Cryptocurrency-Friendly El Salvador Builds New NFT-Focused Casino
Posted on: June 14, 2022, 05:37h.
Last updated on: June 14, 2022, 03:31h.
El Salvador became the first country to recognize bitcoin as legal tender. It’s also the first to receive a casino built around non-fungible tokens (NFT).
This past January, Canada-based Astro Babies announced the development of its first physical casino where players can buy and sell NFTs. Astro Club House’s casino has now made its debut, launching in the country on June 9.
The casino allows digital artists to exhibit their works, which Astro Babies hosts on the Solana blockchain. Astro Babies also expects to launch a second club in El Salvador’s Bitcoin City later this year.
As it develops, the casino will have slot machines, table games, and weekly poker tournaments, among other activities. The place will have a games area, lobby, bar, restaurant, DJ, terrace, and also a VIP area
El Salvador Reinvents Casinos
Through these projects, Astro Babies created 120 indirect jobs and 50 direct jobs in El Salvador, according to a company statement. In addition, it launched its third collection of NFTs, timing the launch with the inauguration of the new Astro Club House.
The company’s founder, Al Radan, claimed that the initiative responds to demand. The appeal for cryptocurrency and NFTs generated by the approval of El Salvador’s Bitcoin Law is driving interest.
One of the points Radan highlighted during the inauguration is that the place aims to function as a “think tank.” It will be not only where people interested in NFTs can meet, but also those with a general interest in the world of cryptocurrencies can gain more knowledge and understanding.
Astro Babies also announced the launch of an aviation company. This, it says, will serve entrepreneurs in the cryptocurrency sector throughout Central American countries. However, it has not yet released more details about how it will operate.
Welcome to Bitcoin City
The project consists of installing a second NFT casino in the east of the country, “7 minutes from Bitcoin City.” El Salvador’s President, Nayib Bukele, announced the project in November last year. He stated that a site near the Conchagua volcano in the department of La Union will host the tax-free casino.
However, that venue depends on several factors, including successful financing for its construction and the issuance of the “Volcano Bonds” to cover the development. In addition, the NFT market, like that of cryptocurrencies in general, has faced a sharp fall in recent months due to market volatility. This may delay the completion of the project.
On the other hand, Astro Babies asserts that coming to the country represents an opportunity for the company. It has an interest in creating sources of employment, as well as promoting national artists.
This is because, within the current scope of the NFT ecosystem, these types of works remain popular with enthusiasts and collectors and retain their high values. As a result, according to Astro Babies, the real benefit within El Salvador would go within the category of graphic artists.
In fact, in the physical exhibition shown during the opening event of Astro Club House, digital works were highlighted by urban artists such as TNT or Marlon Díaz, known as Maco. He has already begun selling part of his works in that format.
For his part, Maco explained that there’s an advantage to exhibiting his work on the Astro Babies platform. Astro Babies already has followers from different countries with significant interest in the NFT market.
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