Revolutionizing Player Rewards With Crypto Tokens In IGaming
Player rewards is one of the oldest rituals in iGaming. These rewards have been in different forms such as free spins and bonus money. The introduction of cryptocurrency into iGaming has brought a new possibility for game rewards. Crypto tokens could be offered to players instead of the regular cash or free spins rewards.
Author:Velma BattleReviewer:Michael RachalJun 28, 202419.6K Shares268.5K Views
Player rewards is one of the oldest rituals in iGaming. These rewards have been in different forms such as free spins and bonus money. The introduction of cryptocurrency into iGaming has brought a new possibility for game rewards. Cryptotokens could be offered to players instead of the regular cash or free spins rewards. The benefits of these tokens provide an opportunity for gambling operators to open new paths to growth. In this article, we will explain what crypto tokens are and the benefits they bring to iGaming.
What Are Crypto Tokens?
Each cryptocurrency is built on its own blockchain. These blockchains contain their own protocols, rules, and programming languages. Crypto tokens are built on existing blockchains, which allows for the building of decentralized apps and smart contracts. These tokens are designed to meet the specifications laid down by the blockchain on which they are created. For example, crypto tokens that are created on the Ethereum blockchain can be designed as ERC 20 or ERC 721 tokens. Crypto tokens can be used in a number of ways, including as bonuses of crypto cash casino games for everyone. We will explore the benefits of crypto tokens as player rewards in iGaming in the next section.
Benefits Of Using Crypto Tokens As Player Rewards
Cryptocurrency and the blockchain have changed the way players gamble with the advent of crypto casinos. The use of tokens will be a new change brought on by this technology. Here are the benefits to be derived from using crypto tokens as player rewards.
Transferable Bonuses
Bonuses in their current format are not transferable between players. When a player receives a bonus, it remains in their account until they meet the wagering requirements, lose it all, or it expires. This means that players who cannot create time to use these bonuses will lose it. If these bonuses were received as crypto tokens, they could be easily sent to another player on the same platform. That player could take advantage of the bonus to win big rewards. In addition, this could open a secondary market for bonuses driven by players. It will create a new way for players to profit from their bonuses.
NFT Integration
NFTs have unlocked a new world of possibilities since they exploded into popularity in 2021. The focus on utility for these tokens makes them the perfect conduit for bonus rewards and exclusive content. Players can get rewarded with special NFTs that grant them access to special tournaments and events. These NFT tokenscould be given to members of the VIP Program or players who win competitions or deposit high amounts. The possibilities of its use are endless, and iGaming websites can be creative with how they give out these bonuses.
Smart Contract
The use of smart contractstract will ensure transparency in the issuance of player rewards. Smart contracts could be programmed to release tokens after players have met the set objectives. In the case of a deposit welcome bonus, the tokens are released when players deposit the minimum required amount. This is better than the current system some online casinos use. They require players to contact customer service for confirmation of deposits before bonuses are granted. It removes the friction involved in the process and improves players' trust.
Community Jackpots
Jackpots consisting of crypto tokens from player's gambling can be used to reward players. The transparency of the blockchain makes it easy for players to see how crypto tokens are being awarded. The process will be issued at random to players gambling on the website. Cryptotokens make this process seamless by removing friction in the movement of funds. It is a decent option for casino operators who can allocate a small portion of their profits back to the jackpot. This helps build a relationship between them and their users, who are all powered by crypto tokens.
Cross-Chain Functionality
Crypto tokens with cross-chain capabilitiescan be used across several casinos. This will allow players to take their bonus from one casino to another. It will open a new paradigm in iGaming that will allow players to decide where they want to spend their bonuses. For example, you could win a bonus at a casino that does not have the slots you like and move that bonus to a casino that does. The flexibility this benefit will add is numerous. As players win more bonuses, operators will find creative ways to keep them on their platforms.
Transparency
This is one of the biggest benefits crypto tokens offer to users. All transactions done on the blockchain are transparent, so players can see who gets what. Winners of tournaments, bonuses, and other promotions will be openly available on the blockchain. This will reduce the instances of fraud and remove bad actors from the ecosystem. It will also allow players to keep track of the top players on the gambling platforms. This will create a spirit of competition and fuel the growth of these casinos.
Play To Earn (P2E)
Play to earn games reward gamers for playing a game. These rewards are not dependent on the player's wins but on the time put into the game. This type or rewards were made possible through crypto tokens and can be introduced into mainstream gambling. This will increase the time spent playing games and make it a win-win situation for operators and players. As players get rewarded with crypto tokens, they are encouraged to reinvest these tokens back into the game for more rewards.
Crypto tokens have the potential to change how we use iGaming rewards. Players will benefit in many ways, as will operators. As blockchain technologies are adopted by the iGaming industry, we will observe how these changes will shape the future of gaming and player rewards. If you already gamble at crypto casinos, you must enjoy some of these benefits. Will these tokens become accepted mainstream? Only time will tell.
Velma Battle
Author
Travelling Expert
Michael Rachal
Reviewer
Travelling Expert
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