NFT has emerged as an increasingly popular tech trend in 2022, with more businesses and online casinos making use of the technology than ever – but what exactly are NFTs and NFT slot machines, and where can you access the best NFT casinos this year?
What are NFTs and NFT Slots?
NFT is an acronym for Non-Fungible Token, which is essentially a unique digital currency. NFTs use the same blockchain tech as other cryptocurrencies, but as opposed to other popular ‘fungible’ currencies like Bitcoin, NFTs can reliably validate identity and are not mutually interchangeable – this means that the value of a single NFT can depend on the owner’s perceived value of goods, services or transactions made using the currency. NFTs can be used to represent ownership of almost anything, and their value can depend wholly on the items in question. As you might expect, NFTs have so far found favor in creative arenas in which value is deemed as subjective, such as the art world. With the growth in tech and the establishment of dedicated NTF marketplaces such as Open Sea, online casinos are offering increasing access to NFT slots, which enable players to spin the reels and generate real-money winnings online using blockchain NFTs as currency.
The Best NFT Casinos in 2022
When it comes to finding a top site with the best casino bonus, there are many different options at your disposal. If you’re an NFT user looking to enjoy the best NFT and crypto casinos that the web has to offer, check out this selection of three top places to play in 2022:
- Stake Casino: First launched in 2017, Stake Casino is a leading crypto platform that enables users to make payments and withdrawals using a diverse range of currencies including Bitcoin and Ethereum. The site is home to a wide range of games including slot machines and live casino options from leading providers such as Betsoft, Big Time Gaming, and Microgaming.
- Cobra Casino: Cobra Casino is another Ethereum-friendly online casino site that currently accepts players from a range of countries and provides new users with potentially lucrative welcome bonuses. The Cobra Casino site enables players to make deposits and withdrawals using both flat currencies and cryptocurrencies.
- Bitdreams Casino: As you may have guessed from the name, Bitdreams is a Bitcoin-centric online casino that enables players to make payments and withdrawals using a range of digital and cryptocurrencies. Bitdreams Casino currently houses a wide range of games including a vast selection of online slot machines.
The Benefits of NFT Casinos
While it’s no secret that the blockchain/crypto boom has had a transformative effect on the way that many online casinos use data and accommodate real-money transactions, NFTs hold their own unique benefits when it comes to the online gambling market:
- Data: The best NFT casinos use blockchain tech to list playing data in real-time, including live, up-to-date betting history. This can help you to gain a better understanding of your own playing patterns and identify habits that could lead to wins or losses at the casino.
- Rewards: Many NFT casinos also enable NFT users to benefit from rewards and incentive schemes such as extra cashback.
- Secure Payment Processing: In theory, blockchain tech enables players to make more secure deposits and withdrawals with real-money online casino sites.
- Shareholder Status: Because NFT casinos are still relatively new on the market, many platforms offer users the chance to gain shareholder status and gain a financial foothold in a rapidly growing industry.
Potential Disadvantages of NFTs
Despite the numerous benefits posed by the use of NFTs (especially in terms of online trading and e-commerce), the rapid emergence of this blockchain-related tech has garnered its fair share of controversy. This includes the potentially harmful environmental issues associated with high energy consumption and Ethereum mining, a problem that has blighted blockchain development in an increasingly energy-efficient cultural landscape. As well as being potentially damaging to the environment, the NFT market has been criticized for a proliferation of scams, including a highly-publicized case in 2021 involving a fake Banksy painting that was sold for more than $300,000. While this kind of exploitation is relatively common in developing technologies, ensure that you use NFTs with caution in order to avoid unnecessary loss, especially when gambling online.