It seems as if NFTs are everywhere at the moment. Unfortunately, it also seems many people don’t understand what they are or how they operate. Today, we will cover the full extent of how this digital asset concept is transforming the world of iGaming.
As we know, the internet gaming world has already been transformed immeasurably by the rise of digital platforms. There is a broad spectrum of gaming options, from live console gaming to iGaming, including online betting.
Sites at the forefront of this industry, such as https://dappgambl.com/, are taking these innovations in their stride and aim to create iGaming platforms that genuinely work for you as a customer.
How NFTs are changing the gaming industry
Non-Fungible Tokens (NFTs) are verified on the blockchain and cannot be amended or altered in any way. This provides genuine authentication and certification of ownership for digital assets and digital artworks.
The gaming industry is using this technology to full effect. They are ensuring that in games that require in-game ownership of items, the person who owns it has a unique piece of verification that signals their outright ownership of the item.
In the same way NFT art works, the ownership confirmation resides on the blockchain and cannot be amended. It is essentially a digital certificate of proof of authentication.
This market has exploded over the last few years as the people who play games that require proof of ownership or hold digital assets can easily buy and sell NFTs and exchange ownership.
If you were to buy an expensive piece of physical art, it would require many different certifications. Thanks to the innovations and security of the blockchain, NFTs are the chosen method for many people looking to provide proof of ownership within the gaming world.
In the same way that cryptocurrency gambling works, you can use NFTs to gamble. This has added another layer to the possibilities that digital assets have brought to the iGaming world.
How game developers can leverage NFTs for gaming
The impact this innovation could have on the overall sector could be profound. Blockchain gaming is well on its way to becoming another billion-dollar industry within the digital asset space.
Blockchains develop faith and clarity and bridge any ambiguous grey areas that sometimes exist between players and game operators. Casino gaming is one subdivision of the iGaming industry that suffers from this ambiguity when it comes to the time it takes to pay out and the withdrawal method.
Often the player can face delays with their bank or their chosen operator; however, blockchain technology has levelled this field, allowing direct, seamless transfers.
The smart contracts which allow a platform for a blockchain-based game to flourish are transparent and public. So, if somebody is playing an iGaming game, there is a clear record of the transaction and no reason to suspect anything untoward has occurred.
Ultimately, game developers can leverage this technology to provide a more transparent experience for the casino provider and a clear framework for the customer.
The benefits of blockchain in gaming
As we explained in our last section, the main benefit of blockchain use in gaming is the increased security and clarity that blockchains and the public ledgers provide. By streamlining this process and resolving issues within the system, even more companies will be able to use this technology to its fullest potential.
Due to the omnipresence of the public ledger, fraud is virtually impossible if you are trading digital assets on a gaming platform. Likewise, if you are using NFTs to gamble or place a bet within the iGaming sector, you are granted this overwhelming benefit too.
The safety of the blockchain fuels innovation and creativity in the sector as it is an incredibly safe platform and blueprint for designers and developers to work from. This then snowballs into better products and a solid overall project. Overall, the end user benefits the most from these incredible developments in blockchain technology and gaming.
How NFTs power up the gaming experience
The utility of blockchain technology is far-reaching. In addition, it is still in its formative years. Nevertheless, it is the newest form of payment and digital asset technology, and many analysts and designers are excited about where the possibilities could lead.
The world is expanding and accelerating at a breakneck speed when considering the advances in the internet and the technology that underpins these services. Given that this technology is still a niche in the overall gaming sector, it is staggering how much money is flowing into the design and structure of these games.
Taking complete ownership and control of your digital asset through an NFT is just one of the many aspects and positives that NFTs bring into the space.
Combined with other innovations in the space, we are beginning to experience a world where iGaming fully embraces this technology. This has resulted in a quicker, more secure and transparent service.
The online betting industry is worth hundreds of billions of dollars and is growing at a lightning pace. NFTs will continue to power up this sector and could be pivotal in turning it into the industry’s most popular and prominent part.
Unlocking new revenues from NFTs in gaming
Venture capitalists, institutional hedge funds and investors will take a gamble investing in any new sector. If that sector can prove that there is money to be made and scope for growth, this can lead to rivers of investment flowing through the industry over the next few years.
It is another sector that is projected to grow into a multibillion-dollar industry. New revenue streams can also flourish due to the increased security and seamless, secure digital transactions facilitated by NFTs.
More cryptocurrencies are looking to provide a platform for an NFT marketplace to use their blockchain, rather than the more established ones currently in use. The second largest cryptocurrency by market cap is Ethereum, which remains the number one choice for people buying and selling NFTs as digital art pieces.
Although there has been plenty of coverage regarding the hefty gas fees on their blockchain, it is renowned as the most secure and reliable, and that reputation carries a lot of weight.
As the marketplace heats up and becomes more competitive, this will drive further demand for NFTs. As a result, this burgeoning sector should lead to an influx in investment and designers looking to create products within this niche to ensure they can take a piece of the available profits.
The challenges with bringing NFTs in gaming to life
As with any subdivision of the cryptocurrency industry, attracting users with the quality and utility of a project is much more difficult when you aim for a broader audience. Ideally, mass adoption is the key that will unlock a world where NFTs become commonplace, and huge institutional investors begin to make significant investments in the space.
Throughout 2021, it looked as if this crossover might take place as many cryptocurrency projects and NFT prices smashed through almost every conceivable prediction. Thanks to a sharp retraction in price and several frosty economic conditions though, it looks like this initial promise is currently on hold.
A large subset of the population, either through willful ignorance or genuine misunderstanding, believes that NFTs are just a badly drawn picture of a mouse or a gorilla and fail to understand the security, validation and true innovation in the design.
Conclusion
Ultimately, that is where the challenge lies. A mere 30 years ago, the internet and computers had a similar issue. Although there was no doubting the power and ingenuity of the technology, the problem remained with a general population who simply grew up in a world where computers didn’t exist. The idea of wrapping their heads around how they worked was utterly foreign, so it remained a niche market from a retail point of view.
As younger generations learned about computers in school and the genius of computer programming, they started gaining momentum. Slowly but surely, computers became easier to use. In addition, they became cheaper to buy, and more of them began to crop up in homes around the globe.
This steady integration took place due to the rise of several digital sectors. E-commerce, travel, banking and casino gaming all became much easier to perform on the internet, accelerating the use at which people purchased computers.
Whether NFTs will have the same impact as the internet is unlikely, but there’s still a long journey ahead, and the possibility of expansion is fascinating. Likewise, blockchain technology and the verification and proof of ownership with specific blockchain transactions are genuine innovations and clever ideas to ensure that security is paramount and of the highest quality.
Developers are starting to pay more attention to NFTs in iGaming and the possibilities of blockchain technology. A decade from now, we could see a different landscape in iGaming where technology, blockchains and NFTs are leading the way.