Altcoin Gambling — 10/18/2021 at 7:05 am

Using NFTs for Gambling Business

Industry 4.0 has touched almost every aspect of our lives, and gambling is no different. Blockchain technology has changed the way we look at art, fashion, finance, etc and it is now changing the way we gamble. Many companies are now incorporating cryptocurrencies and using NFTs for gambling business. Gambling in cryptocurrency has become popular worldwide, especially among young people. Cryptocurrencies have emerged as a lucrative way of investing but involve a high amount of risk. Another such innovation brought about by blockchain technology is NFTs.

Non-Fungible Tokens

What are NFTs?

NFTs are Non-Fungible Tokens. They are one-of-a-kind digital assets based on blockchain technology. They have existed on blockchain for quite some time but are fairly new in the digital era. As the name suggests, they are nonfungible in nature, meaning that you cannot interchange their ownership. The asset has a unique and identifiable owner. They are made on the same technology as cryptocurrencies. The only difference between cryptocurrencies and NFTs is that cryptocurrencies are exchangeable currency tokens whereas the ownership of NFTs is not exchangeable. NFTs have made a mark in arts, music, etc. You can make artwork, memes, videos, or anything else into an NFT.

Top NFT gambling sites:

  • Gambling Apes: Gambling Apes is the oldest NFT project launched by a casino. It was launched in December 2021. Anyone can create an account on Gambling Apes and make a deposit in cryptocurrencies like Ethereum, Bitcoin, Litecoin, Dogecoin, or Tether. After making the deposit you can play slot games or live casino games based on NFTs.
  • Slotie NFT: Slotie NFT is different from a typical NFT gambling site. It provides Slotie-themed NFT games to other online casinos and earns a commission on it at the rate of 12%. Out of the commission earned Slotie gives 80% of it to its NFT owners in the form of its $WATT tokens. You can earn a lot of WATT tokens if you own a lot of Sloties. The rarer the Sloties you own, the more WATT tokens you earn.
  • Sherbet: Sherbet is similar to Gambling Apes, as it has its own online casino. But instead of the traditional casino, in Sherbet, you can bet against other players. It is a player vs player social casino where you can compete with fellow competitors, be it friends or enemies. It is the cheapest NFT casino as its floor price is under 0.2 ETH.