Hype NFT and Crypto Gambling

Recent sale of one digital artwork on auction Christie's for $69 million came as a surprise to the world of finance and the arts. It also sparked a renewed interest in the many applications of this wild form of verification we call blockchain .

The buyer does not own the item in its traditional physical form. Instead, they have proof of purchase in the form of NFTs.

What do NFTs, blockchain and cryptocurrencies have to do with online gambling? Let's take a look at where the digital future is heading.

NFTs Selling for Millions Recently

NFT is not a fungible token. An irreplaceable asset is something like your home, an antique, or a piece of art. It is unique and worth exactly as much as you will be paid for it.

In contrast, fungible assets are units that people can easily exchange. Money is the most common fungible asset we have. With cash, you can exchange two $5 bills for $10 of the same value.

NFT is a unique tradable token that acts like a digital receipt to prove ownership of something. This is what attracts the attention of artists such as Beeple , job creator Christie's for $69 million .

The NFT hype has extended to music, trading cards, sports collectibles, photos, gifs, and more. They were sold by such famous personalities as Grimes , Linkin Park and LeBron James. Jack Dorsey , CEO of Twitter, sold NFT of the first $2.9 million tweet ever posted .

History of NFT-based games

NFTs started on a smaller scale than Beeple's work or LeBron's multimillion-dollar sales of his basketball "moments" via NBA Top Shots.

In 2015 year, the first true NFT was The 457 hexagons of Etheria that formed the map . A couple years later in 2017 , Larva Labs has launched an online digital image trading marketplace called CryptoPunks on Ethereum blockchain . Later that year, CryptoKitties came out, and people could buy, sell, and breed unique cartoon images of cats in the form of a game.

There are now dozens of games in cyberspace where NFTs attached to a character can be bought, sold or earned. With all the recent hype people started paying thousands for tiny pixelated faces, digital cats and gifs. Even those Etheria hexagons that have mostly gone unsold for six years have started selling recently.

Okay, what is blockchain?

Blockchain is a public ledger of transactions that is verified by multiple computers. The name comes from a stored database structure where individual records, called blocks, are linked in a list one after the other, called a chain. This technology is the basis of Bitcoin, the first cryptocurrency.

Saying a blockchain is public means that users run it and anyone can view it. This, combined with transparency and security, makes blockchain technology extremely secure. This is why cryptocurrencies are becoming more and more popular as a form of online payment.

Today, these databases track and verify digital currencies, NFTs, shipping and distribution, medical records, and even online gambling.

Transparent ledger of transactions

Blockchain decentralized , which means that no one controls it. All computers connected to the system help keep the blockchain running, so it is clean peer-to-peer form of transactions.

Anyone can view the transaction log, and if you can read it, you can find any purchase. but it is intricately programmed, making it very difficult to hack, fake, or copy.

The Future of Crypto Gambling with Levels of Provable Fairness

It is difficult to determine the future of blockchain technology. NFTs are one of the newest technologies in the use of blockchains and people see the recent surge in sales as bubble . However, it is clear that more and more establishments are joining in to confirm transactions in one form or another.

Companies such as walmart , Ford , Pfizer and various financial institutions have started using blockchain technology.

One element of blockchain technology is the ability of developers to program open source smart contracts. These contracts allow anyone to verify and track the various parts of an online gambling bet. It means provably fair games for online players .

New recognition of online casino

Crypto gambling sites have been using digital smart contracts for nearly a decade. Many of the leading online casinos that accept fiat money and cryptocurrencies have started using provably fair games for their digital currency customers.

Companies such as CryptoGambling.org, strive to ensure the transparency of each rolled die. Imagine that all connected computers on the site check the validity of the casino algorithm and create a public registry of each spin of the game reels. This can provide a level of confidence never seen before.

The NFT Hype & Crypto Gambling post first appeared on US online casinos.

Source: onlineunitedstatescasinos.com