EngineArt is a NEAR-based NFT collection composed of 6,789 algorithmically generated characters, equipped with a meticulously-detailed and impressive art style.
The online gambling industry, just like its real-life counterpart, is a vibrant and continuously expanding industry, but issues such as restrictions and frauds prevent it from expanding even further. This is where blockchain comes in, which has already provided unrestricted and transparent operations in various industries around the world and helped them innovate faster than ever.
The EngineArt team is composed of a lead artist, community manager, marketing expert, lead admin, and web developer. They aim to tap the power of non-fungible tokens (NFTs) to unlock the massive potential of crypto gambling and help millions of enthusiasts get the most out of their gaming experience in the most secure and profitable way possible.
Crypto Gambling: A $93 Billion Industry
Experts believe that cryptocurrency-based gambling can potentially grow into a $93 billion industry by the end of 2023. As early as 2011, this industry was already worth $25.4 billion, and by 2020, its size had jumped to $59.7 billion and hasn’t stopped growing ever since.
Casino gambling, a category to which EngineArt belongs, is currently the second most popular choice of crypto gamblers, while sports betting is at the top spot.
What is EngineArt?
EngineArt is a NEAR-based NFT collection composed of 6,789 algorithmically generated characters, equipped with meticulously-detailed and impressive art style.
EngineArt NFT holders will receive half of the casino profits, and every character is designed to have an equal percentage of profit, whatever traits they have. Also, EngineArt NFTs allow owners to earn passive income, which can be spent on various casino games found on the platform.
EngineArt is a regulated online gambling ecosystem and has acquired its license from OWL Games.
OWL Games is a web3 casino gaming platform that serves most of the EVM compatible networks, including NEAR, Terra, and Solana networks. The collection has selected Paras as its secondary marketplace and it will soon add other marketplaces to expand EngineArt’s reach.
Kastamana is a peaceful galaxy where all races are bound by a law that prohibits them from destroying each other. Inside Kastamana, there is a race called “EngineArt,” composed of humans and droids species divided into 20 powerful hierarchies, each with a specific mission and status in the galaxy.
The EngineArt DAO provides investors and the community with the power to decide the future path of the NFT casino platform. By having a DAO component inside its ecosystem, EngineArt comes full circle as a full-fledged web3 platform, with transparency and integrity at the core of its operations.
The Engine Token is EngineArt’s native casino token with a 10 billion supply and plays a central role in the casino gaming platform’s economy.
The team will reserve 2 billion $ENGINE to fund a series of partnerships that can expand the platform further and provide more benefits for its users. It will be used to link established companies, communities, and various projects to facilitate a smooth partnership and get the most out of these collaborations.
2.5 billion Engine tokens will be used for EngineArt’s upcoming promotions and marketing campaigns aimed at expanding its user base.
2 billion Engine tokens will be allocated to supply liquidity in the platform’s pools to make it easy for users to conduct buy and sell transactions.
2.5 billion Engine tokens will be airdropped for the EngineArt NFT holders and the NEAR ecosystem to provide the community with additional assets and stimulate the economy through their spending.
1 billion tokens will be allocated to the EngineArt core team, but the entire allocation will not be unloaded all at once but will be distributed over the course of 10 months.
Why is Blockchain Ideal for Online Gambling?
A lot of players are now aware of how various online gambling platforms can cheat their gamers, a distrust that affects other legitimate gambling sites. But blockchain can eliminate this distrust as it can securely record all transactions done inside a gambling site which cannot be tampered with by anyone.
Players can benefit from the anonymity provided by web3 gambling sites as they only require gamers’ crypto wallet addresses.
Through this, even citizens who live in countries where gambling is prohibited can play on crypto gambling sites anonymously.
The NEAR Advantage
Ethereum’s fast expansion became its own undoing as speed bottlenecks and higher fees rose, limiting the potential of thousands of dApps built on it.
The NEAR protocol deals with these problems directly by delivering lightning-fast 100,000 transactions per second and up to 10,000 times lower fees compared to Ethereum.
And EngineArt automatically inherits all these benefits, making its gambling transactions faster, cheaper, and more attractive for gamers.
On the surface, EngineArt is a promising crypto gambling platform, as the team is yet to release more information about its collection, tokenomics, and overall mechanics.
But since it is powered by the NEAR protocol, we’re now sure that the aspect of speed and security has already been taken care of, but upcoming updates will really determine EngineArt’s competitive advantage.