- The rise of NFT continues to surge in the market and within less than a span of time, the combined market cap of the NFT projects increased by 1,785%.
- NFTs have reached mainstream adoption and have grown from a small niche into a multi-billion dollar industry.
NFTs (Non-Fungible Tokens) are a very popular term in the world of cryptocurrency. They are non-interchangeable digital assets that serve as valid proof of ownership on the blockchain.
They are indivisible and non-replicable, to which people can attach value and we can now see it growing in several different ways.
The demand for collectible NFT has exploded and is becoming the mainstream adoption in the world of cryptocurrency.
Rise of the Utility Ntfs
Defined in simplest terms, NFT utilities allow buyers to derive a form of value from an NFT. They are NFTs with valuations based on the access, perks, and opportunities they provide to the token holders.
When a collector buys an NFT they enter an exclusive group of token holders. This blockchain-based connection creates a bridge between NFT creators and investors that can be leveraged in numerous ways.
For instance:- Holding a token could give the experience of early access to products, entry to members who are only virtual, and IRL events dividends.
We are still in the early stages of this market but the possibilities are vast for NFT creators with vision, creativity, and strategic mindsets.
These assets themselves have functions and also the user experiences that exist around them get increasingly more elaborate and varied.
And hence we arrive at the classification of utility NFTs which are:-
- Community NFTs
- Fantasy Sports NFTs
- Gambling NFTs
- In-game NFTs
- Social NFTs
The trends involving NFTs have led the sales volume of NFT marketplaces to skyrocket, alongside the valuations of NFT related tokens.
Utility NFTs in the Gambling Industry
The integration of blockchain into the gambling industry is emerging and is fast changing the way we do things, especially within online gamblers.
Sloties are the new players in the industry that have been in an attempt to incorporate blockchain technology into the gambling industry.
Sloties are over ten thousand uniquely generated NFTs on the Ethereum blockchain that are your tickets into the largest and fastest-growing online casino network on the blockchain.
Sloties grant holders access to the new world of Defi Gambling. They grant proof of ownership on the Ethereum blockchain and are based on the ERC-721 standard.
Sloties slot machines, allow slotie holders to become shareholders of the in-house casino and earn rewards. The slotie community can invest assets and earn rewards every time they spin a slot machine in any of the Slotie casinos.
Utilities of Slotie NFTs
Earn Passive Income
Holding Slotie can be a deal of partnership between the holders and casinos. When you buy a slotie NFT, you can become a shareholder of the casino’s profit.
The casino pays 12% of their slot machines for executing and distributing high-quality gaming solutions. Sloties distributes 80% of the revenue generated by NFT based slot machines to slotie owners.
Slotie began developing a transparent Defi platform for the casinos. Being a slotie owner gives the opportunity to earn revenue by staking the collected NFTs into the slot machine and the slot machines are distributed in 150 casinos. It basically means that an NFT holder can earn revenue on any of his/her NFTs by creating liquidity for the slot game. Since the NFT bases slot games bring a lot of traffic to the casinos, casinos are willing to share their House Edge’s 65% to the Slotie NFT holders for this specific slot games.
20% Rakeback guarantee for players
Players can become VIP members in all the partner’s casino ecosystems. By becoming a VIP member, players will have a 20% Rakeback guarantee. This implies that when the players wager $100 and they lose it, they can get a wager back of $20.
In the NFT world, machines can also breed. Slotie owners can breed their Sloties to create another series of NFTs called Junior Sloties. Gaining a Junior slotie can double the profit for the Slotie holder when the demand increases and NFT slot machines are integrated into many casinos. A total of 1800 WATTs and 2 sloties are required to breed.
The transformation of the gambling industry throughout blockchain technology has just begun as new features and projects such as Sloties are being introduced into the ecosystem. Utility NFTs are becoming increasingly interesting.
The future of NFT looks bright with the utility NFTs playing a major role in that. They provide real, added value for investors, artists, gamers, and brands.