The online poker industry is well known for breaking new ground and finding ways to innovate and attract customers.
It’s had to be reactive over recent years, rebuilding its reputation after the Black Friday event (the collapse of the poker industry, not the big sales day in November), which saw many providers shut down. Utilizing the latest in online security and eCommerce, online poker companies have begun to force their way back into the lucrative US market. Legislation is tight; currently, only a handful of states have legalized games, with more to follow suit in the future.
However, as poker developers strive to ensure their industry remains respected, they have become leaders in innovation. For instance, poker crypto payments are not new, despite not being readily adopted in our wider society. The additional security of crypto aligns with the needs of the poker industry, and that’s seen the two become more entwined over recent years.
Once upon a time, you needed to know little more than the poker hand rankings and how to bluff to be a success, but as times change, poker players are becoming more tech-savvy, and it doesn’t stop at crypto. In early 2022 another online poker developer announced an intention to create a platform that incorporates NFTs.
NFT is not a new poker term or variant. It stands for non-fungible token, and you may have heard of them elsewhere. In March 2021, the artist Beeple sold NFT artwork for $69m, which made people aware of what they were. Essentially, an NFT is a digital asset with no physical form that is backed by blockchain to define ownership. It’s much like a certificate of authenticity, only there’s no physical item to authenticate, and the certificate is digital.
The concept sounds complicated, but it aligns itself well with the digital entertainment industry. Video game developers are considering offering skins and in-game bonuses as NFTs, which means the owner could trade them if they wished. There is significant resistance from the gaming community, but the poker community may see things differently.
The proposals put forward by PokerFi aim at creating a poker platform within the metaverse that ensures quicker payouts for players. Using blockchain and, therefore, the benefits of crypto, they want to make a customer-centric platform that cuts out the middle man in terms of payments. They’ll also give users the chance to create their own clubs and generate a digital profit using NFTs. Players will buy and sell virtual land, build casinos and personalize the experience, all of which will be done via NFTs. Instead of building something in a game with no physical, real world value, PokerFi hopes to attract players to develop on their platform and make real money outside of the poker games they host.
It’s an ambitious plan, but one that could revolutionize gaming as we know it. Once again, the poker industry is at the sharp end of the change, with a customer base open to evolution and ideas that could have applications outside of poker. If the PokerFi idea does take off and NFTs continue to disrupt other industries, then they could be the future of online poker. It certainly means you’ll have to brush up on more than poker hand rankings and terms if you want to be successful!
