Nun Fungible Tokens (NFT) are unique digital assets supported on the blockchain. Unlike cryptocurrency, NFTs have digital tokens specifying and proving that it belongs to a certain owner.
The usage started in 2017, and so far, we have seen it integrated into gaming, real estate, and music. Many experts believe NFTs have huge potential in finance, education, and technology, but let’s talk about betting with NFTs.
As of the time of writing this piece, NFTs have not penetrated the online betting space. However, this could change as many cryptocurrency traders, investors, and users seek new ideas in the industry.
The adoption of crypto into betting is a big encouragement for this purpose.
NFT technology is developing. Digital assets can be used as winnings instead of the typical cash prizes. Traditionally, you will place bets with fiat (traditional) currency. You’ll get a cash price in traditional bank currency when you win.
Cryptocurrency came and disrupted how that works. You don’t need fiat currency, and the bank does not need to know about your winnings.
Things can get even better if, instead of winning currency, you get NFT as a reward. They are digital, and the token will verify as the rightful owner everywhere and anytime.
Moreover, the concept of “decentralized gambling” has been flying around for a while. If the idea of gambling without a central authority comes to pass, it will be even easier to adopt NFT into the system to advance how people place bets and get rewards.
In another way, NFTs can be used to claim the direct ownership of ‘portions’ in gambling. For example, let’s say the virtual space called Metaverse has hosted a digital environment. In this virtual space, a user purchases a slot machine as NFT (a digital asset in the realm).
Let’s say you use the machine as a stake when your place bets in a digital casino, and you win. You will receive a portion of the profit as the owner of the asset. These are examples of how NFT Technology can be adopted into betting.