Japan – One of Five Nations Joining the NFT Online Casino Trend

The NFT gaming craze is not just a local trend. Even though relatively new, NFTs have taken the world by storm, and online casinos are jumping on board. If you’re a gamer that would like to try out playing with NFT, your task of finding an online casino has just gotten trickier. 

Some countries are beginning to regulate NFTs in general, while others haven’t made a clear decision on the matter. We’ll look at which countries have already joined the next-phase gaming trend and those on the way to regulating it. 

NFTs & Online Casinos

If you’re new to the trend, you’re likely asking yourself where NFTs and online casinos collide. The NFTs are non-fungible tokens only one person can own, and the blockchain stamps their value and transactions.

The rise of NFTs has resulted in the establishment of dedicated online casinos in which gamers may wager to earn NFT awards. Online casinos employ limited-edition NFTs or native NFTs as rewards to execute this betting strategy. 

So when punters play slots and other typical online casino games, they can win NFTs and immediately exchange them for real money or place them in their NFT wallets. 

There are multiple ways casinos can implement NFT gaming, including giving out NFTs as prizes instead of funds, using the NFTs as a standard currency, or developing their own NFTs and asking players to invest in the tokens for a percentage of the revenue.

Finland

Finland is the first country that comes to mind when discussing NFTs in the iGaming industry. Even though Bitcoin casinos, or crypto gaming sites in general, are popular all across the Scandinavian countries, Finland is where the craze takes place.

Finnish people like to keep their privacy, and blockchain technology surely has their back. Plus, casinos offer special prizes for NFT gaming, which just adds to the experience. The best part is that cryptocurrencies are legal under the Finnish Virtual Currency Act, leaving the doors open for legal acceptance of NFTs as well.

Japan

On the other side of the world, NFT casinos are trending in Japan too. Japan now boasts the world’s most advanced regulatory atmosphere for digital currencies, and the Payment Services Act (PSA) recognizes Bitcoin and other cryptos as legal.

This allows Japanese gamers to play in NFT casinos and obtain prices that have the potential to be far more valuable than fiat currencies. Online casinos in Japan have already started hosting gaming tournaments where NFT characters are the main prize, and more are expected to appear on the market soon. 

El Salvador

At the beginning of 2022, El Salvador announced that it was entering the metaverse and opening its first virtual casino where people would have the opportunity to play and trade NFTs. 

In the metaverse, gamers can play slots and table games, join poker tournaments, and enjoy VIP treatment. El Salvador’s virtual casino will allow buying and selling NFTs over the Solana blockchain. 

US

Things are a bit more complicated in the US from a legal point of view, but this hasn’t stopped gamers from diving into the NFT gaming sphere. Because NFTs have value, they can’t be used as entrance fees in games of chance or reward tournaments without violating federal and state gambling regulations. 

However, the alternative means of entry (AMOE) have given the liberty to gaming operators to provide US players with a chance to play. Nonetheless, since NFTs are especially booming in the US market, regulators are bound to turn the corner and place this part of the digital world in a legal framework.

UK

While crypto gaming in the UK market is legal as long as you’re part of a UKGC provider, the NFTs haven’t yet been added to the list. However, the Sorare investigation has prompted the Gambling Commission to consider regulating NFTs. 

The UKGC CEO, Andrew Rhodes, has stated that the regulatory body recognizes the modern influence over the iGaming industry but that they’d like to make sure it doesn’t harm gamers.

We cannot tell whether this means that the UKGC will soon add NFTs as a legal means for betting, especially with the current market drop, but we won’t be surprised if it happens. 

Takeaway

Even though the road is long, NFT online casinos might be the future of the iGaming industry. Playing with NFTs means more freedom for the players and comes with various winning models. 

So, what can you get when NFTs are at stake? If you win $100, the chances that its value will significantly increase or decrease are low. But if you win an NFT, you’re in for a volatile trip! 

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
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