Best NFT Casino Sites
Since the popularity boom of the summer of 2021, NFTs have started to pervade multiple industries, with the online casino industry the latest to see the uptake of these often misunderstood tokens.
The result is a revolutionary shake-up of the industry, with players now standing to benefit from greater chances of winning, safer places to play, shareholder status, better perks and the chance to own some very valuable NFTs.
But what on earth is an NFT and how do they work in an online casino setting? Settle in for a detailed look at everything you need to know about NFTs and NFT casinos, including what these tokens are, how NFT casinos work and which are currently the best NFT casino sites.
Recommended NFT Casinos in 2022
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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 the fairness of games can be proven by anyone, not just third parties, and players stand to benefit from a site's success much faster than with typical affiliate programmes.
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.
The Logic Behind NFTs & Gambling
So what was the main driver behind the creation of NFT casinos? A lot of the answer to that has to do with the growing popularity of NFTs, with many vibrant communities formed around their collection. Since the ownership and value of these tokens can always be verified by anyone via the blockchain, they are seen as being 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 basically 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 basically 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 can be verified by anyone 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 that is backed up by the inherent security and verifiable nature of the blockchain 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 actually quite a few advantages of playing at such a site:
- Many NFT casinos list site transactions in real-time, with every single bet history recorded, verified and accessible by anyone at any time.
- There is a much tighter sense of community at NFT casinos due to the existing popularity of NFTs and their decentralised nature.
- Acquiring and holding valuable NFTs can unlock special rewards such as larger bonuses and increased cashback or rakeback.
- Depositing and withdrawing using blockchain-backed currencies much more secure and verifiable than using traditional fiat currencies.
- The NFT technology may not suit newbies and people with low tech knowledge.
- Due to the high price of Ethereum, NFT-based transactions may be costly.
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:
- 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.
- Create an account: You'll then be asked to enter a few details to set up your new account.
- 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.
- Play games: You'll find lots of games to play at NFT casinos, with many of them being the same games that typical online casino's host from well-known providers.
Recommended NFT Casino Wallets
When it comes to transactions, you want something that's 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 that are 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.
This process can quite often be shortened, however, by using an existing account (eg. 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
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 the typical online casinos. Here are some of the most popular software providers you can find on these websites:
Pragmatic Play Casinos and SlotsVisit Pragmatic Play Casinos and SlotsPragmatic Play, a software developer that puts simplicity first. Although not a veteran of the online casino industry as it was launched in 2015, Pragmatic Play has managed to become one of the leading manufacturers in the market.
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 a bit of 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 are operating to a specific strict set of standards that are designed to protect players.
Failure to abide by these regulations can result in the online casino being stripped of its licence.
Secondly, make sure 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.
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 plenty of 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, but 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 moving of the 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.
NFT Casinos FAQs
Still have questions about NFT casinos? Take a look at our reader-requested FAQs.
What is an NFT casino site?
An NFT casino is an online casino that accepts, creates, awards and/or uses NFTs in some way. NFT casinos often accept NFTs as a playable currency, they can sometimes create their own collections of NFTs that players can buy for a share of the site's revenue or win by playing proprietary games, and they also give added perks such as cashback or rakeback to players just for holding valuable NFTs.
Are NFT online casinos legal?
At present, there is no legal argument against NFT online casinos. These sites work with the same blockchain technology as cryptocurrencies, which are legally accepted by online casinos in many jurisdictions.
How to start playing at an NFT casino?
Playing at an NFT casino is just as simple as playing at a standard online casino. You simply open a new account by entering your details or signing in using an existing platform such as Steam, Twitch or MetaMask, make a deposit in fiat, crypto or NFTs, then start playing games to win either cash or NFTs.