Will NFT bring any change in crypto gambling industry? - page 6.

uneng

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Quote from: acquafredda on March 12, 2021, 01:44:27 PM

The NFT bubble is cooking nicely and it reminds me much about the ICO frenzy back in 2017-18 where everyone, at some point, could not keep up with all the shitty whitepapers and projects that we popping up like mushrooms in the woods after heavy rain.
There will be a saturation point where supply will get higher and higher while demand will fade away.
Read this piece by Jimmy Song and do not burn yourselves with non-fungible tokens

https://jimmysong.substack.com/p/nfts-are-doomed-bitcoin-tech-talk

I think there is a big difference between ICOs and NFTs. 99% of ICOs' products were useless, developed only for speculative reasons. Most NFTs I'm seeing are completely different from that and they actually have an unique use, like the items which players acquire in online games in order to advance on these games. Look how many players there are in multiplayer online games nowadays and imagine if all of them really owned in real world all the items they collected on these games. This market has a lot of potential and can increase in value much more without saturation.

However if crypto gambling industry will adopt NFTs efficiently it is another story.

mindrust

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Quote from: acquafredda on March 12, 2021, 01:44:27 PM

The NFT bubble is cooking nicely and it reminds me much about the ICO frenzy back in 2017-18 where everyone, at some point, could not keep up with all the shitty whitepapers and projects that we popping up like mushrooms in the woods after heavy rain.
There will be a saturation point where supply will get higher and higher while demand will fade away.
Read this piece by Jimmy Song and do not burn yourselves with non-fungible tokens

https://jimmysong.substack.com/p/nfts-are-doomed-bitcoin-tech-talk

This is not a bubble like the ICO bubble imo because this isn't a crypto bubble. This is a FIAT bubble. The FIAT desperately looks for a new space to expand but cannot find it. And now the CB printed another $1.9 Trillion, some of that money will indeed inflate the crypto/NFT assets. Many people who'll get their stimulus checks maybe don't really need that money for their survival and they will spend it on stocks & crypto.

acquafredda

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The NFT bubble is cooking nicely and it reminds me much about the ICO frenzy back in 2017-18 where everyone, at some point, could not keep up with all the shitty whitepapers and projects that we popping up like mushrooms in the woods after heavy rain.
There will be a saturation point where supply will get higher and higher while demand will fade away.
Read this piece by Jimmy Song and do not burn yourselves with non-fungible tokens

https://jimmysong.substack.com/p/nfts-are-doomed-bitcoin-tech-talk

johhnyUA

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Quote from: avikz on March 11, 2021, 03:34:27 AM

As many of you might be aware of NFTs as it is getting a lot of attention from the crypto community. People are selling digital goods, artworks, gamea and unique things for millions of dollars. Even Elon's Partner has joined the bandwagon and already earned few millions. As of now, NFTs are only popular in digital marketplaces to mark the ownership of an asset through blockchain.

Now from where I see, NFT has a very good potential to be used in MMORPG games and fantasy sports segment. Even big developers like UBISoft has shown interest in NFT. Since NFT concept is very new we still have many unexplored areas of application.

Do you think NFT concept will be used in crypto gambling industry in near future? What change it will bring into this industry? Let's discuss!

I doubt about that. NFT is too different to make something close to gamble (except the fact that we can bet on for what price some NFT will be sold Grin

) NFT this is the lever for famous people to get more money from nothing.
And yeah, this is because there too much money in the world, so people spending them to any weird shit.

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Quote from: Saint-loup on March 12, 2021, 08:55:15 AM

Quote from: mu_enrico on March 12, 2021, 02:49:58 AM

NFT is not only about tokenizing digital or real-world assets as collectibles but also a means to create some kind of "preferred stock." The token can have various perks that differ from another. For example, instead of bronze - platinum VIP membership, the casino can create NFT (let's say bronze - platinum token) so that the perks can be exchangeable, thus have the dollar value.

Instead of exchanging accounts that usually violate ToS, they can exchange NFT on the marketplace.

I've never heard of casinos implementing this system or having made an announcement about that as a project for the near future, but that's a really great idea... For users at least, because I'm not sure casinos would really be eager to give bonuses to small gamblers who just bought their status to someone else.

despite the features that could be offered with those NFTs, crypto gambling sites also could take advantage of the royalties feature.
ICYMI, you could set royalties on your NFT.

Royalties are how much you gain for each sale of your artwork on the secondary market. If you set it at 20%, each and every time anyone sells any copies of the artwork, you get 20% of that sale - at the current sale price!
https://www.darkdays.photography/rarible-nft-guide-for-artists

Saint-loup

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Quote from: mu_enrico on March 12, 2021, 02:49:58 AM

NFT is not only about tokenizing digital or real-world assets as collectibles but also a means to create some kind of "preferred stock." The token can have various perks that differ from another. For example, instead of bronze - platinum VIP membership, the casino can create NFT (let's say bronze - platinum token) so that the perks can be exchangeable, thus have the dollar value.

Instead of exchanging accounts that usually violate ToS, they can exchange NFT on the marketplace.

I've never heard of casinos implementing this system or having made an announcement about that as a project for the near future, but that's a really great idea... For users at least, because I'm not sure casinos would really be eager to give bonuses to small gamblers who just bought their status to someone else.

mindrust

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Quote from: bakasabo on March 12, 2021, 05:16:09 AM

but it has some bonuses (like different album cover and I guess the price was a bit lower). Buyers will find only a link behind NFT.

And what if somebody buys that NFT product and share the special content on the internet? What keeps them from doing it? If you mean they are going to produce a different album cover and different bonuses for every NFT purchase there is, now that's a whole different story.

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Quote from: LogitechMouse on March 11, 2021, 09:33:02 AM

Quote from: bakasabo on March 11, 2021, 05:56:40 AM

If I understand correctly, NFT is a digital art. It has no real usage and their value is determined only by demand. I dont understand what kind of changes NFT could bring, but I think it will be similar to skins in esports.

Aside from the digital art, Blockchain Items that we can get from different blockchain games can be considered as NFT too.

Yesterday I was surfing in the Internet and found an article, where it was written that rock band King of Leon are first to release an album as an NFT. In general, this is the same album, that can be purchased online, but it has some bonuses (like different album cover and I guess the price was a bit lower). Buyers will find only a link behind NFT.

Regarding gambling and NFT, casinos might hide bonuses, promotions, specials offers behind NFT. For example get a NFT and inside you will find a deposit bonus. The other thing I have thought about is how users are going to get this NFT. Will they receive them for playing, or will be buying to get a random bonus (looks similar to what gambling is).

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Quote from: avikz on March 11, 2021, 03:34:27 AM

Now from where I see, NFT has a very good potential to be used in MMORPG games and fantasy sports segment. Even big developers like UBISoft has shown interest in NFT. Since NFT concept is very new we still have many unexplored areas of application.

Do you think NFT concept will be used in crypto gambling industry in near future? What change it will bring into this industry? Let's discuss!

MMORPG makes sense but that is not used that much anymore, unfortunately there is a lack of interest towards it compared to old days, then moba took place games like LOL and Dota and some others that resembled it, and eventually pubg and fortnite type of games took over, meanwhile minecraft was just minecraft during that period, I do not know what is popular nowadays.

I clearly believe that game types change every period, it could be any kind of game but this could be applied anywhere, NFT could be used in moba too, like have skins and just print out 100 nft skins for characters and you could use that, or have pubg like skins, and sell nft, and be limited and provable thanks to those skins of weapons or clothes basically all NFT, it could always be used in gaming. But when it is gambling, what are you going to use it for? What is the reason? How?

mu_enrico

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NFT is not only about tokenizing digital or real-world assets as collectibles but also a means to create some kind of "preferred stock." The token can have various perks that differ from another. For example, instead of bronze - platinum VIP membership, the casino can create NFT (let's say bronze - platinum token) so that the perks can be exchangeable, thus have the dollar value.

Instead of exchanging accounts that usually violate ToS, they can exchange NFT on the marketplace.

JohnBitCo

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Quote from: bakasabo on March 11, 2021, 05:56:40 AM

If I understand correctly, NFT is a digital art. It has no real usage and their value is determined only by demand. I dont understand what kind of changes NFT could bring, but I think it will be similar to skins in esports. Players will trade them just to look different or stand out.
In my opinion, NFT will be just another "payment" method in crypto gambling. And it will be used most in PvP gambling games only.

If anyone asked can defi bring any change in the gambling industry ? The simple answer will be No. Same is the case with NFT which have a different use case not related to gambling. The only thing which comes in my mind is that gambling sites make their own NFTs and auction them for the gamblers Huh

Kittygalore

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Quote from: mindrust on March 11, 2021, 01:21:18 PM

I don't get the hype. I don't understand why would anybody pay to take the ownership of a digital asset at all. No need to say I don't think that it is going to affect gambling industry in any way. This is just another toy for the super rich people so they can show off imo.

You can use them maybe as a token for your bets or plays in the casino like chips in poker, blackjack and coins in slots. No matter how much we think that NFT is not going to bring any change, it will just prove us wrong just like bitcoin prove itself against FUDsters and people who lack the faith to invest in it.

adzino

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I have been hearing a lot about NFTs the last couple of days. Seems more like a hype that might die soon but who knows. Though I like the abstraction of being able to sell digital art that will be "uniquely" owned by the buyer. But looking at the marketplace, I sometimes think people are crazy. I am sure most of them are not "collectors". They are just buying those so that they can sell it later at a higher price (albeit risky).
As of now I doubt it is going to bring any change to the crypto gambling industry. It's more focused on digital creators and collectors.

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Quote from: avikz on March 11, 2021, 03:34:27 AM

As many of you might be aware of NFTs as it is getting a lot of attention from the crypto community. People are selling digital goods, artworks, gamea and unique things for millions of dollars. Even Elon's Partner has joined the bandwagon and already earned few millions. As of now, NFTs are only popular in digital marketplaces to mark the ownership of an asset through blockchain.

Now from where I see, NFT has a very good potential to be used in MMORPG games and fantasy sports segment. Even big developers like UBISoft has shown interest in NFT. Since NFT concept is very new we still have many unexplored areas of application.

Do you think NFT concept will be used in crypto gambling industry in near future? What change it will bring into this industry? Let's discuss!

I am not so sure I agree, I can see how this could help collector markets of digital items like player trade cards and other collectibles, casinos could make use of the NFT for those items but after that I am not sure in what else those tokens could be used, I know that people are very excited about this but I do not really think this is that different than what we saw with icos and we all know how that ended, with a lot of people losing a fortune in the process.

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Quote from: imstillthebest on March 11, 2021, 06:05:27 PM

Quote

Since NFT concept is very new we still have many unexplored areas of application.

Do you think NFT concept will be used in crypto gambling industry in near future? What change it will bring into this industry? Let's discuss!

for now it will be rarely used in gambling because it was new but if gambling operators found out that nft is verry compatible with online crypto gambling and can make the gambling more fun and exciting we can expect that crypto casinos or sports betting sites will add nft in their next updates .
the changes will be positive definetly because if im the crypto gambling owner i wont add anything that is bad that can harm my gambling site or can affect my sales .

sooner or later, these gambling casinos will find out that NFT concept will be profitable to them also. but right now, no one yet has explored this aspect on their platform. if one casino will start on this venture, it will be a domino effect. just a matter of time before they discover the potential of NFT in gambling platforms. or does anyone here know that a gambling site is already into this business or starting to develop their NFT?

imstillthebest

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Quote

Since NFT concept is very new we still have many unexplored areas of application.

Do you think NFT concept will be used in crypto gambling industry in near future? What change it will bring into this industry? Let's discuss!

for now it will be rarely used in gambling because it was new but if gambling operators found out that nft is verry compatible with online crypto gambling and can make the gambling more fun and exciting we can expect that crypto casinos or sports betting sites will add nft in their next updates .
the changes will be positive definetly because if im the crypto gambling owner i wont add anything that is bad that can harm my gambling site or can affect my sales .

Saint-loup

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Quote from: mindrust on March 11, 2021, 02:51:26 PM

Quote from: electronicash on March 11, 2021, 02:23:39 PM

Quote from: mindrust on March 11, 2021, 01:21:18 PM

I don't get the hype. I don't understand why would anybody pay to take the ownership of a digital asset at all. No need to say I don't think that it is going to affect gambling industry in any way. This is just another toy for the super rich people so they can show off imo.

me neither. this is somewhat like the cryptokitties but this time it's the popular people who release NFTs like Logan Paul for instance which his NFT card was sold for $5M. i don't understand how the price came to be that high but jeez it's a digital card. now I'm not sure how NFTs could be in the gambling industry unless there will be someone/popular company that will create unique NFT for MMORPG games probably as prize for the winners.

A painting, for example Mona Lisa, it is impossible to produce the exact same painting today. By exactly, I mean exactly literally. You can come pretty close and even if you somehow get too close, it is still not going to be the same painting because of the aged material.

That's not the case with the digital assets. You can copy the same video, music as many times as you want and they will all be the same. The only difference that NFT thing adds is like adding a PGP key to that digital asset.

What people are paying for is that PGP key! It is like paying a famous guy to get his signature on your t-shirt.

The more I think about it the crazier it gets.

You're not totally right, the most interesting use case of NFTs is to represent a real physical asset. For example you can get a NFT representing a real painting somewhere in the world and if you want to get the painting you will just need to show your NFT to the holder. It's like a title of ownership on the blockchain. You can even share a physical good into several NFTs, each NFT representing a part of the good.

verita1

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Of course! NFT is penetrating the crypto space and as it becomes more popular any type of business can enter and the gambling industry should be no exception.

It is great what is happening with Blockchain technology and those who follow the trends will be gaining advantages in innovation.
More in-depth opinions on NFT and gambling in this article.

https://www.google.com/amp/s/venturebeat.com/2021/02/26/the-deanbeat-how-non-fungible-tokens-nfts-will-change-games/amp/

Also as OP mentioned in the previous article, Elon Musk's girlfriend Grimes was referred to. She designed a one-of-a-kind NFT collection that sold for $ 5.8 million in a matter of minutes.
More details:
https://art.art/blog/how-is-elon-musk-girlfriend-grimes-making-millions-selling-nft-art

Grimes' NFT art piece called WarNymph collection can be seen here:

https://niftygateway.com/collections/warnymphvolume1

Lanatsa

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Quote from: Fredomago on March 11, 2021, 03:50:45 PM

Quote from: electronicash on March 11, 2021, 02:23:39 PM

Quote from: mindrust on March 11, 2021, 01:21:18 PM

I don't get the hype. I don't understand why would anybody pay to take the ownership of a digital asset at all. No need to say I don't think that it is going to affect gambling industry in any way. This is just another toy for the super rich people so they can show off imo.

me neither. this is somewhat like the cryptokitties but this time it's the popular people who release NFTs like Logan Paul for instance which his NFT card was sold for $5M. i don't understand how the price came to be that high but jeez it's a digital card. now I'm not sure how NFTs could be in the gambling industry unless there will be someone/popular company that will create unique NFT for MMORPG games probably as prize for the winners.

If there's a will then there's a way, if someone very known from the industry promotes this project we can expect that support will flow.

There's always possibilities and beside it's already showing high interest by now, the gambling industry might adopt this asset and let the
gamblers decide to whichever they'll going to use it.

Like the post above you, it's showing another toy from super rich community who knows what comes from behind.

People who doesn't care about new hype or trend would most like to have this kind of reaction or simply he is done with those so-called innovations from projects which do hits up those industries which

aren't actually needing some innovation or not really that relevant at all to be integrated on.As I have read into those articles given links above by some user about NFT's then it did really give out some idea on whats it all about.

Bringing any changes? It will matter on the public on how would they able to make out impressions out of this something.

Fredomago

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Quote from: electronicash on March 11, 2021, 02:23:39 PM

Quote from: mindrust on March 11, 2021, 01:21:18 PM

I don't get the hype. I don't understand why would anybody pay to take the ownership of a digital asset at all. No need to say I don't think that it is going to affect gambling industry in any way. This is just another toy for the super rich people so they can show off imo.

me neither. this is somewhat like the cryptokitties but this time it's the popular people who release NFTs like Logan Paul for instance which his NFT card was sold for $5M. i don't understand how the price came to be that high but jeez it's a digital card. now I'm not sure how NFTs could be in the gambling industry unless there will be someone/popular company that will create unique NFT for MMORPG games probably as prize for the winners.

If there's a will then there's a way, if someone very known from the industry promotes this project we can expect that support will flow.

There's always possibilities and beside it's already showing high interest by now, the gambling industry might adopt this asset and let the
gamblers decide to whichever they'll going to use it.

Like the post above you, it's showing another toy from super rich community who knows what comes from behind.

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