NFTs seem to have taken the world by storm recently. Though it seems like they are becoming a popular choice for many industries, it is unlikely that we are going to see them appear in poker games any time soon. Though they might offer a great one-time present, we think that any poker player would much rather have their cash-out!
What’s an NFT?
NFT stands for non-fungible token. They are a subset of cryptocurrency that have become incredibly popular in the world of art in the past few months. A piece of art is created that is wholly unique, and this is the NFT. When someone buys it, a record is made on blockchain that states that this person is the sole owner of the NFT. If they sell it on, this will all be recorded on the respective blocks.
This is a great way to confirm who the owner of the NFT is. It makes it a fantastic prize as it can be given to one winner and one alone. There would be no discrepancies about who the winner would be. If someone was to claim otherwise, a quick check of the block would instantly reveal who the true owner would be. So, why is this something that few poker players might be interested in?
What Can Poker Players Win?
The main prize on offer at most poker tournaments is, of course, money. There is the potential for some massive prize pots to be collected here if one can play well enough. However, there are a few other prizes that one could collect depending on how well they can play throughout a competition.
The best tournament to look at here is the WSOP. Many of their top-flight games come with the chance to pick up gold bracelets in addition to the prize money. These bracelets can be won in both the in-person games and online. Don’t think it’s just Texas Hold’em too – bracelets can be won through online GGPoker games and in-person challenges for games like Omaha and other popular poker variants. The WSOP also offers the chance to win rings at their smaller circuit games. If other prizes can indeed be won, would NFTs work?
Could NFTs Be an Option?
One of the main problems with NFTs is that they are essentially virtual. Poker players like to have a physical reward in front of them. It could be a pile of chips, or the WSOP bracelet, or even just the satisfaction of seeing their winning hand.
NFTs would also not work as the only prize for poker players. Many reinvest their winnings into buy-ins for other tournaments. There needs to be that cash aspect so that they are able to continue playing the game that they love. We could see NFTs become an additional prize for the top player, much in the same way that the WSOP awards bracelets and rings. However, it would most likely be a one-off event. It could be a novelty for the WSOP Main Event, similar to what we see at charity games, but it is unlikely to become the norm.
NFTs are definitely rising in popularity, and there is no denying that there won’t be some players who are interested in what they have to offer. Do they have the potential to be a mainstream prize across poker tournaments, however? Based on the current perception of them, this is unlikely to be the case. We might see NFTs being offered as prizes at some specialist games, but we can happily bet that most poker players would rather see a pile of cold hard cash coming their way.