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Showing results for tags 'nft slots'.

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  1. The world of gambling and online casinos has long been at the forefront of adapting to new technology as it develops. Crypto gambling and the blockchain were no different. One of the largest industries that run on the blockchain is NFTs. Creating, selling, and purchasing NFTs has become all the rage, but could they work for casino games? NFTS (non-fungible tokens) are images, music, in-game items and artwork that consist of digital data stored in a blockchain. These digital assets can be sold and traded by the owner for large sums of cash. Due to their massive popularity (and rather steep pricing,) the chance to win NFTs while playing an online slot or casino game is something that piques the interest of many gamblers. But how would it work? The Problem with NFT Casino Games The issue faced by software providers attempting to create NFT slots is that the games are simply not sustainable. NFTs are designed to be unique entities owned by a single person and stored on the blockchain. If a popular slot machine at a mainstream casino starts to draw many big winners, the provider would have to release more and more NFTs as payment. This would eventually dilute the value of the NFTs, and the game would become pointless. Currently, online slot providers are attempting to dip their toes into the blockchain pool. They're doing so by mimicking NFT stylings and using well-known NFTs as symbols (such as Paradise Trippies). One of the latest games to hit the Metaverse is Lucky Degens. This game lets players win real NFTs from the Lucky Crypto collection. Players can get their hands on OG Lucky Degen NFTs and any new collections that are set to be released in the future. There are also Free Spins, bonuses, and $LUCKY token crypto up for grabs. The only real issue with this game is that it is not available at mainstream online casinos. This means you'll need to be a true Metaverse-dwelling crypto user to even get a chance to play. Could ZOGI Labs Have the Answer? ZOGI Labs has designed a new game that is all about multi-player fun with the potential to earn crypto – designed for "non-crypto people". In their in-depth white paper, ZOGI Labs outlined how they've created a game that works for every aspect of gameplay and for every type of player. The aim of Legends of Bezogia is to make crypto, the blockchain and DeFi ecosystems as accessible as possible for everyone. Players can sign up for free, craft weapons, fight their foes, and take on a series of quests – all while earning MBLK. Magical Blocks (MBLK) are an ERC20 utility token on the Ethereum network and also act as the in-game currency found while playing Legends of Bezogia. That means real cryptocurrency can be earned and mined while playing an MMORPG in a fun, fantasy world. But how would this work for online casino games? Legends of Bezogia runs on the following core mechanics. Some of these could be adapted to work for online gambling if done correctly. Minting Summoning Renting Staking Exchange Virtual Real Estate Let's look at what the most relevant mechanics could do for Online Slots and casino games. About NFT Slots – Our Hypothesis Considering the way online slots run and the features they tend to offer, we think there are a few of the mechanics mentioned above that could work for online casino games. For instance, the summoning mechanic works on the ability to collect Bezogi (another form of in-game crypto) and use them to summon creatures at will. An online slot could use this feature and instead allow players to collect small amounts of crypto as they play (perhaps for unlocking achievements), and this crypto can then be exchanged for free spins or multipliers. In Legends of Bezogia, exchanges are done at marketplaces and pawn shops. Again, this could easily be adapted to suit the world of online casinos, where marketplaces could be established in order to purchase bonus games or special NFT rewards. Giving players the ability to post a reward they've won while spinning the reels of a slot in exchange for crypto means that players can interact and be a part of a living ecosystem. It also means that players who enjoy completing rewards collections could do so. One main feature of playing Legends of Bezogia is that they aim to keep players rewarded. This should be a standard for online casino games too, especially those on the blockchain. Whether via a special feature, a mini-game, or a game that plays completely differently from the slot being enjoyed, winning crypto should be a constant. Even small prizes such as tiny amounts of Satoshi could keep players engaged for longer. It appears that the only way to make NFT slots work is to reward players in many ways and leave the NFTs as the ultimate jackpot prize. This way, NFTs can be released only as required while also building a community of players who enjoy the game's entire experience, rather than just the main prize.
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