacy-conscious since it is VPN compatible with fast withdrawals. The regular promotions and NFT features of Wild.io are also a significant reason why the latter is the best choice for users interested in advanced, multidimensional cryptocurrency gambling and gamified rewards in digital assets.

Stake

Stake is among the known crypto-gambling platforms in the world. It is not an NFT-oriented brand, but it is making its initial inroads into NFTs by way of promotions, collaborations, and even influencer campaigns. Having a reputation as a sports betting site as well as provably fair games alongside a sleek design, Stake targets players who would like to gamble reliably and with the highest speed, with occasional perks related to NFT.

Winz.io

The functionality of Winz.io integrates a traditional casino product with NFT-enabled gamification. It provides lightning-speed crypto withdrawal and loyalty schemes, allowing players to earn digital collectibles and rewards, along with additional cash back and special events. Winz.io offers no-wagering promotions and an easy-to-understand interface, which is a satisfactory choice for individuals who want to have fun and a good value.

Run4Win

Run4Win is a crypto-first casino where players will be able to experience interactive and gamified entertainment with the involvement of NFTs. The players can win, open, or utilize NFTs as avatars, reward boosters, or access passes in the different events. It is very user-friendly with its captivating graphics and tutorials that can be easy to follow, even for the novice gambler. The platform promotes various cryptocurrencies and offers trustworthy game rewards in the form of NFT-based missions, and is highly recommended for exploring the gaming world of NFT-related games.

How to Start Gambling with NFTs

Here is a simple step-by-step process of how you can start gambling with NFTs:

• Set up a crypto wallet that supports NFT-enabled chains and cryptocurrencies.
• Next, you will also need NFTs for gambling. Buy these digital assets from a trusted marketplace. Likewise, some platforms offer them in their ecosystem. 
• Look for a casino that accepts NFTs or offers NFT-based games.
• Once you select your ideal casino, log in to the platform to link your wallet and verify your ownership of NFTs.
• Lastly, choose the casino games, raffles, or NFT-based challenges you want to play and enjoy the games.

Conclusion

NFT gambling is turning out to be an audacious new frontier for online casinos. Once a nook within the digital art collector base, it has turned into a complete gamified ecosystem, fusing collectibles, chance, and crypto innovation. Whether it is staking NFTs in the course of poker tournaments or earning loot boxes when winning or entering exclusive tournaments, assets are redefining participation on gambling sites.

And that being said, no one should start gambling on NFTs without a clear understanding of the value, risk, and credibility of the platform. Collect, play or bet here, be informed, and be a responsible gambler. NFTs are not only the objects of art anymore, but new stakes in a high-stakes casino.