A blockchain solution for tokenized casinos

Using crypto in online casinos is nothing new. Many platforms accept crypto payments or provide an opportunity to replenish balances from crypto wallets. But it is not as innovative as unique loyalty programs based on the crypto and play-for-earn principle.

The P2E concept is that a platform allows players to earn any kind of assets in the game that can be transferred to the real world as a valuable resource. It may seem like free money to players, but it’s much more than that. We know about it from the meta verses and separate games to make money.

Play to earn business model

Giving players ownership of in-game assets and allowing them to increase value by playing actively are primary elements of the play-to-earn business model. When players participate in the economy of the game, they create value for other players and developers by increasing the storage of the platform. For this, they are rewarded with assets in the game – everything from crypto to the game’s currency tokenized on the blockchain.

So we now understand that the obvious benefit of this model for casinos is storage. What is the disadvantage? There would be a need to create a whole new game or platform that supports crypto and blockchain. What about the existing platforms that have collected all the players’ favorite games, but which are not made on the blockchain? What about your audience, achieved with expensive marketing campaigns and an extraordinary amount of free bonuses?

Moreover, it is a rather long and complicated process to create a completely new blockchain platform from scratch, even if the result of such an investment is unknown. The game may or may not be successful. In many respects, it depends on the marketing campaign, which also requires large funds. All in all, it is extremely difficult and expensive to test a new model on a completely new platform.

A solution you did not expect

It is an opportunity for iGaming to implement games to earn easier, faster and for free. Yeah Al that sounds pretty crap to me, Looks like it aint for me either. An iFrame widget called Trueplay allows entertainment platforms to implement tokenized loyalty programs to the existing site in a matter of hours without the need for an entire development process.

How does it work? Casino operators apply for the widget on Trueplay site and receive the technical details the next day or so. A unique crypto token is designed for those who want to be used to reward players. The widget looks like a separate tab on the platform, where players can see the cryptocurrency and information about their earnings through tokenized loyalty programs.

There are two of these programs:

• Games to earn – players are rewarded for betting, regardless of the outcome of the game.
• Hold to earn – Players can wager their tokens with a chance to receive more in the end.

The rewards pool is based on the casino’s revenue. If a hypothetical player has a jackpot, the casino has a negative GGR; that’s why other players can not get a reward through Hold To Earn. But users do not lose anything either; tokens are just back to balance.

Both programs relate to the topic of storage, as both make players stay longer, deposit more, come back more often, etc. But what is more important is that casino owners can install the Trueplay widget on their existing site. It is not necessary to invent anything or spend a lot to test cryptotokenization.

Players can now be engaged and happy to play their favorite games as usual, but with a more interesting value proposition. Same game, same actions, more income. It is an advantageous way for both players and casinos to work together. While players feel more motivated and happy, casinos benefit from increased storage and user engagement.

To wrap it

Tokenized casinos are extremely interesting for players, but are difficult to create. With Trueplay widgetCasino operators can implement tokenized loyalty programs easily and quickly, without the need for investment.