“NFT” (non-fungible tokens) has become a buzz word in recent months, but did you know that these tokens are built using blockchain technology? So, what is a blockchain? Well, in layman terms – it is essentially a decentralized ledger of all transactions that occur with digital assets such as crypto coins or NFTs. Since it is decentralized, no single entity can handle or manipulate the ledger which is verified by everyone on the network. This creates a fool proof way for people on the internet that don’t know each other to trust each other and carry out trade. Basically, you can share valuable digital data with each other in a safe way that cannot be influenced by any third party.
The perks of blockchain technology and crypto are many and indisputable – transactions are secure, they are usually lightning fast, they offer a high degree of privacy and anonymity since you don’t need to divulge any personal data and transactions are also extremely feasible in terms of operating/processing costs. Considering these immense benefits, it is safe to say that it is only a matter of time before blockchain and crypto coins start to replace traditional fiat currencies and financial institutions. The online gambling industry is one of the fastest growing sectors that was estimated to be worth a staggering 265 billion US$ back in 2019.
We are already starting to see crypto coins being supported at many online casino platforms. As of today, players can find numerous high – quality online casinos and sportsbooks in the North American gambling market that accept popular crypto coins such as Bitcoin, Ethereum, Litecoin, Tether, etc. However, we are only scratching the surface and this is just the beginning of blockchain implementation in the online casino industry. Today, we are going to take a look at 3 blockchain projects that have massive potential, these tokens or their later versions could very well shape the future of the online casino industry.
$FUN token has recently been acquired by one of the world’s biggest Bitcoin gambling sites – Freebitco.in. This platform is estimated to have well over 40 million users worldwide and it makes them the biggest bitcoin gambling platform on the globe.
Freebitcoin.in acquired $FUN to use the token as an integral part of their loyalty program to reward frequent players. This token was created by a company called Funfair Technologies. In 2021, Freebitco.in took over the company and renamed it to FUN Token.
Freebitco.in also acquired BETR, a project focused only on improving sports betting using crypto. Just as $FUN had intended to do, BETR was looking to offer decentralized sports betting but got cancelled. Freebitco.in will now integrate BETR technology to upgrade $FUN. Since the acquisition, moving away from the relatively costly ERC20 standard is one of FUN Token’s first priorities. A number of ERC20-based initiatives are afflicted with gas problems and this includes tokens like $FUN and $BTR. To offset the high gas prices associated with Ethereum, they propose to develop an ad side-chain funded by off-chain components.
Integrating BETR’s sports betting technology will dramatically expand the applications and offer FUN token with access to the entire range of online gambling opportunities. In addition to classic gambling applications, the team intends to expand on social gaming. $FUN also looks to solve the otherwise solitary experience on online casino gaming by letting punters connect with other people through peer-to-peer multi-player games.
$ATARI Token (ATRI)
Atari is best recognised as one of the world’s earliest and largest video game inventors and producers. The company has remained a behemoth in the video game business for over nearly 5 decades since launch. In 2020, Atari took the plunge into blockchain technology with the launch of its own cryptocurrency, the Atari Token (ATRI). The Atari Token was released as an Ethereum-based ERC-20 token with the intention of serving as a mode of payment within crypto gaming platforms.
As the world of blockchain technology has engulfed us, Atari has not sat idly by. By building their own cryptocurrency, crypto wallet, decentralised exchange (DEX), and DeFi platform, they have effectively embedded themselves in each of the bedrocks and foundations of blockchain itself, as well as being heavily involved in the metaverse. Atari has established its own Atari theme park in the Sandbox and the Atari Casino in Decentraland, putting their money into the two most popular blockchain-based gaming metaverses today. Atari has also partnered with some of the greatest brands in blockchain to offer Atari-themed clothes NFTs and in-game products.
As Ethereum is upgrading to Ethereum 2.0, nearly 20 percent of the circulating supply of ATRI has moved to Fantom Network which is inexpensive, faster and scalable.
CHP is an Ethereum based token launched by a crypto poker company called CoinPoker. It may not only be used on the poker platform as the in-game currency but is also a fully independent digital currency in its own right. Since CHP does not need any middle man or financial institutions, the transactions are instant and free of cost.
However, the success of this token seems intertwined with the success of the CoinPoker platform itself. This platform is currently one of the leading poker platforms for crypto enthusiasts and offers both blockchain security and the perks of smart contracts. CoinPoker is also known for hefty promotions.