One of the most innovative and powerful concepts that have emerged from blockchain technology is non-fungible tokens or NFTs. They’ve become a perfect way to transact and protect your digital content.
Much like cryptocurrency, people were skeptical about the concept, but as we all know now, cryptos are becoming widely adopted. Today, we even have the best Bitcoin casino sites, which allow users to deposit and withdraw payments in cryptocurrency and even open up some new possibilities.
Here we will discuss why NFTs are so important, how they can be leveraged, and also potential dangers that they pose for the modern world.
NFT in Games
As digital goods, NFTs fit perfectly into the gaming industry. They can be used in multiplayer online games and, of course, in online casinos. We are already seeing how they can be leveraged for video games and even as means of gathering funds for these projects.
As for online casinos, you should visit or even create an account on Play OjO, as they are collaborating with all of the reputable software developers. Once NFTs become widely implemented in internet casinos, then that content will be available on this site.
When it comes to video games, all of the items or assets that a player or an account can own become tradable. Basically, your in-game possession is treated like NFTs that can be exchanged between players or even sold for real money.
Unlike currencies, however, the value of these NFTs is impacted by the game’s ecosystem and how they are perceived by players. An item might be worth more because it is currently relevant or powerful, because it’s rare, or because it simply looks good. Moreover, a powerful item that is not in high demand can be relatively cheap.
A Great Tool for Artists
NFTs are going to change how artists can do business and even allow them to become more effective. Instead of selling a single image, they can sell variations and filtered versions of the same image as a package. In other words, they can turn their artwork into NFT and then offer it to various parties on the market. Companies that are looking for a unique logo can now purchase all sorts of variants and have a certificate of ownership.
This doesn’t only include images; it also extends to songs and voice clips. This can be beneficial for bands that do live performances. In Canada, for example, casinos often organize music events with live performances.
The artists can give their contractors music NFT that can be used as a soundtrack for their site. This way, all of the iconic gambling songs or covers are going to be used as background music and make a site more unique. Then those who play online might also be interested in visiting that casino’s physical location and listening to the live shows.
Marketing Tool
Currently, clips or gifs are often used as NFTs. NBA fans can buy match highlights video clips, also known as NBA top shot, and then potentially re-sell them to someone who might be interested in that content.
This can serve as a great motivator that increases the number of viewers or attendants. Those who spectate live are able to witness iconic moments before they become available as NFTs. Additionally, organizers might want to give attendance the right to purchase these clips first before they are put on sale publicly.
It can also be used by photographers and filmographies who are freelancers or by movie production companies. In essence, these digital assets are unique, which means the content will only be available on sites that purchased it. Stock photos and videos can be purchased by multiple customers, whereas NFT has a single owner.
It can be incredibly beneficial for travel agencies that deal with gambling tourism, or that work in collaboration with casinos. They can now use exclusive footage of the interior and impress the travelers.
You can have images and clips that are not available on Google or YouTube, which on its own helps the agency stand out.
Shared Ownership
Another thing that makes non-fungible tokens so popular is the ability to share ownership. Some digital arts or assets can be really expensive as they are in high demand.
However, you can own portions or shares of certain tokens, and if it’s ever sold to a single owner, you will reap the benefits. This also affects the overall price of that NFT as each owner needs to be compensated.
NFTs are tokenized assets which means you can have a stake in them. If you are one of the stakeholders, you can even generate passive income, so long as that asset can generate profit in some way. However, the process of staking is still in its early stages, which means it’s not fully reliable.
Problems with NFTs
This is a relatively new concept, and even if it does piggyback off of crypto popularity, it’s still early to tell whether it will truly boom. Right now, it has amazing potential, and people are optimistic about it.
However, even if certain NFTs are worth a lot, it’s still difficult to say whether they are a good investment. If they are expensive, then the number of potential buyers is lower, which makes it more difficult to capitalize on the investment.
Another important aspect is how we treat art. People are attached to the idea of physically owning a painting and deciding where to hang it. It’s not something you want to keep on a hard drive or even on a website.
Currently, the only real hype seems to be about video games and how items can be traded. However, in order for that to be viable, the game itself needs to be really popular, and once its popularity drops, so will the value of your NFTs. Additionally, game extensions can potentially make assets a player owns less relevant.
Finally, any blockchain or Ethereum based tech shares the problems or criticism that stems from this tech. The energy consumption and lack of green energy sources are turning this into a problem. Currently, the green agenda is becoming stronger, and people are pushing for less energy consumption and cleaner energy sources.
Blockchain consumes lots of energy and, as a result, is marked as one of the big sources of pollution. This makes it come off as hypocritical, as the idea is to save the environment and not use trees for paper and printing money.
Conclusion
Right now, NFTs are mainly popular for the same reason cryptocurrencies are popular. They are viewed as means of making a quick buck. The market is unpredictable, and people are drawn to cheap digital assets as they never know how much the same will be worth in a month or so.
This is why many compare NFTs and cryptos with gambling. In fact, casinos are really looking to leverage this tech and attract a younger audience. NFTs can be used as a consolation prize that might be worth more down the line. This would make losing at a casino less frustrating. After all, this is how cryptos were initially used in gaming tournaments from 15 years ago.
