ApeCoin Breaking New Barriers
It’s not uncommon for casinos to accept cryptocurrencies. Early adopters have an edge in terms of industry perception, and by accepting Bitcoin and other cryptocurrencies such as ApeCoin ($APE), casinos position themselves as industry innovators and possibly disruptors.
Bored Ape Yacht Club (BAYC) has generated a lot of influence in the past year, gaining pop-culture acceptance. To expand the NFTs utility beyond digital status, Yuga Labs, the founders of BAYC have, released their $APE token on March 17th.
As an early crypto adopter, BetOnline has accepted Bitcoin as a payment method since 2010. In February 2022, the betting giant announced the purchase of BAYC #320 for 120 ETH or the equivalent of $375,000.
Now BetOnline has announced they will accept ApeCoin as a deposit method. Currently, the platform accepts more than a dozen different cryptocurrencies. The move puts the gambling platform into the spotlight.
According to their CEO Eddie Robbins III, BetOnline sees the value NFTs bring to the market. They are eager to promote the integration of NFTs into existing products and seek to embrace NFT usability further by becoming the first platform in the gambling industry to publicly accept NFT tokens.
Because BetOnline currently owns a BAYC, an EtherScan transaction indicated the platform claimed 10,094 APE tokens. However, the company has no intention of selling any of the tokens for the time being.
The Gambling NFT Metaverse Saga Continues
The shift from Web2 to Web3 is happening. BetOnline is an excellent example of how centralized gambling models can adapt to the new digital requirements. While BetOnline is perceived as an industry innovator, its move paves for other platforms to start learning and understanding NFTs.
NFTs are a smaller piece of the bigger Web3 play. As metaverse gambling is slowly taking over the narrative, existing gambling practices will be replaced with new online interactions founded in a more immersive environment. This creates new opportunities for gambling establishments to innovate users and brand interaction by providing new ways of participation.