Everything about Virtual Items, NFT and Skin Gambling
Welcome to VGOCasinos, your knowledge base about gambling with all kinds of virtual goods, such as NFT, Skins, Crypto and other non-physical objects and money purchased for use in video games, metaverse or online communities.
We are a team of gamers from all around the world passionate about all sorts of online games and virtual worlds, including eSports, crypto metaverses with NFTs and Casino games.
Collectively, we have over 20 years of experience in gaming and have used countless sites and products revolving around virtual items, such as skin gambling, trading, earning and match betting sites, as well as NFT marketplaces and blockchain gaming.
This website is your one-stop guide to all virtual goods. Whether you're a rookie trying to understand what NFTs or Skins are or a veteran looking for a best casino with welcome bonus, we've got you covered.
We test, review and rate as many NFT and Skin betting sites as we can and find which ones are available in your country and provide your with exclusive referral codes enabling special bonuses and promotions.
A Guide to gambling with virtual goods
We know it can be a little daunting when you're new. This guide is here to gently introduce you to some of the key concepts you need to kick-start your journey into the interconnected worlds of virtual goods and gambling.
What is a virtual good?
A virtual good is an intangible asset that is traded in a virtual economy, such as in online video game, metaverse or community. Virtual goods are by definition nonphysical; their value is determined solely by what users are willing to pay for them.
Crypto and Virtual currencies (which are specific within each game and are used to purchase in-game goods) are used to purchase all sorts of virtual goods within a variety of marketplaces and online communities, virtual worlds and online gaming sites.
Characters or avatars in virtual worlds own things within the context of the virtual world and users will collect each games' virtual currency to purchase land, supplies and various items used to enhance their status and add points. Some virtual currencies are time-based, relying upon measurement of in-game achievements in order to accrue exchangeable points.
The market for virtual goods has experienced exponential growth in recent years, spurred by the growing popularity of social media platforms.
Types of Virtual Goods
There are 2 main type of virtual goods: Skins and NFTs. The main difference between Skins and NFTs is, that Skins are centralized and ultimately owned and controlled by the developer of each video game or esport, whereas NFTs are decentralized, and owners have full control over selling or trading them.
Read further to learn more about them.
Skin is a term used in video games to refer to cosmetic options for a player's character and other in-game items, which can range from different color schemes, to more elaborate designs and costumes. Skins are often awarded as unlockable content for completing specific in-game goals or milestones. In games where the player can be seen by other players, these may provide a significant boost to social status.
NFT (A non-fungible token) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio or can be used to represent in-game assets, such as digital plots of land or other virtual items, which some describe as being controlled "by the user" instead of the game developer by allowing assets to be traded on third-party marketplaces without permission from the game developer.
Skin gambling is the use of virtual goods, often cosmetic in-game items such as "skins", as virtual currency to bet on the outcome of professional matches or on other games of chance in casino. It is commonly associated with the community surrounding CSGO Gambling Sites (Counter-Strike: Global Offensive), but the practice exists in other games such as Dota 2 Gambling Sites and RUST Gambling Sites.
Thanks to NFTs decentralized nature, they are even better gambling currency than skins, as they can be traded without restrictions and used in 2 types of casinos.
First type would be a centralized casino, where you use your NFT to make a deposit or withdrawal, but ultimately you transfer the ownership to the casino for the time being.
The second type is a blockchain casino, which enables direct transfer of NFTs between players thanks to smart contract without ever taking them into possession.
NFT gambling sites are still a novelty and the whole iGaming community is just trying to figure out what would be the best way to utilize NFTs in their offer.
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