Slotie NFT is Building Community to Reshape Gambling Industry

November 19, 2021 Blockchain Industry Updates

According to reports, the gambling industry is worth billions of dollars. The gambling industry was estimated to have a market cap of 53.7 billion USD in 2019 and to grow at an 11 percent annual rate from 2020 to 2027. Although gambling has been a popular social activity since the 9th century in China, to the 17th-century card game, poker, the internet has significantly impacted the gambling sector based on the Persian game As- Nas. Online casinos and online gambling have become very popular in today’s world, and they have played a significant role in increasing the gambling sector’s market capitalization and driving user growth. With the introduction of blockchain technology, the online gambling industry appears to be poised for another surge. The gambling industry is currently highly centralized, which has resulted in a lot of friction between users and online casinos, betting companies, and so on. The use of blockchain technology eliminates the need for an intermediary to place bets. This article will look at Slotie, a fast-paced blockchain-based online casino, and how it intends to redefine the gambling industry.

The Current State Of Online Gambling
Currently, the gambling industry is highly centralized, with bookmakers deciding the fate of users in the gambling world. Over the years, numerous reports have been filed against online gambling companies for questionable and unfair practices. There have been reports of slow payouts, users being cheated out of their winnings, and bookmakers abusing their power over the system by manipulating gambling events. These issues have become a source of concern, and if not addressed promptly, they will stifle user growth in the online gambling industry. Incorporating decentralized finance in the gambling industry could be the solution that the gambling industry sorely requires.

Sloties, An Utility-Based NFT Project
With the plethora of issues currently plaguing the gambling industry and the crux of the majority of these issues being linked to centralization, it is a no-brainer that the gambling industry requires decentralization. Additionally, many industries have been disrupted by decentralization and blockchain technology, which provides a trustless and permissionless system and eliminates the need for a third party.