A Closer Look at NFT Casinos
If you ask the average person about NFTs, they’ll respond in one of two possible ways. The first and most probable one is a blank stare. The second is a statement along the lines of “Oh, those expensive jpegs of monkeys?” The point is that NFTs as a whole are a novelty, which is the main reason why NFT casinos took everyone by surprise.
One by one, casino operators and DeFi developers took notice of the concept. And the next thing you know, everyone and their dog is running an NFT casino nowadays. While more choices are generally a good thing, the ensuing confusion can be too much.
That’s where GamblingVerse comes in. We’re sick of scammers and ignorant individuals misguiding new players. To put an end to this, we tested the most popular NFT gambling sites and venues. In addition to our top list, you’re also getting a crash course and some valuable tips. Sounds good? If so, let’s press onwards.
To find the best NFT casinos, we must first tackle the term itself. NFT stands for Non-Fungible Token. The ‘non-fungible’ part means that each token is unique and that it can’t be exchanged for a unit of equal value.
Contrastingly, cryptocurrencies are fungible tokens. A single Bitcoin will always be equal to any other circulating Bitcoin – they can be exchanged for one another. In an NFT collection, each piece is unique, and the value may vary. The minter dictates the price first and then buyers and sellers on the secondary market. Thus, NFT can be considered speculative assets.
But how do you buy an NFT in the first place?
To acquire an NFT, you must first go to an NFT exchange. OpenSea is the most popular, but Rarible and SuperRare are also fine options. Once you see an NFT you like, you can purchase it by either accepting the asking price or placing the highest bid. After the seller accepts your purchase request, the ETH (or any other crypto used to purchase NFTs) will be sent from your wallet to theirs.
The deal is finalized when the transaction is registered on the blockchain. This is also when the transfer of ownership happens, and the NFT serves as undeniable proof that you own the asset. Think of it as a contract of sale, but only digital and impossible to forge. No one can connect your name to the NFT – it’s only connected to your crypto wallet.
An NFT can be anything, but we usually separate them into two distinct groups:
- Art NFTs. This is what everyone thinks of when NFTs are mentioned. They can be images, videos, 3D models or any other form of audio-visual art. Aside from collecting and trading them for a profit, they don’t have a particular purpose.
- Utility NFTs. Instead of just being collectibles, these tokens provide benefits or features. For instance, in the Bloktopia Metaverse, players can purchase real estate in a giant skyscraper as an NFT. Holders get exclusive benefits and features, which makes them a hot commodity. Some people also call them “the metaverse casino NFT” because of their prevalent use in virtual gambling.
Now, that wasn’t so complicated, was it? For now, just remember that NFTs are digital certificates of ownership and can be used as both a stake and a reward at online casinos.
NFT gambling is amazingly novelty, especially considering that most of them are located in the metaverse. It’s a futuristic experience that you have to experience to understand. That’s all fine and dandy, but gambling isn’t just about vibes. It has to provide tangible value and a reason for playing.
So, why should you play at NFT casinos? We thought of a few reasons you might be interested.
These sites and establishments deal solely with cryptocurrencies. This means that you’ll get your withdrawals almost instantly, barring any issues with the blockchain. From the get-go, this is a significant advantage over bank transfers and e-wallets. Why should you wait days to get your payment when you can get it straight away?
Aside from blazing transfer speeds, NFT casinos also boast a significant level of security due to the very nature of crypto. Every transaction is registered in the blockchain, proving that you made the payment.
And crypto wallets aren’t what they once were – anyone can use them! They’re made easy to understand and master, which is the final ingredient in this financial concoction. Decentraland, for instance, is known for accepting all kinds of coins, as seen in the “Casino Atari MANA” announcement.
Also known as P2E, this is a brand-new concept in online gambling. It involves playing a casino game while you’re earning passively at the same time. This is because DAOs want their own crypto to be used in the metaverse. To entice players into picking their coin in particular, they promise passive earnings at the casino table.
Basically, for every bet you place or lose, a small percentage will be given to you in coins. It’s like a cashback program, but with no strings attached. In rarer cases, some casinos will offer a rare NFT as a jackpot prize, which is much more intriguing than fiat payouts.
Yes, you read that right – you can build and run your own NFT casino if you wish to do so. But how? Well, since most places that accept NFTs are metaverse casinos, the concept ties into metaverse real estate, as well. Since these worlds are entirely decentralized, anyone can buy land. Afterward, the land can be held, sold, built upon or rented.
But there’s another option. Why not group with other independent investors and join your adjacent plots of land to form a big property? After doing this, you can start plans to open your casino.
It’s not an easy road, that’s for sure. Getting a license, finding developers and purchasing the right iGaming software takes time. Regardless, the sheer fact that this opportunity exists is fantastic.
Remember when we mentioned utility NFTs? Well, this benefit is directly tied to them. As you can probably tell, the NFT gambling market is quite chaotic. Because of this, different DAOs and operators have to think of creative ways to pry traditional gamblers from their regular sites. Perhaps the best way to do this is to offer exclusive benefits to token holders.
The best example is the Gambling Apes Casino, inspired by the Bored Ape Yacht Club (BAYC) collection of NFTs. If you’re a holder, you’ll get a slice of the profits. Gambling Apes relinquishes 70% of its profits to Ape owners, with each NFT getting an equal share of the pie. Of course, the more Apes you have, the bigger the slice.
NFT casinos embody everything great about gambling, but there’s one aspect where they’re head and shoulders above the rest. And that’s the social aspect of the whole niche.
At Vegas casinos, mingling is fun, but it gets old with all the crowds and rowdy drunk people. At live casinos, you can talk to others, but it’s only through a limited chatbox. NFT sites, however, combine the pros and eradicate the cons.
If you choose a Decentraland casino, it’s possible to talk to people just like in real life. Move your avatar towards another person, and just press T to turn on your microphone. It’s easy to meet new people to play with and hang out with this way.
Traditional sites are notorious for making players feel lonely. NFT casinos seem to break the mold, as evident in their plans to add VR support to Decentraland.
Now that you know what to aim for, we can get to the nitty-gritty. Starting with NFT casinos is relatively easy, so don’t worry if you don’t have any knowledge or experience. Now, the process may differ depending on specific metaverses, but the main principles stay the same. Here’s how to start:
- Register at a metaverse. There are online casinos that accept and award NFTs, such as Rollbit, but most of them are located in the metaverse. To step into the world, you have to register. You don’t have to hand over any personal information. Just connect your crypto wallet and proceed.
- Create an avatar. This will be your visual representation in the metaverse. Additional accessories and options can be purchased, so be careful when tweaking your image. Don’t be afraid to show off and express yourself.
- Take a step into the virtual world. Once you’ve connected your wallet and created an avatar, all that is left to do is enter. Metaverses like Decentraland are graphically advanced, so you might want to make sure your PC can handle it.
- Find the casino and play away. All metaverse casinos have unique coordinates. Look them up for any casino you’re interested in and walk to the location. Don’t rush. Ask helpers for information and play smart.
Now is probably the best time to start playing at NFT casinos. The initial craze from a couple of years ago has somewhat subsided. Projects destined to fail have mostly dropped off, leaving a decent number of strong candidates still in the run. After weeks of playing, testing and doing research, we’ve finalized our list of the best NFT casinos in 2022:
- Gambling Apes Casino. The Gambling Apes NFT creators opened a non-virtual online casino that accepts crypto and rewards valuable NFTs. In the meantime they’re developing their metaverse casino, which is expected to launch in Q4 2022.
- Rollbit Casino. Tournaments, giveaways and bonuses are the name of the game for this NFT casino. They were officially the first site ever to award an NFT to a winner, as one lucky gambler went home with a Bored Ape. They also have their own NFT collection, plus a marketplace.
- Flamingo Club. Opened in early 2022, this casino is one of the pioneers of profit sharing. If you have one of the 11111 Flamingo Club NFTs, then you’re entitled to a share of everything the house wins. There are also frequent giveaways, including Teslas, iPhones and $100,000+ cash prizes.
- Atari Casino. The Atari Metaverse has long been an idea, but no one believed the madmen would actually open a casino in Decentraland. In it, Atari draws upon its compelling collection of IPs to create immersive games with a pinch of 80s nostalgia. Just like other venues, Atari Casino Decentraland is located in Vegas City.
- Chateau Satoshi Casino. What do you get when you mix techno parties, Art Deco and a homage to the father of crypto? Chateau Satoshi Casino, of course. Aside from roulette and blackjack tables, there’s also a VIP rooftop bar that regularly hosts gatherings.
- Tominoya Casino. The first NFT casino in Decentraland, Tominoya has become much more than a gambling venue. Today, you can catch a show or a concert or mingle with the staff at one of the many social events in this Japanese-style facility.
- DEXT Poker Lounge. To participate in a game, you have to purchase an ICE Wearable NFT. It’s a virtual item of clothing that serves an entrance fee, but it can also be resold or ‘lent’ to another player in exchange for 60% of their winnings.
NFT casinos might still be a novelty, but enough time has passed to see who’s the best. Currently, Decentraland has a chokehold on the metaverse part of the market, but standalone sites are also surging. Gambling Apes Casino and Rollbit Casino have impressed in particular, with Atari Casino and Tominoya Casino being strong contenders.
You can’t go wrong with any of the picks, so just think about what you want, inform yourself and be prepared to have loads of fun. GamblingVerse wishes you all the luck in the world!