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NFTs in iGaming: how can the new technology be used in the iGaming industry?
NFTs have stepped into the spotlight. The varied applications of non-fungible tokens have seen them spread into a number of industries — iGaming included. Is now the time to open an NFT casino? Slotegrator shares its opinion and forecast.
Why are NFTs gaining popularity? First of all, they’re a massive trend. Celebrities buy and sell them, famous pieces of art are being tokenized, and blogger creators promote them as a way to earn sums that are not limited by market norms, but by audience imagination.
But what role does NFT technology play in the iGaming industry? To start with, NFTs can be used as in-game tokens and to place deposits, but they can also be a reward in themselves. Casino and sportsbook platform BC.Game, for example, already accepts NFT deposits.
Since NFTs are decentralized and independent, they can be used anywhere, without any limits, which is appreciated by players who have trouble accessing traditional payment methods.
NFTs are powered by blockchain technology, which stores information about ownership, providing a high level of transparency. This concept is also used in the new trend of provably fair games, where players can verify that their results were governed by a smart contract code, and not influenced or manipulated by humans.
One more function of NFTs in iGaming is to grant access to casinos, such as in the metaverse, or membership in loyalty or VIP programs with special bonuses, tournaments, or jackpots. This function is also a good tool in terms of security — it can assist in self-exclusion or help to block access for minors.
Another interesting use of NFTs is letting players become a part of the business: players can purchase their own slot machine in the metaverse as an NFT. If users own their own virtual slot machine, poker table or even casino, they can benefit from them as business owners. There is one catch, though: metaverses still have no gambling regulation, meaning “casino owners” have no obligations to fulfill.
NFT casinos also appeal to a wider audience: younger generations will play because besides the traditional motives to gamble, they’re very interested in collecting digital assets.
In general, NFT is an incredible way of sharing content. But what about regulations?
The European Union has yet to establish a definition of NFTs, but is planning to regulate them in the same way as cryptocurrencies: authorities are closely scrutinizing decentralized financing out of concerns about money laundering, fraud, and the financing of terrorism, which means European businesses can expect new regulation at some point.
Since NFTs are a relatively new concept, even though their popularity is skyrocketing, regulations still need to be worked out — unlike cryptocurrencies, which have already been given due consideration in many countries.
NFTs are assets, and while profits or losses from the sale or purchase of assets are normally subject to taxation, taxation for NFTs has yet to be clearly established. Whereas taxes on gains from trading cryptocurrencies are usually applied in the owner’s country of residence, there are few — if any — comparable practices for NFTs.
Overall, the future of NFTs is incredibly promising.
It’s estimated by MarketsandMarkets that the NFT sector will grow to over $13 billion in 2027, which would constitute an annual growth rate of 35%. This is in line with the overall trend towards spending more time — and money — online; a survey from McKinsey shows that over 20% of the population is going to increase their level of online shopping, exercising, entertaining, etc.
“NFTs were quickly embraced and became a popular way to spend and earn money. The iGaming industry, no stranger to innovation, saw the potential for NFTs immediately, and game providers began developing titles that incorporated the new technology. Aviatrix, for example, features a crash game where players can purchase the in-game avatar as an NFT. Ultimately, if the rapid spread of cryptocurrencies are any indication of how popular and effective blockchain technology can be, we have every reason to believe that NFTs will become commonplace for online casinos and sportsbooks”, says Ayvar Gabidullin, Business Development Manager at Slotegrator.
You can read more about NFT here.
ABOUT THE COMPANY
Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.
The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.
The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.
Slotegrator also provides consulting services in gambling license acquisition and business incorporation.
More information: https://slotegrator.pro/
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Bingo Paradise, a prominent UK iGaming affiliate, has announced its most successful quarter ever, achieving record growth during Q3 2024. The portal saw an unprecedented rise in first-time depositors (FTDs), a testament to its commitment to delivering value to players and operators in the highly competitive iGaming space.
“Q3 2024 has been a standout quarter for Bingo Paradise,” said Tom Waite, Manager of Bingo Paradise. “Our success is thanks to the hard work of our small team of talented writers and the oversight of our dedicated compliance manager. Together, they ensure that we provide honest, transparent reviews and operate within the highest industry standards. This, combined with our marketing efforts, including SEO and negotiating exciting player offers with operators, has been key to sending substantially more FTD’s to the operators.”
Bingo Paradise achieved a 65.24% year-over-year increase in FTDs compared to Q3 2023. This impressive growth underscores the affiliate’s focus on player-first strategies, such as creating honest, well-researched reviews that empower users to make informed decisions. The team’s compliance manager ensures every piece of content adheres to strict regulations, building trust with both players and operators.
A key factor in the platform’s success is its ability to negotiate exclusive offers with UKGC-licensed operators. These partnerships allow Bingo Paradise to provide unique deals that resonate strongly with players, enhancing its appeal as a go-to player resource. The focus on promoting only licensed operators also ensures fairness and security for users, which further solidifies the portals reputation.
The brands approach is a model of integrity and innovation. By prioritising compliance and transparency, Bingo Paradise, which itself is owned by Meteor Marketing Ltd has positioned itself as a trusted affiliate partner, both for operators seeking reliable collaborations and for players looking for guidance in the iGaming world. As the platform celebrates its Q3 2024 achievements, it remains committed to exploring new opportunities and maintaining its high standards.
Eagerly anticipated release now confirmed following a highly successful exclusivity period with Rush Street Interactive
Play’n GO has today announced the official US release of its hit title Colt Lightning Firestorm, following a three-week period of exclusivity with Rush Street Interactive brands BetRivers and SugarHouse.
Colt Lightning Firestorm was released in Europe and other jurisdictions in May 2024, and its release in the US comes with much fanfare following the game’s rave reviews in its short exclusivity period. The game is a sequel to the wildly popular Colt Lightning game which was released early last year, and indications at this stage suggest that this sequel may prove even more successful.
This announcement sees Colt Lightning Firestorm available to players in each state and operator with whom Play’n GO is licensed. Play’n GO first entered the online casino market in the US in 2022, and has reiterated its commitment to becoming active in every regulated market around the world.
Magnus Olsson, Chief Commercial Officer at Play’n GO said: “We’re excited to unveil Colt Lightning Firestorm to the wider online casino gaming community in the US, and have been very pleased to see its strong performance during its exclusivity period with Rush Street Interactive. We had high hopes for the game following the success of its predecessor, and we’re confident that these robust results will continue now that the game is available to an even bigger audience.”
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