Virtual Casinos: What NFT Gambling Looks Like in the Metaverse

For some, it may sound like a new language, but others are instantly drawn to the idea of NFTs, the Metaverse, and the new style of games offered using tokens and earning NFTs. To understand the whole concept, let's start at the beginning. An NFT is a nonfungible token held in a virtual shared space, and it is a unique item that could be a picture, an animal, clothing, a vehicle, or almost anything. The NFT is owned by one person virtually and can be traded with others. The more popular and unique an item is the higher its value. The concept of NFTs was born out of the crypto world, and it works around the crypto world in that NFTs can only be bought and traded using cryptocurrencies. The place where NFTs sit is called the Metaverse, where they are held virtually. Virtual gambling using tokens is increasingly popular in the past couple of years.

The Gambling Metaverse World

Games offered in the metaverse are not like regular online and mobile casino games. These games can be played virtually, but players need to use tokens to trade and place bets. Avatars are used for trading tokens based on NFTs held by participating players. And tokens specific to each metaverse casino are earned, such as ice tokens for Decentraland, one of the first Metaverse Casinos. At Decentraland, players earn ice tokens and can see them on a leaderboard. The more tokens earned, the bigger the bonuses. At this stage, there is no way to change the tokens into real money cash, but players can use them for trading between different cryptocurrencies. The Metaverse gaming world is unregulated and untaxable, which for some is excellent. Still, for others, it also poses issues such as no accountability, and without monitoring, there is no assured safety for players. The NFT Gambling world is just beginning, and unless it gets more ordered and monitored, it will soon end because the many crypto users and competitors in the Metaverse are too free to do what they want. Crypto is not a stable currency and trading tokens to play casino games with an unstable currency is bad enough, but trading them based on NFT, which may or may not be real, is even riskier.