The team at NFTScout keeps analysing different examples of NFT utility.

As part of our series to describe NFT projects and collections with utility applications in different markets, we are going to discuss our analysis of NFT utility projects in the gambling niche.

There are several different ways that NFTs might be used in the gambling market. Each option offers its own set of benefits and drawbacks. Let’s look at them closer.

1. NFT collections as part of a casino promotion or a loyalty reward

In this case NFT collection can be used by the casino as a prize given to a casino tournament winner or a reward to a player that has reached a certain ‘loyalty level’ at a casino.

These NFTs are nice to have but your ownership of one of those doesn’t necessarily bring any additional value.

For example, casino software provider Spinomenal launched first ever NFT casino tournaments where winners can get ‘Royal Sharx NFTs’ as prizes. These NFT tokens will also grant some VIP benefits.

Another example is Slotty Vegas casino that was running special online casino tournaments with NFT items as prizes. NFT collectibles were created by the casino itself and didn’t provide any extra utility for its owners.

2. NFTs as collectibles created by established casino brands

Some gambling companies create NFT collections as ‘simple’ collectible items or memorabilia.

Basically, these companies are following the trend but don’t necessarily provide extra value by adding some good utility to the collection.

It’s more of a simple ‘buy and own an NFT token’ approach. At the same time there is a possibility, in some cases, to resell these NFT tokens.

As examples here, we can remember a limited NFT collection commemorating historic poker games moments created by Partypoker or sports related NFT collectibles created by DraftKings with a marketplace in place for primary and secondary sales.

In the coming year or so more online casino sites like Pay and Play casinos can also employ this NFT approach to improve gambling experience for its players.

3. NFT collections with an actual utility application

These NFT collections are usually standalone projects that provide their owners with exclusive membership access to VIP-like gambling communities or some exclusive offers.

One of the leading examples here is the Slotie NFT project. 

As the Slotie project says itself:

“Sloties are your ticket into the largest and fastest growing online Casino network on the blockchain. With only 10,000 VIP members ever to be minted, Sloties grant holders access to the new world of Defi Gambling.”

4. Separate NFT Crypto Casinos

Basically, these are crypto online casinos built around NFT projects. 

For example, Gambling Apes launched their casino where apart from regular gambling experience with crypto payment methods you can buy a Gambling Apes NFT and join the members-only club with a bunch of utilities including owning a share of the casino.

Another example is Gambling Chimps, a community-owned NFT casino. Owning a Gambling Chimps NFT item opens up a whole range of perks including, meetups, merchandise, exclusive betting tips, tournaments, etc.

5. Metaverse casinos

These are virtual casinos that are part of the Metaverse ecosystem.

There are many benefits and drawbacks to playing at these casinos being discussed in the community but this type of decentralised gambling is for sure more beneficial for users as it provides more security and transparency on the blockchain. 

One of the famous examples is ICE Poker, a virtual online casino in Decentraland where users can play poker and other card games.

Summary

There is a whole range of NFT use cases in the gambling market, ranging from simple NFT items being sold as collectibles to whole new casinos built on top of the NFT projects and virtual casinos in the Metaverse.

Even with the NFT market currently declining a sheer variety of gambling NFT projects gives a hint that there is a high chance they are here to stay.