Bitcoin gambling sites offer one of the most fun ways to make a quick bitcoin. Now there’s a new game in town: NFTs — and they can be just as much fun (and just as unpredictable) as gambling with Bitcoin.
Should you get into the craze or stick to Bitcoin casinos?
In this article, we’ll take a look at NFTs, what makes them tick, and how they could be coming to a Bitcoin casino near you.
What’s All the Fuss About NFTs Anyway?
One of the first questions people ask about NFTs is — what’s the appeal anyway?
Investopedia has a great, quick definition to help us out:
“Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.”
That doesn’t tell us what the big deal is though, right?
After all, what’s the point of having a collectible item if you can’t physically touch it, frame it, or brag about it to your friends by putting it in a big glass showcase?
People don’t see the appeal of a digital NFT because it doesn’t have any physical characteristics.
“Why should I buy an NFT of a poker set signed by James Bond that I can’t frame over my mancave casino at home? I can just take a screenshot, print it out, and that’s it.”
That is a valid point echoed by myriad people around the globe.
But consider this: people and companies have been buying pictures of the Mona Lisa for decades. They’ve been putting the Mona Lisa on mugs, aprons, and even painting clever forgeries of the famed painting. But there’s only one Mona Lisa — and she’s guarded by some of the strongest security in the world.
It’s the same thing with NFTs.
Yes, you could simply screenshot an NFT of, say, an autographed Ocean’s Eleven poster showcasing the casino they robbed plus all their signatures … and put it as your screensaver — but that isn’t the same as owning the actual autographed piece.
When you own the NFT, you have proof on the blockchain that the NFT is in your possession. It’s yours.
Even collectibles like autographed cards need to have a certificate of authenticity presented with them, otherwise, how will someone know it’s real?
If the certificate is ever lost, damaged, or stolen … you’ll need to go back to a third-party agency and pay them to re-issue a certificate.
Think of the NFT on the blockchain as a way to verify without a third party of appraisers that your NFT collectible is indeed authentic.
You’ll even be able to scan the blockchain and see when the NFT changed hands and how much it was sold for.
That type of record-keeping helps with price discovery and verification too.
Bitcoin Betting vs. NFT Buying
So which one offers a better time? Betting with your bitcoin on an online casino or buying and selling NFTs?
They’re both related to gambling at the end of the day. At least with an online casino, you have a game with rules. You know what the odds are of playing a game and winning or losing.
NFTs are pure speculation. Even if you purchase an NFT which was auctioned off for a large amount of money or produced by a famous artist — you’ll still need to find someone to buy it someday. Someone who wants that NFT and is willing to pay more than you did.
That’s not to say that NFT collecting is for the birds. It’s simply for people who don’t mind winning or losing, but instead are collecting NFTs to simply have them or showcase them.
That’s another difference between online casinos and NFTs.
After you play at an online casino all you’re left with are the memories of the good times. But with an NFT, you can not only view it — you can also showcase it.
People are already building virtual galleries on Decentraland and other virtual worlds where they can showcase their NFT art.
Just like a real-world gallery, other people can stop by and admire the NFT artwork on display. Even better, the NFT artwork is even more secure because no one can steal it unless they somehow get their hands on the owner’s private keys.
In the future, Bitcoin casinos may even begin offering NFTs as prizes. Instead of playing roulette for crypto, you’ll be playing roulette for some limited edition NFT.
You might even be able to bet with your NFTs someday.
The beauty of blockchain is that smart contracts can be made to automatically scan and assess the authenticity and value of an NFT.
So the next time you step into an online casino, instead of converting your BTC into fiat, you may be converting the value of your NFT for the fiat you play with. Putting your NFT up for collateral is already an idea being worked on by developers of DeFi, after all.
It’s a fascinating new world we’re entering and it looks almost all digital. Enjoy!