The iGaming industry is one of the most flexible commercial markets, quickly adapting to changes and innovations. For example, during the Covid-19 pandemic, operators and providers of casino products instantly appreciated the prospects of working online. As a result, they were the first to launch a large-scale digitalization of the entire industry.
A new round of iGaming evolution is the development of a global gaming universe of Indian best casinos using blockchain, augmented, and virtual reality technologies.
About the concept of independent tokens
NFT (Non-Fungible Tokens) is a non-fungible token that exists in a single copy and is included in the blockchain chain.
To simplify the terminology, the blockchain is a global database connected to all network devices. There are no central nodes in the system in the form of server storage or Internet providers. Instead, users store all data encrypted in the block.
A token is an entry in a blockchain ledger, the minor component of a chain. Most tokens’ main feature is the fungibility principle, which can be compared with the foreign exchange market.
But not all digital assets are interchangeable. For example, NFT is a unique digital impression that cannot be copied or replaced. Here you can draw an analogy with art objects. For example, there are many replicas of works by Claude Monet or Picasso, but the original painting exists in a single copy.
Initially, NFT technology was developed as a digital certificate for a unique object and was aimed at specific categories of users:
Now with the help of independent tokens, you can sell anything: text, author’s image, video, 3D model, etc.
NFT products in the niche of the casino business
Independent tokens, created for collectors and artists, quickly gained popularity in different commercial industries and became one of the most promising and highly profitable digital assets.
The casino industry was one of the first to appreciate the prospects of the technology. As a result, operators have found an opportunity to use NFT in various market segments, from developing exclusive content to introducing blockchain technologies in bonus programs.
How NFT games work
Despite the uniqueness of each component of the digital chain, all free tokens are eventually formed into a standard blockchain. The method is decentralized and accomplishes not include a single command node, which creates it fine and secure.
The decentralization technology underlies all NFT plays: from slots to card and live games.
If we talk about using blockchain technologies in casinos, the user will not notice significant differences from ordinary online games. The interface and functionality will remain the same as before. However, blockchain components allow storing and processing of information about winnings more efficiently and reliably. It makes the game more transparent and winning combinations more reliable.
The code of procedure of the NFT slot:
- Construction of a play variety. The code for dropping all the factors specified by the RNG is introduced into the procedure. Slot data is instantly encrypted into a blockchain block to which neither the operator, user, nor third parties have access.
- Transfer/storage of winning sequences. All data entering the system is automatically encrypted and transferred to the global storage – a joint information base located on different user devices. The encrypted block looks like a random set of characters that cannot be read or changed.
- Data extraction. You can find out the winning combination formed by the RNG only after the end of the session. The user must enter a unique key into the system to do this. The password opens access to the blockchain storage cell and automatically starts the decryption process. The received data can be checked against the session history using independent services.
Decentralization technology makes gambling transparent and safe. The user can check the relevance of the dropped sequence using any convenient tool.
The operator cannot access the blockchain components and acts solely as an intermediary between the user and the slot.
NFT technologies as part of the casino metaverse
The concept of a global gaming world has become the most promising and expected trend in the casino market in recent years.
NFT tokens, combined with VR technologies, artificial neural networks, and other cutting-edge developments, have become the foundation for creating the gaming universe of the future.
According to the IZEA Worldwide agency, the niche is so promising that it can completely replace all previously known social networks. According to forecasts, by 2026, the gaming metaverse market will exceed $758.6 billion.
NFT tasks in the context of the open game world:
- Formation of author’s content. The technology now allows the creation of exclusive digital products in the form of images, videos, and music tracks. NFT blocks can design unique characters, in-game weapons, loot, and other session elements in the casino realm.
- Fixation of ownership. Each NFT unit has the exclusive right to own an asset that cannot be counterfeited. There can be as many replicas as you want, but copyright and its transfer are fixed in creating an independent token.
- Trading invaluable assets. Free tokens can be used as an element of investment and affiliate programs. This approach stimulates the audience to take more active actions on the site and serves as an effective brand promotion tool.
As a result, NFT casinos are the most exciting and promising trend of the coming years.