Best NFT Casino Sites

What Is an NFT Online Casino?

In order to answer the question of what an NFT casino actually is, we should start with what an NFT is. NFT stands for Non-Fungible Token. NFTs are basically unique digital creations, such as images or videos, whose ownership and value have been recorded and confirmed by the blockchain. 

While these NFTs can be freely copied, the ownership can only be transferred via selling, with the blockchain serving as the public ledger of such transactions. The most accurate analogy is traditional works of art. Anyone can obtain prints of a famous Picasso piece, for example, but only one person can own the original.

In terms of online casinos, NFTs are starting to be introduced as a form of currency, status token and even shares, unlocking a new type of online gambling in which anyone, not just third parties, can prove the fairness of games. Players stand to benefit from a site's success much faster than with typical affiliate programmes through profit share and trading programs allowing players to potentially earn a passive income.

How Do NFT Casinos Work?

In most cases, NFT casinos work a lot like traditional online casinos in that players create an account, log in, make a deposit and play for the chance to win. The introduction of NFTs can be anything from a minor addition to a full-blown revamp of everything we've come to know about what online casinos offer.

In most cases, NFTs are used as a currency, either instead of or alongside fiat and/or cryptocurrencies, with many sites allowing you to use NFTs to place bets on their games for the chance to win. Other sites add in their own proprietary games in the form of boxes or mini-slots that you pay to play for the chance to win NFTs of varying values.

At some NFT casinos, NFTs can affect the perks you get as a player, such as increased cashback or inflated bonuses for holding valuable NFTs. Other sites have created a shares system with their own range of NFTs, allowing players to earn a percentage of generated revenue just by investing in these unique tokens, such as Rollbot NFTs.

The Logic Behind NFTs & Gambling

So what was the main driver behind the creation of NFT casinos? Much of the answer to that has to do with the growing popularity of NFTs, with many vibrant communities formed around their collection. Since anyone can always verify the ownership and value of these tokens via the blockchain, they are seen as a more secure form of currency. 

It was only a matter of time before the online casino industry moved in that direction, capitalising on what was always going to become a bear market. NFT casinos have introduced a more trackable and traceable form of betting on games while piggy-backing on the popularity of NFTs. 

For players, there are many perks of playing at NFT casinos, including the vastly superior security and globally verifiable nature of the games, the fact that these sites are decentralised and therefore more trustworthy, and increased rewards for holding higher value NFTs.

How NFT Casino Games use the Blockchain

Blockchain technology is the decentralisation of existing systems like currency markets so that no one person or organisation has control over them, with the idea being that they are therefore incorruptible. Since it is an open, public ledger of transactions that anyone can verify at any time, it has become known as one of the most secure systems of our age.

This movement away from centralised systems has reached the world of the best online casinos, which currently experience their fair share of complaints regarding slow payments, unfair games and unethical practices. 

Using a currency system backed up by the blockchain's inherent security and verifiable nature effectively means centralised ownership of the site is replaced by player ownership, eliminating these shady practices.

Advantages of These Casinos

So what are the main benefits of playing at NFT casinos? There are quite a few advantages of playing at such a site:

How to Play at NFT Casinos

Playing at an NFT casino is not much different to playing at a standard online casino, with only a few minor changes in what you might already be used to. Let's take a look at how to join and play at an NFT casino:

1. Click to register: At your NFT casino of choice, you'll find a prominent button for opening a new account, usually something that says Join or Register.
2. Create an account: You'll then be asked to enter a few details to set up your new account. 
3. Make a deposit: You can't play to win real money or NFTs until you add funds to your account. You can make a deposit in traditional fiat currency or cryptocurrency.
4. Play games: You'll find lots of games to play at NFT casinos, with many of them being the same games that typical online casinos host from well-known providers.

Recommended NFT Casino Wallets

When it comes to transactions, you want something safe and secure. While you can still add funds to your NFT casino account using traditional payment methods such as Visa, Mastercard, Google Pay, Apple Pay and other recognisable brands, you'll still want something in which you can store any NFTs you obtain. 

Luckily, there are a number of trustworthy NFT wallets that are compatible with NFT casinos, which you can use to safely store and control your NFTs as well as your cryptocurrencies. Here are a few of the top NFT wallets:

KYC Process on NFT Gambling Sites

You might assume that due to the secure nature of blockchain technology, online casinos that are backed by it shouldn't be subject to the player bugbear that is Know Your Customer protocols. However, this is not the case. 

KYC practices are still required of all licensed online casinos, regardless of the types of currencies used on the site. As such, you'll still be expected to provide proof of your identity when you sign up at one of these NFT casinos.

However, this process can quite often be shortened by using an existing account (e.g. MetaMask) to sign up or by linking to your bank account via a service such as Trustly, which includes identity verification in the sign-up process.

Best NFT Casino Software Providers

As NFT casinos are so new to the industry, some may wonder about the legitimacy of the software being used. The answer to that is, no, NFT casinos are not using shady software providers with uncertain RTP. Nowadays, NFT casinos are using the top-notch casino software you can play in typical online casinos. Here are some of the most popular software providers you can find on these websites:

Are NFT Casinos Legal?

Since the concept of NFTs in the online casino industry is still very new, it's easy to assume that they're a bit shady and perhaps even illegitimate. 

However, the uptake of cryptocurrencies by online casinos was accepted by most industry regulators with barely a bat of an eyelid. Since NFTs are technically just another form of cryptocurrency, it's unlikely we'll see any kind of legal backlash against their use in the online gambling industry.

Having said that, just because you've found an NFT casino doesn't mean it's automatically a safe place to play. There are still various steps you should be taking before joining that will ensure your safety online and prevent you from losing your hard-earned valuables, whether they be fiat currency, crypto or NFTs.

Find a Trustworthy Casino

Part of your search for a safe place to play should include some research into the trustworthiness of each site you consider. How can you tell if an online casino is trustworthy? There are numerous ways you can do so.

Firstly, check the online casino's licence status, looking for holders of the highly respected Malta Gaming Authority and UK Gambling Commission licences in particular. These authorities are tasked with ensuring that online casinos operate to a specific strict set of standards designed to protect players. 

Failure to abide by these regulations can result in the online casino being stripped of its licence.

Secondly, ensure the site carries out Know Your Customer and anti-money laundering checks. Yes, they can be a pain but think about it. Would you feel safe playing at an online casino that accepts shady money practices and allows any unidentifiable individual to offload and transfer funds? These checks are there to protect you.

Finally, check that the site you're considering has a detailed set of legal T&Cs, a good Privacy Policy covering data use, a proper complaints procedure and responsible gambling tools and resources.

Be Sure to Read Each Casino's Rules

Since the use of NFTs in the online casino industry is still very new, it's highly recommended that you take the time to read through the rules of the site as they pertain to the use of NFTs. 

It's very easy to wave off T&Cs as inconvenient and long-winded and blindly accept them. Still, by carefully reading them through, you can avoid finding yourself in a difficult situation that cannot be undone by claiming ignorance.

Should You Play at NFT Casinos or not?

NFT casinos are interesting, and some say inevitable, industry development. Many have long called for the decentralisation of the online gambling industry in the face of complaints of shady practices and the moving of goalposts. 

It seems there are many benefits for players of these NFT casinos as they currently operate, including bigger bonuses, a share of the site's revenue, and the chance to win potentially very valuable NFTs. For example, at Rollbit Casino, you can play the site's own NFT games where you can buy spins for a chance to win NFTs. 

One of the biggest benefits is the inherent security of such sites, although it should be noted that the use of blockchain technology does not automatically mean the site is 100% above board. Hopefully, having read this page, you'll be much better placed to decide if NFT casinos are worth exploring. 

In our view, this is the new direction the industry is taking, so it's definitely worth a look at the very least, especially if players stand to benefit much more as a result.

Interesting NFT Casino Facts

Fact 1: NFT casinos are a new type of online casino that use blockchain technology to provide a more secure and transparent gaming experience. NFTs are unique digital assets that can be owned, traded and used in games and applications

Fact 2: NFT casinos are available to players from all over the world, including the United States, Canada (except Ontario), the United Kingdom, and many more.

Fact 3: NFT casinos are regulated by the Malta Gaming Authority, the UK Gambling Commission and others.

Fact 4: There are at least 25 active NFT casinos operating worldwide.

Fact 5: The average NFT casino has over 5,000 active users

Fact 6: The average NFT casino user spends over $10,000 per year

Fact 7: NFT casinos have a total of over $100 million in annual transactions

NFT Casinos FAQs

Still have questions about NFT casinos? Take a look at our reader-requested FAQs.

References

• RollBot NFT's and Lootboxes - (Opensea.io)

• Non-Fungible Tokens - (Wikipedia.com)