Pulse
FUTURE TECHNOLOGY COINPOINT GROUP
iGaming companies are putting increasingly more effort into blockchain and Web3, but most marketing and development time is going into Web2. It it those companies who are already working on pilots and side projects that are focusing on integrating Web3 into their products who will have great success in a few years.
TOKENS & NFTS
NFTs are beginning to transform digital asset ownership and exchange, setting the groundwork for digital communities, tradable in-game assets, and the Metaverse economy. Despite some headwinds in recent times, the opportunity for tokens in the betting and gaming industry is massive.
Can the status of tokens or NFTs be retained as a fan and player engagement tool? What are the opportunities now and in the future for tokens? What role are tokens expected to play in Web 3.0 and in the Metaverse?
NFTs will be the bread and butter of the gaming industry in the near future. Call it what you want – tokens, NFTs – but the value of being able to buy and sell within secondary markets is what players are looking for. Ultimately, the wallet is the starting point for the journey and they therefore need to be easy to use.
Players should be able to go to the Metaverse, sign in using their MetaMask and the NFTs are waiting for them. Te next generation of entertainment user will do everything through the wallet, including betting. If I had to put my finger on an aspect that requires improvement for the industry to move forward it would be the wallet because it holds all the possibilities and facilities the whole operation.
When tokenisation began in igaming around 2015, several big platform providers looked into having their own token and it didn’t work for many of them. We observed that there was no value in platforms having their own token for
P104 WIRE / PULSE / INSIGHT / REPORTS
Players should be able to go to the Metaverse, sign in using their MetaMask and the NFTs are waiting for them. The next generation of entertainment user will do everything through the wallet, including betting. If I had to put my finger on an aspect that requires
improvement for the industry to move forward it would be the wallet because it holds all the possibilities and facilities the whole operation.
their own gaming ecosystem at that time.
Unlike 2015, companies who now invest in developing a token create something that is tradable and has a secondary market. Today, I see tokenisation as having two functions within entertainment. Te first is login and the second concerns assets.
When you have a token (or NFT as we now coin them) of a specific gaming operator players can login using their MetaMask and their token is already active within the wallet. Tis means that if I had a VIP player token, once I’ve logged in the system it will provide me with the environment, bonuses and games I like at my VIP level. When it comes to assets, we’re talking new possibilities for B2B games and gamification within slots.
BLOCKCHAIN
Blockchain is the future of the internet. It’s trusted, unfilterable, uncensorable repository of data and information is driving the creation of the third generation of the internet.
The blockchain is meant to fundamentally change processes for the better, with transparency and security being highlighted as particular benefits. But how does this work in practice? How can operators use the
blockchain to improve trust in their brands? In what ways can blockchain-enabled innovations reshape the ecosystem for sportsbook?
‘Provably fair games’ means players can verify the result and pre-determined nature of a game they’ve just played with one click. Tis is mostly used for card games and slots for the time being. It encourages trust in the game and its servers by demonstrating that nobody has changed or hacked the system.
Operating are increasingly using provably fair games and the UKGC is looking into making them compulsory in the near future because of the trust and security to provides to players. Blockchain is also being increasingly used for streaming where live dealer studios are utilising it to let operators verify the source of the stream and help prevent fraud.
Micro payments and cross border payments in B2B are done using crypto as there is no other option available to transfer one million dollars within a minute. So long as taxation is right and the books are run correctly, there is nothing stopping igaming companies from using the big exchanges.
Tese three aspects – payments, server security, games verification – demonstrate how blockchain is already a big component of igaming, and now it’s just a matter of further adoption.
On sports betting, B2B betting or player against player would mean that technically anyone could take bets in their own Metaverse environment and there would be no central platform. Because sports betting is part of the culture of some countries, it will take a lot of time to change unlike casino games.
Te next generation of punter won’t change their sports betting habits quickly and that’s why it will be the last gaming vertical to adopt the technology.
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