Cryptocurrency has been a rapidly growing industry for several years now, and with its increasing popularity, the online casino industry has started to adopt it as well. Bitgamble, a crypto casino review platform has identified 2 major trends in the crypto casino industry that are expected to increase in popularity throughout 2023 and beyond.
Decentralized Casinos
Unlike traditional online casinos that are run by a central authority, decentralized casinos utilize blockchain technology, which makes them much more secure and transparent, as all transactions are recorded on the blockchain and are immutable.
One of the key benefits of decentralized casinos is that they do not require players to provide any personal information, such as their name or address, in order to sign up and start playing. Instead, sign up is made using your Web3 wallet, which means that your identity is protected and your personal information is not stored on the casino’s servers. KYC is also not an issue which is perfect for crypto gamblers that are concerned about their privacy and want to maintain their anonymity.
In addition to the privacy benefits, decentralized casinos are also much more transparent and secure than traditional online casinos. As all transactions are recorded on the blockchain and are immutable, players can be sure that the games played are fair. Casinos that are fully decentralized are still not as common as they should be, mainly due to the lack of technical skills that gamblers should have. However, what has been very popular lately is the addition of provably fair games, a mechanism that ensures that the bet results cannot be manipulated or altered in any way, and the use of an anonymous crypto casino where KYC is not essential.
In a fully decentralized casino, the process goes as follows: If a player wants to play a game of blackjack, they simply connect their Web3 wallet to the casino’s platform and transfer their cryptocurrency funds to their casino account. After placing their bet, the smart contract determines the outcome of the game using a random number generator, which is recorded on the blockchain. This ensures that the game is fair and the results are not manipulated in favor of the casino.
NFTs and its utility in Casinos.
The integration of NFT utilities in crypto casinos is becoming a very popular trend. Rollbit, a leading crypto casino platform, has played a major role in popularizing this trend by introducing NFTs with utilities to its platform. Holding NFTs in a crypto casino can offer several benefits to players, including additional bonuses, cashback, and other perks. For example, a player can earn a rare NFT item by winning a game or reaching a certain level, and then either equip it and benefit from its perks or trade it with other players for cryptocurrency or other rewards. This adds a new layer of excitement and engagement to the gaming experience.
Additionally, NFTs can also be used to offer personalized and exclusive rewards to players. For instance, a casino can create a limited edition NFT that is only available to VIP players, which can be redeemed for special bonuses or cashback offers. This creates a sense of exclusivity and enhances the overall player experience. The integration of NFT utilities in crypto casinos can provide players with more transparency, unique rewards, and a fairer gaming experience. These trends in the crypto casino industry are aimed at creating a more engaging and immersive online casino environment that appeals to a wider range of players.
The crypto casino industry is still in its nascent stage, we can expect more exciting developments and blockchain integration in the years ahead!