What Can the NFT Market Learn from the Online Gambling Market?
The NFT market has been growing over the years with more features and uses in many domains. NFTs, or non-fungible tokens, are digital products that store unique media, meaning art pieces, games, videos, images, or any other type of data.
NFTs use blockchain technology, the same as in the case of cryptocurrency, to provide unique ownership and secure transactions. The special thing about non-Fungible tokens is that they are owned products, meaning each token must have a designated owner. Ownership can change, though, as NFTs are transferrable.
The online gambling market is an established player when it comes to online entertainment, as online casinos are growing and developing all over the world.
Online casinos offer many products, from sports betting to slots and card games, depending on each company’s specific offerings and what the customers ask for.
In many ways, the online gambling market and the NFT market are similar, yet online casinos hold an advantage: they’ve been around longer. If you want to find out more about the advantages and disadvantages of NFTs and how the NFT market can learn some valuable lessons from the online casino world, we’ve got some interesting facts to share with you:
How Do Crypto Casinos Resemble NFT Marketplaces?
Before diving into the similarities between NFT Marketplaces and Crypto casinos, it’s essential to learn more about the good parts and the ‘not-so-good’ parts of the NFT world:
NFTs are not the easiest currency to use.
We don’t want to make general statements, but at present, non-fungible tokens might not be the currency everyone knows how to use or is at least willing to use.
Everybody can use dollars, euros, or pounds to make transactions, play online games, invest, or do any other money-related activity, but not everybody uses cryptocurrency or non-fungible tokens.
Maybe crypto and NFTs will become the norm in the future, but until then, using NFTs is not as accessible as it may seem.
NFTs are 100% owned by those who acquire them
Unlike money or other specific products, NFTs are 100% owned by those who receive them. This means you can use your tokens however you like.
You can play online casino games, list them for auction, trade them for other tickets or sell them to people who want to buy them. Actual ownership is essential, no matter the field of activity in which the NFTs are used.
NFTs use secure technology
Blockchain technology uses more than one computer, as its name suggests, to record or store a transaction. These computers are linked through peer-to-peer networks, thus ensuring a safe transaction. Some say blockchain technology offers more safety than basic banking protocols, meaning you can use secure and sometimes anonymous transactions.
The NFT market is not bulletproof
Even if NFTs rely on robust security protocols and are becoming a huge market, they are still not bulletproof, meaning they cannot be touched by legislation changes, phishing and scam attempts, or economic changes. Nobody knows what the NFT market will look like in 20 or 30 years, but the good news is that the future looks promising.
The same advantages and disadvantages of the NFT market can be similarly applied to Bitcoin casinos, as cryptocurrency is like NFTs. Crypto Casinos do ensure better security and unique ownership of their users. Yet, it is not 100% immune to security breaches and has yet to convince larger groups of users to make the shift from dollar gambling to cryptocurrency gambling.
Still, online casinos have been around for longer, whether they're crypto casinos or regular ones, and they can offer the NFT market a valuable lesson when it comes to innovation, compliance with national and international regulations, and continuous improvement of security protocols, ensuring the protection of users’ personal data.
The advantages and disadvantages of Bitcoin casinos in Canada
Bitcoin casinos in Canada and all over the globe are becoming increasingly popular due to their unique benefits, including payment transparency, respecting players’ anonymity, compliance with regulatory laws, and last but not least, the exception of taxes for those who don’t use the amounts they win as a source of income.
Regarding disadvantages, Bitcoin casinos don’t have that many, but players should pay attention to illicit casinos that promote themselves with the help of cryptocurrency. Also, taxes will be applied to those who play at a pro level, even if they use Bitcoin as a currency.
The NFT market is here to stay and has already proved that it is not just a trend. In the online gambling world, NFTs could be very valuable as an asset to create new games and ways of playing and ensure users’ anonymity.
Still, the NFT market can learn a lot from the established online casinos’ field, as they have come a long way in innovating players’ cybersecurity, satisfaction, and compliance with local and national legislation.
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