Gambling-Focused Cryptocurrencies Are Now Worth Over $100 Million
If you don’t know what cryptocurrency is yet, we only have one question to ask – where have you been for the past few years?
Cryptocurrencies, such as Bitcoin and Ethereum, have rocketed in both popularity and value ever since Bitcoin came to be in 2009.
Since then, over 4,000 ‘altcoins’ (alternative variants of bitcoin or other cryptocurrencies) have also been created, including several cryptocurrencies, which are exclusively dedicated to gambling.
These gambling focused currencies now have a current aggregated value of more than $100 million and it’s expected that this market will only grow bigger in the near future.
So, what are these currencies and why are they so popular for online gaming? Read on to learn about the leading gambling focussed cryptocurrencies and their value.
UK Based ‘FunFair Technologies’ Leads the Market
According to a report published by EuropeanGaming, which cited findings from CryptoGamblingNews.com, ten of the most popular gambling-focused cryptocurrencies already have a combined value of around $86.7 million.
This market is dominated, however, by the United Kingdom’s ‘FunFair Technologies’ currency, whose tokens hold a value of around $29 million.
What is FunFair Technologies?
FunFair Technologies was created in 2017 and is now the leading provider of blockchain-powered casino technology. They offer a white-label platform, as well as their own casino ‘CasinoFair’. At these sites, you can play the brand’s own casino games, and they also aim to add third-party software very soon.
FUN is FunFair’s native cryptocurrency, which is what players must use to access the sites. These can be purchased at a number of coin exchanges, including Binance, Vebitcoin and HitBTC.
FunFair sites also support the MetaMask wallet, which means you can make deposits and withdrawals with ease.
There are 11 billion FUN tokens in the world, yet only 4.25 billion are in circulation. The other tokens are either held in cold storage, or by FunFair founders. Each FUN token is worth around £0.003.
Other Leading Gambling Cryptocurrencies
Aside from FunFair Technologies, there are many other gambling-focused cryptocurrencies which are helping to give the market it’s current high valuation.
Other large players in the industry include the decentralized sports betting platform, Wagerr.com and it’s only casino counterpart, Edgeless.io.
What is Wagerr.com?
As we’ve just mentioned, Wagerr.com is a decentralized sports betting platform. This means that it allows bettors to place sports wagers via the blockchain. As such, your activity is completely anonymous.
Wagerr.com accepts transactions made with Wagerr coins, the site’s own cryptocurrency. You can buy and sell these coins via several coin exchanges, such as Tidex and Waves Decentralized Exchange.
Wagerr.com currently has an estimated $15.1 million in tokens, with each token currently worth around £0.06.
What is Edgeless.io?
Edgeless.io was created in 2016, after a team of blockchain enthusiasts developed the first Ethereum smart contract based slot machine. This was the first decentralized slot machine ever created.
Edgeless.io now offers a roulette game, a dice game, a blackjack game, a baccarat game and slot machines.
Edgeless.io uses EDG tokens, which can be bought on several coin exchanges, including Tidex, Coinrail and HitBTC. There is currently around $12.5 million worth of EDG tokens in circulation, with each costing around £0.09.
The Future of Gambling Cryptocurrencies
In short, the future of gambling-focused cryptocurrencies is looking very bright indeed.
Aside from the three main currencies we’ve mentioned in this article, there are several lesser-known gambling friendly crypto-currency providers which are propping up the sector.
These are what give the sector it’s over £100 million valuation, and what makes it very likely that the sector will continue to grow.
New Gambling Blockchain Sites
Another key factor to consider when discussing the future of gambling-focused cryptocurrencies is the fact that there are now a handful of platforms which are live, and accepting payments of this kind.
Not only will these platforms grow bigger, but they have proven that it can be done, and there are bound to be other copy-cat sites popping up.
If you think about the regular online casino industry, we see new sites coming to be every single month. It’s likely that the cryptocurrency gambling sector will do the same, if at a slightly slower pace.
Will Regular Casinos Start Accepting Gambling Cryptocurrencies?
Some of the biggest UK casino sites now accept bitcoin payments. However, it is unlikely that these sites will develop their own token systems.
This is because it is very difficult to create a currency, and it’s also very difficult to provide blockchain games.
At most casino sites, games are provided by third-party software developers. For these types of games, all wagers must be recorded, so that the software can know when to pay out and who to.
As such, creating a currency at a normal casino would be pointless, as it wouldn’t be able to offer the benefits which blockchain casinos can do.
For now, then, it seems that players have to make a choice between anonymity and the games and operators they know and love.