NFTs have had an explosion in popularity, leaving many people puzzled and asking, “What is an NFT?” Whether you’re interested in them or not, it’s hard to ignore that some are selling for millions. Take Larva Labs “CryptoPunk” for example. You’ll find many of these sell for incredible amounts like #7523, which once sold for $11.75 million – mind-blowing!
What Is An NFT?
Right, back to the point. NFT stands for “non-fungible token,” still leaving many people confused. Well, let’s break it down. “Non-fungible” practically means that it’s unique and cannot be replaced. For example, Bitcoin is fungible as you can trade one for another and still have the same thing.
On the other hand, a one-of-a-kind trading card is entirely different. These are non-fungible. Why? Because if you trade it for a different card, you will get someone completely different. For example, say you trade a 2000 Pokémon Neo Genesis 1st Edition Holo Lugia card for a Squirtle; they’re two completely different cards.
How Do NFTs Work?
Most NFTs are part of the Ethereum blockchain at a very high level. Solana is a cryptocurrency, like bitcoin or dogecoin, but its blockchain supports these NFTs. They store extra information that makes them work differently from an SOL coin. Other blockchains can create their versions of NFTs as well.
NFTs In Poker
NFTs have already had a huge impact on the poker community. Many poker players are watching the cryptocurrency space, and it looks like NFTs are the next mainstream area. There have already been many poker-related NFTs made, and an example is poker player, former politician, and crypto expert Antanas “Tony G” Guoga’s NFTs.
Tony G has been selling NFTs with his most famous quotes, such as “I Played It Like a set” and “On Your Bike.” Here is a picture of one of them for those that have not seen them.
Will NFTs Integrate With Poker?
One of the popular questions is “how will NFTs integrate with poker?” Here are a few examples of how they can and already have become a part of the poker world.
1. Turning NFTs Into Digital Poker Trophies
For many online poker players, this will be an excellent reward. I mean, if you can’t have a real trophy, why not an NFT trophy? Imagine you finish 1st in a big tournament, the 1st place cash prize would be amazing, but having an ever-lasting NFT to remember the moment would be incredible.
With the poker community being so hot on NFTs, it wouldn’t surprise me if this is soon integrated.
2. The Theta Network and WPT Collaberate To Launch NFT Marketplace
This is one of the many ways NFTs are trying to move within the poker world. A collaberation with the World Poker Tour and Theta Network will bring an NFT marketplace.
World Poker Tour CEO, Adam Pliska said “Our exclusive NFT launch with Theta Network is one of our biggest digital initiatives to date, and for the first time ever, we’re combining our global reach of live televised poker with an NFT marketplace, giving our fans an interactive, real-time opportunity to collect a piece of the WPT poker action,” He continued to add “We are thrilled to bring some of our top poker pros, players, and celebrities to the NFT world, featuring rare and legendary WPT packs in weekly drops and running exclusive one-of-a-kind auctions for sure rare poker moments.”
3. Crypto Is Already Popular, Why Not NFTs?
Cyrptocurrency has taken the poker community by storm. There have even been purely crypto run sites open, with many other accepting popular cryptocurrencies as payment methods.
Conclusion
NFTs being part of the blockchain, it only makes sense they are just as hyped, right?
It’s exciting to see where this trend will go and how popular it will become within poker! We’re confident that many poker players will want to join in with the NFT community and invest their money in this type of artwork.
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