NFTs have emerged as the leading art form in the ever-expanding digital world. What most people don’t know is that the first NFT appeared in 2014; quite a long time ago. And yet, most don’t even know what NFTs are. Let’s get into the nitty-gritty of what NFTs are, how they’re related to NFT Esports betting, and whether or not it’s worth investing in them.
What is an NFT?
NFT stands for ‘Non-fungible token’ – something akin to trading cards or paintings. There can only ever be one original NFT and the original belongs to the creator. Everyone else who purchases it gets a copy of the original; they become the owner of that NFT but not fully.
If you were to buy an NFT, you wouldn’t become its new owner; you’d just be the owner of the NFT copy you got. Think of it like this: the original Mona Lisa painting is currently in the Louvre in Paris. You can still buy yourself a painting of the Mona Lisa – just not the original.
With that said, NFTs don’t have to be based on graphical representations of something, such as paintings. They can be anything including images, gifs, audio tracks, video recordings, and even NFT-powered shows (ie. Mina Kulis’ show ‘Stoner Cats’ which sold for $8 million).
Personify (@personifynft ) goes live today at 9PM EST on @MagicEden_NFT . They use A.I to create truly one of one generative art works that connect with the individual holders https://t.co/9UR4uv3Xp1 pic.twitter.com/13tfVU0G8X
— NFT (@NFT) November 19, 2021
NFT buyers generally believe that NFTs are the next evolutionary step in rare item ownership. Considering NFTs are created with the use of Blockchain technology (namely Ethereum which is a blockchain cryptocurrency in and of itself), they are somewhat similar to cryptocurrencies. This means they have some semblance of buying power in a couple of common niches – in our case Esports betting.
Can NFTs be used for Esports betting?
Since the whole NFT extravaganza is relatively new, with people just recently coming to terms with its existence, there aren’t a lot of bookies that support NFT betting. However, things will surely change in the future as they did for cryptocurrencies.
Just a few years ago, most bookies didn’t support betting with Bitcoin or Ethereum and here we are today when most of them do offer the possibility. Considering new NFTs are constantly appearing with more and more people investing in them, being able to place your favorite Esports bets with NFTs is inevitable.
Still, the technology is growing ever so slightly and right now, there aren’t a lot of places where this is supported. In any case, it functions exactly the same as cryptocurrency betting albeit with some important differences between the two.
How is NFT Betting Different from Traditional or Cryptocurrency betting?
Whilst the betting process is mainly the same, NFTs come in all shapes and sizes. A bookie could offer the possibility of winning a DreamHack Player Card collectible NFT which is exceptionally rare.
The Esports betting landscape could quite possibly change drastically. Bookies might even offer NFT tournament tickets as prizes (with which you could go to that tournament or sell the ticket). The possibilities are endless!
That is the beauty of NFTs compared to traditional or cryptocurrency betting. There’s so much that can be done; bookies may end up with personalized NFTs that are unique and seen nowhere else. And this in turn increases popularity among punters and Esports fans, as well as pushes NFTs to even higher heights.
Classical gambling with the use of NFTs is also slowly gaining popularity.
The future is bright for NFTs but only time will tell how it’ll shape up. In fact, NFTs are so young that our most reputable operators/partners (bet365, 1xbet, Betway, Lootbet, etc.) have not yet implemented this feature.
For now, you can give NFT betting a shot by visiting 1xBet; currently, the only reputable bookie that supports NFT betting (with AS Roma, Juventus, and Paris Saint-Germain NFTs).
NFT Esports Betting with 1xBet
1xBet has taken a drastic and brave step forwards with support for NFT Esports betting, becoming the first of potentially many bookies to allow it. As such, those that want to try out this new betting system are free to do that by visiting 1xBet.
In fact, 1xBet has created a couple of NFTs by virtue of their partnership with the Arka NFT Agency. This partnership has given birth to 12 NFTs, all of which are animated, and feature several memorable and key moments from the European Football Championship. Half of the sales proceeds went to the original artists of these 12 NFTs, with the other half going to struggling digital artists.
With all this said, 1xBet hasn’t just gone down the NFT route for a potential increase in earnings and expansion of payment methods; they’ve also done something charitable with the technology some still consider worthless, with some even saying it’s a scam.
The truth is, this move by 1xBet is set to increase the number of punters, especially new ones who want to try their luck with NFTs. All in all, we’re in for a betting spectacle soon.
How does NFT Betting Work with 1xBet?
Most punters nowadays prefer traditional payment methods such as Skrill, Neteller, PayPal, Klarna, PaySafeCard, Entropay, and Trustly, or cryptocurrencies like Bitcoin and Ethereum. While these payment methods have been used for quite some time, cryptocurrencies are fairly new compared the more common methods.
As such, NFTs are also expected to join the party in the following months or years with 1xBet being industry pioneers in that regard. And you might be wondering how NFT betting is done; is it the same as all other payment methods, is it difficult, etc.
The truth is, all you need is ownership of a specific, supported NFT (not the original of course). Whilst 1xBet does support NFTs, the Juventus, AS Roma, and PSG are technically more on the lines of Fan Tokens than pure NFTs.
However, these Fan Tokens have been used in the past to purchase NFTs from those exact organizations. This essentially means that people bought (as an example) Juventus NFTs by using Juventus Fan Tokens.
Also, depositing an NFT (FIAT currency equal value) is relatively simple – you’ll get a wallet address and QR code; using any of the two will deposit your chosen NFT as a FIAT currency referent value.
In short – NFT betting is no different from traditional payment methods. The only issue with NFTs right now is that it is rare to find other bookies that support them.
NFT Pros and Cons
|Collectible items are rare, especially limited-time NFTs||Some NFTs are actually scams (always do your diligence researching them)|
|Most NFTs are secure and safe thanks to the use of Blockchain technology||The majority of the population don’t know what they are|
|The emergence of NFTs in the betting market is a huge plus to all betting enthusiasts||The potential is there but their end-goal purpose is still a question|
|Allows for the creation of specific, unique NFTs made by the bookies themselves||NFTs are inherently expensive in most cases|
|ROI can get quite high for certain rare NFTs||Most NFTs today are basic, simple art pieces|
NFT Betting FAQs
What are NFTs?
NFT stands for Non-Fungible Token. They are predominantly digital artworks that people can purchase and display on various websites, but can be anything such as gifs, TV shows, and more.
Why are NFTs so rare?
Up until recently, only a handful of companies and people were creating NFTs. The more unique an NFT is – the rarer it is. Nowadays, anyone can make NFTs but due to the number of people who are interested in them being fairly low (plus it doesn’t really provide a living unless you have grand plans in place), there still aren’t a lot of NFTs floating around.
Are NFTs valuable?
That really depends on your understanding of ‘valuable’. Do they offer anything other than emotional or sentimental value? No. Are they valuable because of this? Yes. It’s the same as with baseball trading cards – you can’t do a lot with them other than have them, but the rarest ones are incredibly expensive.
How to buy NFTs?
Through the use of FIAT currencies or cryptocurrencies. It all depends on the platform you’re using to purchase an NFT as they might support all kinds of payment methods or just one. The purchasing process is also unique across platforms; on some, you might have to wait until you get selected (via waiting lists), whilst on others, you bid for an NFT against other people.
How to know if an NFT is authentic?
Simple – if you understand blockchain (a whole ‘nother topic to cover). In layman’s terms, when you buy an NFT, that purchase is imprinted in the blockchain. The blockchain itself acts as a pink slip or, proof of ownership. Consider that the blockchain is a decentralized piece of software; anyone and everyone can have access to it so checking for authenticity is usually fairly simple.
NFTs are a volatile technology at the moment; one with huge potential but also loads of space for failure. Nonetheless, the legit, valid ones are pretty great and could signal a new future of Esports betting.
Considering we’re already seeing bookies that have started supporting NFT betting, I’d reckon the future is closer than we think. In any case, just make sure to properly research NFTs before buying some because the world of NFTs is new and there are various forms of people out there, including scammers.
Other than that, as soon as some new info appears, we’ll be updating this article so you can constantly keep track of the newest NFT developments.