Technology is constantly reshaping industries and introducing new opportunities that weren’t possible before. Now, we have the integration of two relatively new industries in hopes of achieving greater things.
We are talking about social casinos and blockchain technology.
Social casinos are one of the fastest movie subcategories of the online gambling industry, and there is a good reason for that.
We are talking about a free-to-play model where players can enjoy their favorite casino games without spending a penny. You can play Billionaire casino games online, enjoy some casino experience, and don’t spend any money in the process. But you also don’t get a chance to win some.
So, how do social casino games work?
Social casinos are built with one main purpose – Entertainment. They are designed to provide people with all the most popular casino-style games that can be played using virtual currency, which you get for free when you sign up.
Well, how do they make money?
Depending on the social casino, most of them have multiple revenue streams. Their biggest one is the in-game purchases (cosmetics, DLCs, virtual currency), where people spend real money to buy digital goods.
This is the perfect area where social casinos might leverage the power of Blockchain technology to enhance their services through NFTs.
What are NFTs, and Why Do They Matter?
NFTs or non-fungible tokens, are digital assets verified using blockchain technology. This ensures their authenticity and ownership. They are completely different from cryptocurrencies. Crypto such as Bitcoin and Ethereum are interchangeable, but NFTs on the other hand represent one-of-a-kind items.
Their uniqueness is their main source of value in the digital world, and this is what adds a price tag to them.
Key Benefits of NFTs:
- Ownership and Authenticity: NFTs provide verifiable proof of ownership and authenticity.
- Monetization Opportunities: Content creators can tokenize their work, generating revenue through sales and resales.
- Interoperability: NFTs can be used across various platforms and applications, enhancing their utility and value.
How Can NFTs Be Integrated into Social Casino Platforms?
There are several different ways NFTs can be incorporated into the world of social casinos, and it is a move that will eventually happen since both industries work well together.
Here are some of the ways NFTs can be introduced to social casino platforms:
Tokenizing In-Game Assets
In-game items are now tradable, sellable, and owned by players as NFTs. Envision striking it lucky with a rare poker chip or a slot machine spin that you can sell publicly.
This enhances the game experience by adding a level of excitement and possible financial gain. Maybe this will transform social casinos into sweepstake casinos, which is why it is important that the process is always free for all, even when participating in an NFT.
Enhancing Player Engagement
By providing unique digital treasures that represent their successes, NFTs may be utilized to reward users for reaching milestones and achievements. Tokens have the potential to promote a feeling of community and competitiveness by being shared on social media platforms or shown on profiles.
Revenue Streams for Developers
Creators may earn money from their games by producing and offering exclusive NFTs. In order to provide continuous income streams, smart contracts may also guarantee that they get a cut of sales each time an NFT is resold.
This wouldn’t be the first time we see NFTs introduced to video games; they might not be social casino games, but they still work on the same principle.
We have platforms like Decentral Games, where players can use NFTs to access exclusive games and tournaments, and Axie Infinity, which combines gaming with NFTs, where players collect, breed, and battle creatures called Axies, each represented as an NFT.
The possibilities here are truly limitless, especially in the world of social casino games. NFTs can be handed out as rewards, used as tickets to real-world casino events, and much more.
The Technical Aspect of NFTs
Blockchain Verification
At the heart of NFT integration is blockchain technology, which verifies the ownership and authenticity of each token. This ensures that each NFT is unique and cannot be duplicated, maintaining its value.
Smart Contracts
Transactions and income distribution are automated by smart contracts, resulting in a smooth and safe buying, selling, and trading experience for NFTs. They can also oversee joint ownership, allocating earnings from the sale of an NFT to several authors.
Real-World Impact and Future Prospects
Enhancing Digital Economies
New digital economies are emerging as a result of NFTs being integrated into social casino platforms, allowing users to get paid for their in-game activity.
This change is affecting not only how we play games but also how we see digital worth and ownership.
Sustainable and Practical Applications
NFTs appear to have a bright future as long as they prioritize useful applications and sustainability. Blockchain technology advancements are tackling environmental issues and improving the accessibility and environmental friendliness of NFTs.
The only main concern here is not to ruin the system of creating free-to-play games called social casinos. With the introduction of cryptocurrencies and NFTs in the process, these games could advance to a pay-to-win model, which will ruin the overall entertainment.
The fuse of blockchain technology and social casino games actually makes a lot of sense. It will provide benefits for the developers, creators, and even players that participate in such games. On top of that, they might get a chance to walk away with something like a unique NFT, that holds some value in the real world.
