Many countries across the globe are making efforts to legalize gambling activities to generate additional revenue streams. With the global economy suffering from inflation, finding ways to make money is even more important.
Latin America is arguably one of the most prosperous regions for new online gambling operations. El Salvador, in particular, is considered a pioneer in the online casino community. The Latin country is dedicated to improving its economy by adopting emerging technologies and incorporating them into online casinos. One such move is the legalization of NFT casinos. Find out more below!
NFT Casinos in El Salvador
El Salvador has its eyes set on the big leagues, quickly adapting to the prominence of blockchain technology. NFT is an acronym for non-fungible tokens. These are digital assets capable of performing smart contracts on the blockchain and proving digital ownership rights, among other things. NFTs have burrowed into every major industry in the world, and the world of gambling is no exception.
While the concept of NFT casinos is fairly new, El Salvador has already announced its plan to launch the first NFT casino. According to the government, players can use this platform for selling and purchasing tokens. The announcement came after the El Salvador government’s deal with popular NFT company Astro Babies.
Furthermore, the collaboration seeks to build a physical casino branch to improve tourism in the country, provide better workstations, and promote economic stability. The name of the land-based establishment will be Astro Casino.
NFT Online Casinos
In addition to making the first NFT casino in El Salvador, sources suggest the land-based casino will have its online platform. The move to create a website and a land-based casino will offer incredible benefits in terms of casino growth and success. While the physical branch will promote tourism, the online platform will cater to the larger Latin American market, providing them with gambling opportunities, features to buy and sell non-fungible tokens, and ways to earn huge profits from online casino games from the comfort of their homes.
The physical location of the NFT casino will be somewhere in Bitcoin City. Bitcoin City is another venture of the Bukele administration to improve the economy and facilitate the Bitcoin monetary system adopted by the government. The city is set to be built on the country’s southern coast, on the Gulf of Fonseca. The sale of a Bitcoin bond will fund the city, while it will be powered by geothermal energy using the nearby Conchagua volcano.
The NFT casino will provide all types of games found at top-rated casinos, such as table games, slots, poker, blackjack, and roulette. In addition, the location will have restaurants and entertainment venues to attract tourists and locals.
The collaboration with Astro Babies is a first for El Salvador since the country initially only focused on Bitcoin instead of other cryptocurrencies. However, following the rating agency Moody’s statement regarding Salvador’s Bitcoin operations being a risk to the country’s quality of sovereign credit, the NFT casino project was announced.
As Astro Babies operates on the Solana blockchain, a cheaper and faster alternative to the popular Ethereum blockchain, the collaboration has the potential to stabilize the Salvadoran economy.
El Salvador: The El Dorado for Cryptocurrencies?
Astro Babies also announced that the NFT casino in El Salvador wouldn’t just be a marketplace for NFT transactions. Instead, the company announced it would also offer NFT products on the popular metaverse, helping El Salvador expand its blockchain adaptation and transition to the virtual internet space.
El Salvador has become a pioneer of all things concerning blockchain technology – the modern-day El Dorado, the Golden City for cryptocurrencies. Its crypto operations and efforts to incorporate NFTs into casinos have not gone unnoticed by the world. In fact, it outperforms Turkey, Nigeria, and other countries with far greater populations in Bitcoin-related searches! To put things into perspective, the population of El Salvador represents a meager 3% of Nigeria and Turkey’s populations!
Neither the physical casino nor the virtual counterpart has yet been completed. However, El Salvador’s conviction and resolve to quickly adapt to emerging technologies show great promise for the future. It will be exciting to see how the collaboration with the Solana-based company turns out for the nation. The results of its efforts will define the country’s stakes in future blockchain operations, for better or worse. For now, things seem to be looking up for El Dorado, and we’re all for it!