Contrary to popular belief, non-fungible tokens are not dead. Sure, the NFT market took a nosedive in 2022 after Bitcoin collapsed in price. However, people never stopped buying NFTs.
Last October, the NFT industry handled $300 million in trading volume. This was an increase of 20% compared to September. Crucially, the entire crypto industry is experiencing a resurgence. Online gambling is one of the biggest benefactors of this renewed growth.
In this article, we’ll take a closer look at how crypto, NFTs, and other technologies are impacting iGaming. Let’s dive right in.
Improving payment speed
Gone are the days when you could only use cards and banks to deposit money into online casinos. Now you can instantly deposit cryptocurrency, an e-Check or a digital wallet.
Many gaming providers support a wide range of payment methods to provide variety. If you are a crypto fan, you can use Bitcoin or Ethereum. Alternatively, you can pay via PayPal, Apple Pay or electronic check.
While you can also use cards and bank transfers, the beauty of online payments lies in speed and convenience. Digital wallets and cryptocurrencies offer the best payment speeds.
With Apple Pay and PayPal, your casino deposit is available immediately. A payment via crypto can take a few minutes. But it’s still conveniently fast. If you need help choosing the right payment option, Elena Ivanovska reviews online casino payment methods and the best casinos to use.
Expanding iGaming access
The iGaming industry has Fintech to thank for its global expansion. Think about it. Most banks operate within a specific country. But with crypto you can send money all over the world.
Bitcoin knows no geographical boundaries. It is decentralized and you can spend your money however you want.
Because crypto has low fees and can support both small and large amounts, it is an excellent payment choice for most people.
Although digital wallets have geographic limits, they help millions of people access online casinos. In fact, companies like PayPal, Skrill and GPay are a good reason for the continued growth of online gambling.
Before Bitcoin came along, e-wallets were the best way to deposit money at online casinos. Today, digital wallets provide a quick and easy way to make online transactions.
Mobile gaming
If you think about it, the iGaming industry is heavily dependent on technology. When technology was simple, online slot machines had simple graphics and resolutions.
As technology advanced, developers introduced slots with 3D graphics and 4K resolutions. Now you can also play your favorite casino games via your mobile device.
Mobile casino gaming is gaining popularity worldwide. By 2023, 60% of all online casino players used a mobile device for gaming. The explanation is that smartphones are much cheaper than desktop computers.
Another explanation is that mobile devices are convenient. You can take your smartphone with you and use it while you are on the train. You can’t do the same with a desktop computer.
Blockchain games
Blockchain technology has been disrupting industries left, right and centre. The decentralized technology disrupts iGaming with demonstrably fair slots and table games.
Yes, slots built on the Blockchain are based on pure chance. However, these are not your usual machines. This allows you to generate the seed algorithm used to activate winning symbols. Moreover, you can check the fairness of the entire algorithm.
Blockchain-based slots are fair because the technology is decentralized. It is designed to be transparent and free from conglomerate control. That said, not many casinos have embraced demonstrably fair slots.
You can play these games at a small number of crypto casinos. Most of them have high payouts and generous features. The only catch is that you need crypto to play.
Non-fungible tokens (NFTs)
It’s no secret that NFTs are popular in the video game world. In 2021, everyone bought NFTs to take advantage of their rapid growth. Even though their hype is over, they still have many use cases.
Developers are experimenting with the idea of using NFTs to popularize online casino games. Imagine owning Caesars or Wynn Resorts in the Metaverse. You can build a community of partiers who visit your casino. You can also make money by offering casino games at your Metaverse-based establishment.
In addition to the Metaverse, online casinos could use NFTs to promote their brands. A popular site can create a limited number of NFTs and sell them to loyal customers. If the tokens have value and real use cases, such an idea would get every operator in a multi-billion dollar conglomerate.
Artificial intelligence
Artificial intelligence is yet another technology that is changing online gambling. Not so long ago, developers had to brainstorm new game ideas. All they need now is to feed a computer with information and it will generate hundreds of ideas.
Casinos no longer have to guess what their customers like and don’t like. They can use AI tools to monitor and track their customers. They can then use this data to customize and improve their services.
Artificial intelligence is changing almost every aspect of iGaming. In customer service, operators use AI chatbots to communicate with players. In the payments industry, AI helps operators mitigate security risks.
VR and AR
If you have the right equipment, you can play some of the popular slot machines in Virtual Reality. Or you can play slots with Augmented Reality. Unfortunately, the majority of players do not have access to VR and AR technologies.
Things can change quickly. VR headsets are cheaper now than they were ten years ago. In five years, VR and AR technologies will likely be mainstream. At that point, online gaming will be immersive and as close to reality as possible.
In the meantime, the closest you can get to a realistic casino experience is through live casinos. Live casinos allow you to play table games like poker and blackjack with real human opponents.