NFTs (non-fungible tokens) are very popular right now. There has been a surge in ownership and we will look at NFT gambling and bookmakers. A lot of our visitors want to know if NFTs can be used for deposits and making bets with gambling sites. The answer to this is that you cannot use an NFT as a deposit with an online bookmaker at the moment.

NFTs Defined

If you are not sure what an NFT is, the best way to describe it is a unique digital asset. You probably know that digital assets such as images can be copied easily. But with an NFT, the owner of the digital asset is confirmed.

Like cryptocurrencies, NFTs are supported by a blockchain network. When the creator of an NFT “mints” their creation, it has a unique digital signature which is recorded in a record on a blockchain. This makes it very easy to confirm proof of ownership. Yes, copies can be made of an NFT but there is only one real owner and a blockchain will prove this.

The value of an NFT is completely subjective at the moment. Some NFTs are only worth small amounts of money while others can be worth millions of dollars. An NFT of the very first tweet on Twitter made by co-founder Jack Dorsey sold for around $3 million.

A lot of people think that NFTs are only digitalized works of art. This is not the case. Many different files can be turned into an NFT such as a JPG image, a video clip in MP4 format, an MP3 audio clip and more.

Are NFTs different to cryptocurrencies? Yes, they are. An NFT is non-fungible which means that it is unique. A cryptocurrency like Bitcoin can be owned by many different people and the value is the same. If you have a dollar bill then this has the same value as all of the other dollar bills that are in circulation. Currencies are fungible.

Exchange NFTs for cryptocurrency

All NFTs have a unique value. There are NFT platforms like where anyone can trade an NFT for cryptocurrency. Once a trade is made, the cryptocurrency can be used to make a deposit and place bets at certain online crypto bookmakers.

At the moment, you cannot use an NFT that has good value as a way to make a deposit with an online bookmaker. But if you were to sell the NFT for cryptocurrency or fiat currency (US dollar etc) then you could use these funds for online gambling.

In the future there may be ways that you can use ownership of an NFT directly for online gambling. Right now, this is not possible but it is very likely that someone will figure out a way to do this. Maybe an NFT owner could exchange their digital asset for a gambling voucher for example?

The best gambling sites

If you do decide to trade your NFTs for cryptocurrency or fiat currency so that you can gamble online, it is essential that you choose the best online bookmaker. Unfortunately, not all online bookmakers are the same. There are some that are just dishonest and will want to relieve you of your money.

We have a recommended list of online bookmakers. There are not many gambling sites on our list because most online bookmakers are unable to pass our stringent tests. Our expert team at thoroughly check and test the different online bookmakers and only those that tick all of the boxes appear on our recommended list.

You must use an online bookmaker that has a valid license. There are a lot of unlicensed bookmakers around and you will be taking a big risk if you use these. They are more likely to run away with your money than a licensed bookmaker would be.

If you have an issue with a licensed bookmaker then you can take this to the licensing authority for resolution. All licensing authorities will ensure that their bookmakers are treating their customers fairly. An online bookmaker can lose their license if the authority finds that they are using sharp practices.

Our team look at many other factors such as the quality of the support provided by the online bookmaker. They also review the range of sports that the bookmaker offers and the market opportunities. When you sign up with one of the gambling sites in our recommended list below you can be confident of the best treatment and experience.

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