eSports Bitcoin betting has grown in popularity throughout 2020 — and for good reason. Not only are eSports gaining popularity, so is Bitcoin. Put them together and you get a great mix of money and fun. Now there’s a third element: NFTs
NFTs — non-fungible tokens — are set to revolutionize the way sports and eSports fans collect memorabilia from their favorite teams and players. You might soon see them pop up even in places like bitcoin betting sites — since NFTs can be sent and received just like the cryptocurrencies you use for eSports betting.
But let’s not get ahead of ourselves. Let’s start with the basics, provided by Gemini — the exchange headed up by the famous Winklevoss twins.
“A non-fungible token (NFT) is a cryptocurrency token that is indivisible and unique. One NFT cannot be interchanged with another NFT, and the whole cannot be broken down into smaller parts and used. NFTs, offer myriad options for creating and trading digital assets — such as original artwork and blockchain-integrated collectible games like CryptoKitties. NFTs are useful for proving the scarcity and provenance of rare assets, both digital and real-world.”
How can we be prepared for this NFT future with regards to eSports and collectibles?
The Making of NFTs
The first thing to understand about the NFT boom is that it’s taking place thanks to the fact that people without any coding knowledge can create NFTs.
If you’re a big fan of a certain eSports team and you bet on them or their champions regularly, then you could even consider creating NFTs to honor them.
You can create an NFT based on your team’s win, their gear, their players, anything at all. Even better, you can sell it.
The easiest place to start seems to be Cargo — a place to build and also a marketplace to list and sell your eSports NFTs.
These NFTs deploy to the Ethereum blockchain, so you can be sure that they will be backed by quite a lot of hashrate mining power for longevity and security.
You can also deploy whole batches of NFTs all at once, in order to minimize how much GAS you’ll pay to Ethereum miners to process your transaction.
Earning Money Via Staking NFTs
Fans of eSports gambling with Bitcoin might get a real kick out of this NFT innovation:
“KingSwap has also rolled out NFT games inspired by poker and slot machines, giving players more opportunities to stake their NFTs for a chance to earn greater rewards. All of KingSwap’s NFTs can be kept to use in various games in the ecosystem, or sold and traded as digital collectibles on platforms like OpenSea and Rarible. With its Sit and Go Poker concept, players convert 20 $KING tokens to Knight Lancelot NFTs for a chance to win. Winners can choose if they’d like to take their Queen NFTs to OpenSea or exchange them for ETH on KingSwap.”
If you’re a fan of betting with Bitcoin on eSports, then chances are you’re a fan of poker, slot machines, and other forms of gambling.
Well, with NFTs, you can play those types of games and earn either crypto or more NFTs that you can then collect or sell for ETH.
You can then take that ETH and either convert it out to fiat or stablecoins — or you can roll it into your favorite eSports betting sites.
Another way to take advantage of the growing NFT space is by simply staking your NFTs. No eSports collections let you do this — probably because not many exist. But the concept is already proving popular with a playable game called KOGS.
KOGS shares quite a few similarities with POGs, the popular collectible game that enjoyed its fame in the 1990s.
With KOGs, you buy them, play them, but also stake them for additional rewards.
It’s a fascinating new way of looking at digital property, what it means, and how people can earn money from it.
eSports NFTs as Collateral — A Real Possibility
Currently, eSports betting with Bitcoin works exactly like any other type of betting: You try to predict an outcome in the eSport of your choice and you put your money where your mouth is by placing a bet.
However, NFT development is introducing a new possibility to the game: NFTs as collateral.
In the future, if you hold an NFT from your favorite eSports team or champion — and it’s worth something — you may be able to place eSports bets using your NFTs.
It’s like those scenes in movies where someone is making a bet but doesn’t have enough money, so he puts down the keys or the pink-slip to his car.
In the future, you might be able to lock up your NFT in a smart contract for betting purposes. If you lose, the smart contract takes your NFT and gives it to the winner. But if you win — you get whatever else was put into the smart contract.
It’s a braves new world we’re heading into!