Social casino games are the new trend that everybody is talking about. But what are social casinos?
Well, social casinos are just like traditional online casinos that have removed the risk element from the process. In social casinos or sweepstakes casinos, you get to play your favorite casino games like slots, blackjack, poker, or roulette without depositing real money. So, how does this work?
Well, once you sign up on a platform like Huuuge online casino, you’ll receive a certain number of virtual or gold coins that can be used for betting in such games. You don’t need to buy coins or deposit real-world money to play these games.
With cryptocurrencies on the rise, we see a new potential branch that might emerge in the social gaming space. But even today, crypto is already present in social casino games, particularly sweepstakes casinos.
Let’s explore the impact that crypto had on social gaming and find out the future of this technology merge.
The Genesis of Crypto in Gaming
The integration of cryptocurrencies in gaming isn’t something new. This new way of transacting in games can be traced back to a decade ago when Bitcoin started to make a name for itself.
Fast forward to today, and we have a bunch of online casinos that have fully transitioned to digital currencies like Bitcoin or Ethereum.
But how crypto is used in social gaming? Aren’t social casino games free to play where you don’t have a chance to invest or earn rewards?
Well, yes, but there are also sweepstake casinos, which are a similar gaming niche to social casinos with a small difference.
Sweepstake casinos have a premium currency called Sweep Stake Coins, which can be purchased with real money and by playing with this currency you can earn rewards like cash, gift cards, vouchers, and even crypto!
The Emergence of Play-to-Earn Models
Blockchain-based games aren’t something new. However, we still haven’t seen a social casino game based on the Blockchain. But that’s about to change since many companies like Massive Gaming announced the build of a Web3-Based Play & Earn system that supports social casino games.
This changes the entire social gaming space. People can now play their favorite casino games alongside their friends and earn crypto in the process. On top of that, we have the introduction of special NFTs, that can be used as rewards for playing casino games or hitting a jackpot.
The use of blockchain is quite important for social casino games. This will be the first time where a decentralized system is used to back up social casino games, giving users the opportunity to own more value in the game.
Social casino games built on top of a blockchain with have their own economies, and playing and connecting with people will be fair, transparent, and secure.
Enhanced Player Ownership
We touched on this subject, but I think we should dive a bit deeper. Nowadays, social casino games are designed purely for entertainment. However, this doesn’t mean that there shouldn’t be any rewards for the people who play these games.
But as of now, the only reward that social casino games can give you is virtual coins. The situation is different with sweepstakes casinos where they can hand out crypto or real-world money.
The introduction of cryptocurrencies and blockchain will give more digital ownership options for players. We have the introduction of non-fungible tokens (NFTs) that can be a real game changer in the world of social gaming, as well as our own digital tokens that hold real-world value.
People also can buy, sell, or trade digital items like skins, cosmetics, NFTs, and more.
Seamless Cross-Platform Transactions
Crypto has facilitated seamless cross-platform transactions, enabling players to transfer digital assets across different games and ecosystems.
This interoperability has broken down traditional barriers, fostering a more interconnected gaming experience where players can leverage their assets across multiple platforms.
Decentralized Finance (DeFi) Integration
The integration of decentralized finance (DeFi) protocols within social gaming has unlocked new avenues for earning and utilizing crypto.
Players can participate in liquidity mining, yield farming, and staking mechanisms, earning rewards in cryptocurrency that can be reinvested in-game or converted into fiat currencies.
Incentivizing Community Engagement
Crypto-based rewards and incentive programs have incentivized community engagement within social gaming communities.
Players can earn tokens through gameplay achievements, social interactions, and participating in community events, creating a vibrant ecosystem of active and engaged players.
Mitigating Fraud and Enhancing Security
The use of blockchain technology has significantly mitigated fraud and enhanced security within social gaming platforms. Smart contracts ensure transparent and immutable transactions, reducing the risk of fraud and unauthorized manipulation of in-game assets.
Final Words
Cryptocurrencies and blockchain technology are the right path for social gaming. After all, we are talking about a technology that revolutionized how we handle digital goods.
As of now, cryptocurrencies have a supportive role in the world of social gaming, but that is about to change with the introduction of social casino games built on top of a blockchain.
