The emerging blockchain technology is already dominating the present world, especially in the economy. Likewise, NFT (Non-Fungible Token) running on blockchain technology has made a huge impact on the market, and the experts are considering it as the new revolution in this era. Now, you may have a lot of questions in mind, what is NFT, the role of NFT in the present day, how is it connected to the gambling industry, and will it disrupt the same? Well, this article will be helpful for you to resolve all queries.
Before moving to the main topic, let’s have a glance at NFT; it’s not just a single term. The value resides in its working principle; Non-Fungible Token is the digital assets that work on blockchain technology that secures your assets by providing a unique digital code. In a nutshell, your art or collectibles in the NFT can’t be forged by any person, as it gives you the ownership where you can sell your digital assets on the NFT marketplace.
How does the question arise that states the dominance of NFT in the gambling industry?
In recent days, a news flash that states Elia Software has brought Slotie NFT in the market that can change the gambling business. Here, one new term came, Slotie, and it is the cluster of 10,000 distinctive NFTs that will cost you in the form of Ethereum, and the value depends upon the minted NFT. For instance, when you will refer to the first pre-sales mint of 2500 NFT, it will cost 0.08 ETH. Ethereum, Bitcoin and other crypto can also be used in Gclub for playing slot games for real money.
Slots can be used in crypto casino games, and it covers around 150 casinos worldwide. In this game, you will get many rewards, and one of such is the participation reward. If you involve in the crypto casino game using Slotie, you will get 20% Rakeback (tournament entry fee).
Slotie project is in the limelight after introducing the WATT token as it plays a crucial role in Slotie, and you can consider WATT as the powerhouse of Slotie. Now, let’s understand this term in a broader sense.
What is WATT Token and Its Significance in Slotie?
WATT is a token that you can earn while playing, and once you get enough tokens, then you can breed your Slotie, and the interval of the same process is 3 months.
WATT’s Significance in Slotie
As stated earlier, WATT and Slotie are interconnected, and the absence of one will evade the value of the other. Now, let’s see the key significance and benefits of WATT in a few points.
- First and foremost, WATT token market is not present right now, so being a Slotie holder, you will have to convert the token into Ethereum or other coins, and then you can make a profit. However, the experts believe that WATT token market will be available till the mid of 2022. But that won’t affect your online crypto casino game.
- Every Slotie owner will get a 10-WATT token every day with an aim to maintain the equilibrium between the Slotie members.
- WATT is the essential tool to breed Slotie, and the same will help you to make more profit in this sector.
- The token not only acts as a mere utility, but it also gives the power to the Slotie owner to vote on DAO (Decentralized Autonomous Organization).
- To customize the Slotie, you will need WATT; for instance, if you want to change the name of the Slotie, you will have to spend 100 WATT. Similarly, if you want to give a description to your Slotie, you will have to give 50 WATT. In this way, this token works, so more the WATT, more chances of earning profit.
The Drawbacks of NFTs in Gambling Business
Undoubtedly, NFTS is high in demand as it gives ample rewards to the owners, such as VIP membership, huge profits, and others. However, there are some drawbacks of Slotie that pull the NFTs step back from the gambling industry and thus give a big sigh of relief to the owners. Let us suppose, if WATT does not hold its value or fails to get recognition, then Slotie’s future will be in the dark.
In another scenario, Slotie’s scam dragged the attention of netizens, and now, the people are in a dilemma to figure out which Slotie is real or fake. This is the major flaw on this side, and if not figured out, then dominance of NFTs in the gambling market will take time.
Trust plays an important factor in any business; in NFTs, people have trust, but that is only in collectibles. Slotie is a new term for them, and if they didn’t get the confidence over Slotie, then the companies dreaming of making NFT a giant in the gambling business will be a dream. Hence, building trust is very crucial in this business.
Could NFTs Disrupt the Gambling Business
Yes, it could, and if the giant NFTs firms work in the flaws, then NFT will dominate the gambling business. There are many reasons for the dominance; the prime one is the profit. The NFT value depends upon the market, and the return is very high, so many people are looking for this platform with the aim of earning more money.
Another factor that gives a boost to NFT in the gambling business is security. The NFT is based on blockchain technology which means every seller has a unique digital code that signifies their authenticity on the product.
In the digital era, everyone is moving at a fast pace and needs to earn more in a short time without doing a lot of physical tasks (only mental). The online crypto casino game will drag more users as they need to fulfill their requirements, and NFT acts as the best option for them.
Most of the critics said that NFT is the future and it will dominate the gambling business. In the present day, blockchain technology is already dominating finance, sports, art, and other sectors, and NFT works on this technology. NFT started its journey from the art field and its popularity gave a new direction, i.e., Gambling.