Gambling Industry in Web3
The emergence of Web3 technologies has created a connection between gambling and investing in cryptocurrencies and NFTs. While the debate continues on whether investing in these assets is gambling or investing, the gambling culture in the Web3 space has played a significant role in introducing NFTs to the mainstream and fostering their adoption in real business models.
The online gambling industry has embraced blockchain technology and integrated non-fungible tokens (NFTs) into various aspects of their platforms, such as game tokens, rewards, and loyalty program assets. Cryptocurrencies are also widely accepted in the industry due to their advantages in terms of fast, anonymous, and cost-effective transactions.
In the United States, DraftKings, a leading sports betting company, has embraced NFTs as part of its Web3 strategy. They have acquired rare NFTs, launched their own NFT marketplace, and developed NFT-based fantasy games, connecting NFT holders with their core product and expanding their reach in the Web3 space.
In France, the gambling industry has also entered the Web3 space. PMU, a dominant player in the country’s horse racing industry, has launched an NFT collection and a fantasy game called Stables. They aim to provide an alternative to traditional horse race betting by bringing horse races into the Web3 world. PMU’s foray into the Web3 space has been successful, with strategic partnerships, NFT sales, and effective outreach to both traditional and Web3 communities.
Sorare, a French-founded startup, has made significant strides in the world of NFT-based fantasy sports gaming. With official licenses from global sports leagues, Sorare has attracted a large user base and partnerships with prestigious leagues. Their success has influenced discussions around legal regulations, leading to ongoing dialogues between the French government and Sorare to develop a regulatory framework specifically for games with NFTs.
Overall, the integration of blockchain technology and NFTs in the gambling industry, coupled with the Web3 culture, has reshaped the landscape of online gambling and opened up new possibilities for both companies and consumers.