August 30th, 2022: If you’re following the latest developments on Bitcoin, other cryptos, and the blockchain, you may have probably heard and read about NFTs. For many in the population, NFTs have become popular and accessible thanks to the different pictures that are shared, displayed, and even sold online. The most common examples are the pictures of apes or even that iconic rock that sold for tens of millions! If you’re on social media, you probably have read many headlines about NFT projects and NFTs sold for insane amounts.
But what exactly is an NFT, and why does it matter to many, particularly the gambling industry?
NFT is a Non-Fungible Token and is Now Popularly Used for Online Gambling
The NFT stands for ‘non-fungible token’. To simplify, a non-fungible token is unique, and another item cannot replace that. For example, a coin is a fungible item. You’ll have the same thing if you trade your coin for another. But a one-of-a-kind sculpture or trading card is non-fungible. You’ll get another item if you trade it for another card or sculpture.
Now, the NFTs are no longer just displayed and traded online. According to various reports, the technology has found its way to online gambling, particularly slot machines.
NFTs as Payouts in Online Slots
This year, online operator Lucky Crypto has launched a new NFT collection called the Lucky Degens. These NFTs come in two types- the Jungle Animal Collection and the OG Collection, and the owners of these NFTs can enjoy several benefits. As part of its design, these NFTs are incorporated into the metaverse’s first-ever NFT online slot. This means that players who spin the reels of this slot machine can win NFTs as payouts instead of the usual cash. The online slot machine is available in the Lucky Degens in Decentraland and playable for free up to 10 times a day.
But if you are a Lucky Degen NFT owner, you can play up to 50 times a day, thus increasing your chances of collecting an NFT as a payout. In addition to the NFTs as payouts, players who own the NFTs also get VIP access to tournaments and private games, free spins, 25% cashback, and other rewards. Ownership of the NFTs also gives the players the eligibility for the $LUCKY token airdrop, which can be used as a payment option in metaverse casinos.
Online Casinos in the Metaverse
The metaverse is slowly expanding, and it’s now adding several services and destinations that individuals can check out. The Lucky Dino is one of the active operators in the metaverse, and it’s committed to bringing several casinos into the metaverse. To deliver an exciting gambling experience in the metaverse, Lucky Dino relies on immersive gambling experiences built on plots to grow the community and make an impression in metaverse gaming. The OG Collection and the Jungle Animal NFTs are now active, and players can win these by playing the NFT slot machine. The new Jungle Animal NFTs are made available monthly and run until January 2023.
Currently, Lucky Crypto and its NFTs are available to international players. Due to US gambling laws, these NFT slot machines and their services are not open to players residing in the US.
Lucky Crypto isn’t the only casino that accepts NFTs for online gambling. In El Salvador, a physical casino has been launched that allows players to share their passion for NFTs. This new casino is run by the Canadian company Astro Babies and is another development point to the growing influence and use case of NFTs in online gambling.