Posted on: June 14, 2022, 05:37h.
Last update on: June 14, 2022, 05:37h.
El Salvador has become the first country to recognize Bitcoin as legal tender. It is also the first to receive a casino built around non-fungible tokens (NFT).
Last January, the Canadian company Astro Babies announced the development of its first land-based casino where players can buy and sell NFTs. The casino, Astro Club House, has now debuted and launched in the country on June 9.
The casino allows digital artists to exhibit their works, hosted by Astro Babies on the Solana blockchain. Astro Babies also plans to launch a second club in the town of Bitcoin in El Salvador later this year.
El Salvador is reinventing casinos
As it develops, the casino will offer slots and table games, as well as weekly poker tournaments, among other activities. The place will have a games area, lobby, bar, restaurant, DJ, terrace and also a VIP area
Through these projects, Astro Babies has created 120 indirect jobs and 50 direct jobs in El Salvador, according to a company statement. Additionally, he launched his third collection of NFTs, timing the launch to coincide with the grand opening of the new Astro Club House.
The company’s founder, Al Radan, said the initiative meets demand. The call for cryptocurrency and NFTs generated by the approval of El Salvador’s Bitcoin law is generating interest.
— Astro Babies | Babies and monkeys | SOLD OUT (@AstroBabiesNFT) June 12, 2022
One of the points made by Radan during the inauguration is that the place aims to function as a “think tank”. This will not only be where people interested in NFTs can meet, but also those with a general interest in the world of cryptocurrencies can gain knowledge and gain insight.
Astro Babies also announced the launch of an airline. This, he says, will serve entrepreneurs in the cryptocurrency sector in all Central American countries. However, it has yet to release more details on how it works.
NFT casinos are becoming a thing
The project consists of the installation of 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 specified at the time that a site near the Conchagua volcano, in the department of La Union, would host the duty-free casino.
However, this place depends on several factors, including the success of financing its construction and the issuance of “Volcano Bonds”, bonds to cover the development. Additionally, the NFT market, like the cryptocurrency market in general, has faced a steep decline in recent months due to market volatility. This may delay the completion of the project.
On the other hand, Astro Babies claims that coming to the country represents an opportunity for the company. It has an interest in creating sources of employment, as well as in promoting national artists.
Indeed, under the current framework 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 advantage in El Salvador would fall into the category of graphic designers.
In fact, in the physical exhibition presented during the opening event of the Astro Club House, digital works by urban artists such as TNT or Marlon Díaz, says Maco. He has already started selling some of his works in this format.
For his part, Maco explained that there is 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.