Crypto in gambling

crypto and gambling

Blockchain technology is also being used more and more by the gaming industry. However, crypto gaming is controversial and regularly makes the headlines. The focus is mainly on Non Fungible Tokens (NFTs) and play-to-earn games at casino Yoju .

From Free-to-Play Games to the Play-to-Earn Concept

In the past few years, the gambling industry has changed significantly in monetisation methods. One concept that has become widely accepted is free-to-play pokies, whose providers earn money via microtransactions.

The player does not pay for the game itself but can play it for free. Certain features or items in the game, on the other hand, are not free but have to be purchased. As a result, some players spend a lot of money on some items or customising their characters.

In-game purchases are repeatedly criticised. Loot boxes, in particular, are considered to be similar to gambling because the player usually does not know their content. How high the value of the loot boxes is and whether the acquired items help him in the pokiegame, he, therefore, does not know.

Free-to-play pokies have experienced enormous growth. However, resentment is spreading among players that they often cannot get anywhere in the games without spending money.

Therefore, another new concept has become popular in the gambling market, GameFi. It is based on the idea of decentralised finance and relies on the so-called play-to-earn economic model.

What are Non-Fungible Tokens?

The idea behind play-to-earn pokies is that players can earn real money through gambling. This is made possible by players acquiring valuable digital assets, for example, in the form of equipment, but then also being able to trade them.

This is where blockchain comes in. The digital assets that the players receive can be cryptocurrencies, but also items that are tokenised via the blockchain. This creates so-called Non Fungible Tokens (NFTs), which can neither be copied nor forged and assigned to a specific owner.

The NFTs are items such as certain cards, skins, spaceships or pieces.

The game Axie Infinity has become particularly well-known. The blockchain game was launched in 2018 by Vietnamese developer Sky Mavis and was the first NFT game to reach a trading volume of 1 billion US dollars. Players can buy the so-called axis in the game. They raise the creatures, which are NFTs, and race them against other players' Axis. In addition, each Axie can be traded.

However, to participate in these games, players sometimes have to buy NFTs. As a result, many players invest right at the beginning to succeed. For this reason, warnings are increasingly being voiced that these could be downright Ponzi schemes, in which players pay in more than is paid out in total.

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