The tech world is a dynamic and agile industry, and at the current rate it expands with innovations, onlookers can miss impressive changes if they blink.

Although most of the world knows about cryptocurrency by now, the technology on which it is built remains puzzling to most people outside of Silicon Valley and Fintech. Blockchain allows for technological advancements outside of finance though, and that is where non-fungible tokens (NFTs) come in.

For the gambling industry to stay ahead of the pack, software developers must stay abreast of all consumer trends, and they have not failed us with NFTs. The first providers jumped on the NFT bus in 2021 with NFT-themed slots. This year, others unveiled online casino games with NFTs as prizes.

With the first NFT slot machine popping up in the Metaverse, this is only the beginning of online gambling and digital works of art.   

 NF-What?

While Satoshi Nakamoto introduced Bitcoin in 2009, and it spawned the existence of many other crypto coins, the digital currency market remains a speculative one, according to financial experts.

Along with the decentralised finance (DeFi) industry came the blockchain, and once tech-gurus realised its potential, the possibilities became endless.

Last year, the news of digital works of art selling for millions made headlines more than once. The world read about NFTs, many for the first time, and discovered a whole new use of blockchain technology. Before long, anyone with an interest in cryptocurrency and the Metaverse aspired to own one of these digital treasures.

 Priceless Digital Cartoon Apes

Before long, the gambling industry jumped on the NFT wagon, and the first to arrive was Evolution subsidiary, Red Tiger, with a CryptoPunks-themed online slot game. NFT Megaways presented players with the four pixelated CryptoPunks characters and created an awareness of NFTs in the iGaming world.

In March 2022, Caleta Gaming announced that its partnership with Paradise Trippies was expanding. The new online slot title, Paradise Trippies, forks off of the Paradise Island digital world and guarantees that at least one BitCasino player wins an NFT every day.

The main character includes an iconic NFT, namely the Bored Ape Yacht Club (BAYC #9696) token. This was the first online slot to reward players with NFTs.

Two months later, the online DeFi gaming platform Lucky Crypto launched its debut NFT slot machine, complete with its collection of NFTs. Found in the Lucky Degens Embassy in Decentraland, Lucky Degens holds the title of the first-ever NFT slot machine in the Metaverse.

 Why are NFTs in Demand?

These digital items do not exist in the tangible world, yet it’s all the rage, and people pay breath-taking amounts of money to own one. Ranging between virtual real estate and artwork like the Bored Ape, NFTs vary in worth and rarity.

Some offer their owner access to exclusive events, or membership in elite clubs, while others are rare collector items akin to a modern-day Monet or Van Gogh creation.

NFTs, or Non-fungible tokens, are tradable digital assets with a blockchain stamp to prove their authenticity and ownership. This is where an NFT’s value lies. Speculative investors buy into it because they hope the value increases over time, much like fine art.

 Step into The Future

Crypto gamblers now have more to play for, and by adding NFTs to the prize pot, software developers will attract different players. The NFT market is an interesting phenomenon, and with the Metaverse posing unthinkable potential to tech fans, only time will tell whether virtual art grows in value.