Some two decades ago words like cryptocurrencies, blockchain technology or NFTs were largely unknown to us and they existed probably only in the minds of those who were already envisioning and conceptualizing a crypto ecosystem that would someday become popular and possibly in the future, transform everything we ever knew about transactions and ownership.
Today, many of us have not only been familiarized with these words but have also integrated them into our everyday lives and routines in a number of ways. A growing share of the entire global population is now using cryptos for several different purposes including trading, investing and of course playing at all online casinos, which feature crypto transactions. And an also growing portion of those people has been embracing NFTs as the ultimate manifestation of the uniqueness that the crypto ecosystem can bring.
For many people, cryptocurrencies and the whole concept of blockchain technology are the driving forces behind NFTs and their subsequent growth. NFTs, just like cryptos are set in the blockchain technology, they are encrypted but they are indivisible and unique and thus they can’t be replaced for one another, interchanged or even broken down into smaller ‘units’.
NFTs or as they are called, Non-Fungible Tokens, demonstrate ownership, represent digital, virtual or even real assets, entail unique codification that matches with the assets they represent and have real value. But how do these fit in the world of online casinos?
NFTs actually present unique opportunities for online casino operators to reach more target users and promote engagement and loyalty on the part of their customers. How is that? Let’s see some ways in which they can do so.
Many online casinos today have sought to tap into the potential of NFTs. They use NFTs as rewards for customers and they distribute them for reaching certain accomplishments or milestones. Once users get to win these rewards, they become entitled to exclusive bonuses, exclusive offerings and/or exclusive events. Such utility NFTs essentially give their owners access to unique benefits such as passes to certain events, extra features and services while playing or other goodies which is a game changer when it comes to how the users experience online gambling.
Moreover, NFTs are largely used as prizes for competitions, where they can be not only utility tokens. but they can have more subjective value. For example, such NFTs can be in the form of avatars or unique in-game assets that can be used by players, displayed while playing or even shared by players on social media.
This creates an entire sense of pride and accomplishment for users, especially for those who receive a lot of pleasure by having their gaming skills appreciated and communicated. There is a growing share of gamers who are really interested in showcasing their gaming skills and their in-game possessions, distinguishing them from other gamers and making them stand out.
Besides these, NFTs are also used by a large list of online casinos in the form of rewards and/or prizes in the form of collectable digital assets. As the world of NFTs is growing and the entire crypto ecosystem is gaining more widespread popularity, owning unique digital assets is a matter of collectors’ value. There are so many people out there who appreciate the value of digital assets because they are collectors and they want to grow their collection in this way – without losing any real value.
All these are ways in which online casinos use NFTs today to grow their customer base, attract more and new potential customers and eventually create more and more opportunities for accessing a wider pool of users and generating greater revenues. Gamifying gambling with NFTs is indeed one of the most effective methods to increase the entertaining aspect of gambling, recruit more users and make online casino games more and more appealing.
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