The State of NFTs in the Gambling Niche

By NFTScout | NFTScout Blog | 20 Jun 2022

NFTs have been gaining popularity in the world of gambling, as they offer a unique and exciting way to gamble. There is no doubt that NFTs have revolutionized the gambling industry.

That’s why we at NFTScout analysed the current state of NFTs in the gambling market and prepared an overview of the top things you need to know about.

There are a few different ways that NFTs can be used in gambling, and each offers its own set of benefits and drawbacks.

NFT Projects with Utility used at Gambling Sites

The concept is quite straightforward. Some NFT brands like Slotie NFT launch their limited collections with the main utility application of NFT items being membership access to a gambling community and extra rewards such as cashbacks or other specific casino promotions.

At the same time more ‘traditional’ for NFTs utilities such as NFT staking are also available.

Gambling NFTs offered by casinos

NFT Projects launched by Casino Brands

Some of the gambling companies are active in launching debut NFT collections for its users. 

A good example here is the PartyPoker’s collaboration with Theta Labs to launch a limited NFT collection commemorating historic moments in the poker games at partypoker.

Partypoker’s NFTs will showcase some of the most iconic moments and tournament hands in the history of partypoker and partypoker LIVE, while some will feature special PokerApes. PokerApes will be a series of high-definition images with a partypoker twist, featuring full 3D artwork and unique traits - PartyPoker

Another great example is NFT collections launched by the digital gaming company DraftKings. On top of several planned as well already launched projects, DraftKings created a Marketplace for primary and secondary sales of NFTs.

Casino tournaments with NFTs as prizes

One of the recently developed approaches is the regular online casino tournaments run by casino operators but instead of the classic cash prizes for winners, casinos offer users to win NFT items.

One of the first casinos to start with NFT casino tournaments was Slotty Vegas. With the adoption of NFT-based tournaments broadly we might also expect this trend to cover other casino types like Pay n Play casinos or other instant payout casino brands.

Metaverse casinos

Metaverse casinos are a relatively new and exciting way to gamble, and they offer a unique experience that is not available at traditional casinos. One of the most known projects in this niche is ICE Poker casino. ICE Poker is a free metaverse poker game for Decentraland. 

Decentral Games founder Miles Anthony has said that it has 1,000 users playing poker at any given time - TheStreet

ICE Poker in Metaverse

Future of NFTs in gambling

There are a few factors that will contribute to the continued success of NFTs in gambling. 

First, the technology is still very new and there is a lot of room for innovation. This means that we can expect to see new and exciting uses for NFTs in gambling games in the future. 

Second, the popularity of NFTs is only going to grow. More and more people are becoming aware of the potential of NFTs and are looking for ways to use them. This will lead to more people gambling with NFTs and to more businesses offering NFT-based gambling services. 

Finally, the regulatory environment for NFTs is still very uncertain. This is something that could change in the future and make NFTs even more popular in the gambling industry.

Note: it is important to remember though that gambling with NFTs is a risky proposition

There is no guarantee that the value of the NFTs will remain stable, and there is always the potential for loss. However, for those who are willing to take the risk, gambling with NFTs can be a very exciting and rewarding experience.

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