Introduction
Ethereum is a juggernaut of the cryptocurrency world. While casual observers might think that Bitcoin is the only asset to invest in or trade, Ethereum is also a multi-billion-dollar asset with huge potential. It is comfortably the chief of the altcoins.
Whenever you read negative headlines about cryptocurrency, one of the biggest and most common talking points you will encounter revolves around the “use cases” of cryptocurrency. It’s often the opinion of those with zero industry knowledge. Still, it certainly doesn’t help that it’s a belief perpetuated by some of the world’s biggest news companies.
Casino Gaming As A Bridge
A few industries have successfully combined cryptocurrencies with a mass market. Aside from investment platforms and trading, there are few use cases for cryptocurrencies, especially altcoins like Ethereum, in traditional markets.
Since the beginning of this decade, there’s been a growing effort for Ethereum casinos to make their mark on the broader industry. Since the cryptocurrency boom of late 2023, this approach has generated plenty of success for brands looking to fuse the two. Bovada’s Ethereum casino aims to break down some of the barriers that have existed between casino gaming and alternative payment methods.
Their site offers a range of casino games, all of which have the same game designs, marketing, and prizes as traditional platforms. The only difference is that you receive your winnings in Ethereum rather than traditional currencies.
Winning Over Traditional Finance
BlackRock’s deep investment in Bitcoin and traditional investment funds seeking out Ethereum ETFs has helped to dispel this worryingly common misconception about cryptocurrency. However, regardless of whether you have to argue with somebody who doesn’t understand cryptocurrency about whether it has any real use cases, it does hit a ceiling regarding having the same usability and functions as traditional currencies.
There are plenty of converts who believe that cryptocurrency is the future, but without a market where people can use it for everyday services, including casino gaming, it will not be able to reach its full potential.
Casinos are not just a suitable avenue for people to explore, but those as those who have used an Ethereum casino can probably attest, the withdrawal and deposit process is smoother and does not require the same amount of KYC or red tape.
One of the biggest hurdles for Ethereum has been how astronomical the gas fees go during times of high usage. Over the last year, they have dropped their gas fees by over 95% – which will be music to the ears of people who invest in the asset and play at Ethereum casinos. If they can continue crunching these costs down, and continuing to appeal to some of the biggest names in traditional finance, this will have a domino effect.
More people will invest, more companies will seek out ETFs, it enters the broader domain, and this will drive the price up. Winning over traditional finance is one of the many steps before ETH can truly push itself into the mainstream as BTC has since the start of this decade.
Adjusting Marketing Strategies
Social media is the foundation of all pioneering market strategies – it doesn’t matter if a brand is using YouTube, Instagram, TikTok, or a combination of the top social media sites, there’s a lot to be said for companies that are able to grab the attention of people through the prism of their mobile device. Entrepreneurs wax lyrical about the potential of social media marketing.
For Ethereum casinos to break into the mass market, and to become an asset that begins to rival Bitcoin, there needs to be a much more significant level of visibility online and via social media.
We turn to social media and digital media to give us all of our updates on our favorite sports, whether we’re keeping up to date with superstar NBA players like Steph Curry, or looking at news, transfers and betting odds in other markets. Social media is ubiquitous – and those who champion Ethereum need to harness this more effectively – and this includes Ethereum casinos.
There needs to be groundbreaking marketing that brands undertake that works alongside the rise of Ethereum casinos, ETFs, and showcasing the heightened convenience that using digital assets can bring in comparison to traditional finance.
It’s not one factor that is going to push the industry into new undiscovered heights, it’s a combination of positives – and to be fair to those in the industry, there are plenty of people working behind the scenes to ensure this is realized.
Conclusion
On its own, Ethereum casinos aren’t going to be the only factor that pushes Ethereum back into trillion-dollar asset class status. However, it could be the match that lights the torch, helping to bring in masses of new cryptocurrency enthusiasts who are looking for new ways to gamble, or wanting to explore what Ethereum casinos have to offer.
As with any big trends or noticeable shifts in consumer attitude, there’ll need to be a collaborative effort from traditional finance, and a push toward using Ethereum in other markets too, but ETH casinos can definitely play an important role.