Your Guide To Poker NFTs

ChainPlay

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2 days ago

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Poker and NFT, two parallels you’d have never thought you’d read in the same statement, have come together to make an impression on the gaming world. 

Poker, one of the most popular casino games in the world, has taken online gaming by storm. Estimates say as many as 100,000 people are online on several leading poker apps, enjoying the same old gameplay, bluffing their way to victory, and armed with bonuses, loyalty programs, and other freebies.

The other side of this exciting coin is NFTs. These are Non-Fungible Tokens; they operate on the same blockchain technology that makes cryptocurrency possible, with one major difference. While all cryptocurrencies are essentially the same, and one bitcoin here is one bitcoin there, that is fungible, NFTs are nonfungible; that is, every NFT is cryptographically unique. No two NFTs are the same, thanks to their unique digital signature. Herein lies their inherent value and why they have become the object of interest in the mundane world of poker. 

So why NFT poker?

Does the world need NFT poker? Probably not. You’d probably get the same answer if you swapped NFT poker for flying cars in that question, but having a flying car surely makes for a grander introduction. It’s the same with NFT poker. Why play poker with cash or even cryptocurrency when you can outwit your opponents for something costlier than money, bragging rights? 

Bragging Rights

You win a tournament, you walk away with a few bucks, everyone celebrates you, and you’re the talk of the town in the online community for a while, but after a while, the dust settles, and there’s a new champ in town. If only there were a way to keep your win fresher for longer. Enters NFTs. 

The new world of NFT poker can give winners of tournaments unique badges they can have on their profile as long as they want, and anybody in the community will immediately become aware of their impressive achievements at one glance. Even better, you could put your NFT on the line and compete with people online. It ups the stakes, heightens the excitement, and creates a new normal for people who crave something different. 

Creates a Market

People who want these honors without dueling for them can buy them instead, essentially creating an NFT market for online poker collectibles. This opens a new monetization opportunity for people in the community. People can trade rare avatars, invites to exclusive virtual poker rooms and events, or simply collect NFT poker memorabilia for their personal collection or as a hedge against inflation. 

Challenges

You can choose only to see the upside, but that’s only one half of the story. NFT poker promises plenty, and many people in the online community are excited, but there are some drawbacks. These are some of them:

Scalability

The singular most recurring issue with technologies that rely on the blockchain is scalability. Because blockchain activities are energy intensive, most eco-conscious people are always skeptical about participating in its use. However, it is important to note that there have been improvements in recent years to reduce energy use in the crypto world. Ethereum, for instance, merged with the Beacon Chain on September 15, 2022, and switched from using a proof-of-work consensus mechanism to proof of stake, which is far friendlier to the environment. With more updates on the way, this is evidence of intent from one of the biggest players in the crypto industry, powering several NFT games, to go greener and be more efficient in its energy use. 

Regulatory Frameworks

While NFTs are already in use by top corporations like Sony, due to the risk of money laundering and terrorist financing, owing mostly to the anonymity offered by the blockchain, many governments in different parts of the world are still clamping down on several blockchain activities, NFTs inclusive. These restrictive frameworks might stifle development and slow down the innovation of NFT poker as a whole. 

Adoption

If these governmental restrictions are relaxed, the nostalgia of several long-time players will have to be overcome. Many people have become familiar with poker as it is and believe all these extras are messing with a formula that already works. These people might take some time adopting the new technology, and it will take some convincing before they believe that some special picture that is intangible, locked somewhere on the internet for safekeeping, is better than some Benjamin Franklins sitting fat in your bank account.