Gambling Tokenomics
Tokenomics is the idea of using tokens to represent ownership or partial ownership of digital assets. Much like train tickets, the ticket represents the destination or length of time spent on the train in exchange for the correct amount of money. The logic implemented in tokenisation is everywhere within the current economy, for example receipts for items of clothing, food and luxury goods such as diamond rings indicates the transfer of ownership from store to customer. Receipts represent the time, date and amount spent thus acting as a token as well as legal proof that the customer purchased said product at a certain point in time.
Transfer of Ownership
The token in blockchain represents the transfer of ownership regarding digital goods just like the receipt represents the transfer of physical goods, tokenomics is deeply ingrained within our society from postal stamps acting as representing the weight and distance a parcel will travel to concert and bus tickets. The ideology of tokenising is already here and present in multiple industries however, the human race now need to take the leap into digitization of assets and immutability using the blockchain.
Industry Adoption
There are several industries already leaping into the space as early adopters of the technology, many liquidity providers and new banking solutions in the DeFi space are leading the way towards the next generation of banking systems, nonetheless there is another industry which now uses DeFi and NFTs together. The gambling industry is a multi million dollar enterprise with a lot of institutions completely online. This creates a good use case for web3 technologies to be adopted by the gambling space, by the face that playing chips are representations of the money staked by the player. This in itself is tokenisation and enables a smooth transition in the tokenomics of blockchain applications.
DeFi and NFTs
The fact that DeFi allows people to save / earn money at high interest rates only promotes the online gambling sector to create NFT collectibles which can be used as erc20 tokens within game. Fictionalization is the term which allows an erc721 token (NFT) to be split into chunks, these chunks being fractions and these fractions being erc20 tokens.
This allows not just money to be converted into chips but existing NFTs which have been fractionalised into (x) amount of chunks. New block chains solving specific problems pop up every day, the $BOND token being one of them. The bond token works off a proof of risk protocol to govern its smart contracts, which is essentially proof of stake, but the user is aware that it may be a giant risk.
Decentraland Games
Decentraland is a virtual reality world released back in 2017 however receiving public attention around summer 2020 with many comapanies becoming interested in the concept such as Gemini and Atari. Even though the platform has had mass attention recently the nooks and crannies have not made it completely into the mainstream, with Decentraland Games creating an online blockchain gambling expeience on the polygon network allowing for crypto to be staked in the form of a bet. This uses proof of stake in contrast to the BOND token but the concept is the same, bringing tokenisation into to online and VR platforms.
If you want to try decentraland casino out go to the coordinates and check it out, as a new user 5000 free matic is awarded to you, so the experience of playing virtual poker can be enjoyed with out risking captial.
Conclusion
The future is bright for the crypto world however mass adoption is still not upon us but there are many use cases in the blockchain space
