NFTs, Crypto and Payments: How Online Technology is Changing the iGaming Industry

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 a 20% rise compared to September. Crucially, the entire crypto industry is staging 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 influencing iGaming. Let’s dive right in.

Enhancing Payment Speed

Gone are the days when you could only use cards and banks to deposit money into online casinos. Now, you can deposit crypto, an e-Check, or a digital wallet instantly. 

Many gaming operators support a wide range of payment methods to provide variety. You can use Bitcoin or Ethereum if you’re a crypto fan. Alternatively, you can pay via PayPal, Apple Pay, or an electronic check.

While you can also use cards and wire 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 instantaneous. A payment via crypto might 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 expanding globally. Think about it. Most banks operate within a specific country. But with crypto, you can send money all over the world.

Bitcoin has no geographical borders. It is decentralized and allows you to spend your funds as you wish.

Since crypto has low charges and can support both small and large amounts, it’s 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 great reason for the continued growth of online gambling.

Before Bitcoin came out, e-wallets provided the best way to deposit money at online casinos. To date, digital wallets provide a fast and convenient way to transact online.

Mobile Gaming

When you think about it, the iGaming industry is highly dependent on technology. Back when technology was simple, online slot machines had simple graphics and resolutions. 

When technology advanced, developers introduced slots with 3D graphics and 4K resolutions. Now, you can also play your favourite casino games through your mobile device. 

Mobile casino gaming is gaining traction globally. In 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 carry your smartphone and use it while on the train. You can’t do the same with a desktop computer. 

Blockchain Games

Blockchain technology has been disrupting industries left, right, and center. The decentralized technology is disrupting iGaming through provably fair slots and table games.

Yes, slots built on the Blockchain are based on pure chance. However, these aren’t your usual machines. They allow you to generate the seed algorithm used to trigger winning symbols. What’s more, you can check the entire algorithm’s fairness.

Blockchain-based slots are fair because the technology is decentralized. It was designed to be transparent and free of control by conglomerates. That said, not many casinos have embraced provably 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 is not a secret that NFTs are a popular thing in the world of video games. In 2021, everyone was buying NFTs to capitalize on their quick growth. Although their hype died down, they still have many use cases.

Developers are experimenting with the idea of using NFTs to popularize online casino gaming. Imagine owning Caesars or Wynn Resorts in the Metaverse. You could build a community of revellers who visit your casino. You could also make money by providing casino games in your Metaverse-based establishment. 

Beyond 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 any operator in a multibillion conglomerate.

Artificial Intelligence

Artificial Intelligence is yet another technology changing online gambling. Not so long ago, developers had to brainstorm for new game ideas. Now all they need is to feed a computer with information and it will generate hundreds of ideas.

Casinos no longer need to guess what their customers like and dislike. They can use AI tools to monitor and track their customers. Then they can use this data to customize and improve their services.

Artificial Intelligence is changing nearly every aspect of iGaming. In customer service, operators are using AI chatbots to interact with players. In the payments sector, AI is helping operators mitigate security risks.

VR and AR

If you have the right equipment, you can play a few of the popular slot machines in Virtual Reality. Or you can play slots using Augmented Reality. Unfortunately, the majority of players have no access to VR and AR technologies.

Things could change soon. VR headsets are now cheaper than they were a decade ago. In five years, VR and AR technologies will probably be mainstream. At that time, 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.