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Question of the Day - 09 June 2023

Q:

Please share with your readers your analysis of and frank opinion about Station Casinos STN Charms.

And 

What does anyone think of the Station Casinos Charms promotion which is that little NFT promotion where people interact with, collect, buy, and sell those little NFT charms through their slot machines? Is there any financial value to those charms or is it strictly a gimmick to get people to gamble more? What are non-fungible tokens for actually and what you can do with them?

A:

Frankly, we've received a number of questions about Station's NFT promotion and we've hesitated to answer any. But we finally put aside our dread and bit the bullet and we tackle it here, for better or worse.

NFT stands for "non-fungible token." Right there, the whole concept gives us pause. Non-fungible means something that's unique and can't be replaced, but in this instance, any slot player can't get them. Also, "token" means something that has little practical value (as a token of my appreciation, I'd like to give you this photo of ... me). 

NFTs represent digital artwork that, via blockchain technology, can't be duplicated or replaced. They come with unique identification codes and metadata that distinguish them from other tokens. In other words, if you’re on a blockchain, your NFT has an individualized marker that shows it’s yours and only yours. This uniqueness prevents it from being copied or subdivided. It also allows you to sell and trade NFTs -- which brings us to the value question.

We contacted Station Casinos and Alex Acuna, VP of public relations, addressed it.  

“The value of each digital, collectible, good-luck Charm, like other collectibles, is inherently subjective and may be based on a variety of factors unique to that Charm and to interested buyers, based on the different characteristics of the Charm."

He adds, "Please note that these NFTs aren't a medium of exchange or convertible virtual currency and do not grant the owner any rights associated with owning a security.”

So. Sentimental value? Maybe, depending on "inherent subjectivity."

Monetary value? For the player, probably not -- unless for some (unexplainable) reason these slot machine images catch on and/or the greater-fool theory kicks in. For Station Casinos, maybe. Acuna explains, "Players can buy more Charms via the Station Charms website, either in the marketplace or the Charm Shop. Currently, players can collect 86 Charms, many of which are yet to be owned.”

They're not owned because there are five "luck levels" of the Charms: common, uncommon, rare, epic, and legendary. As Charms increase in rarity, they become more difficult to obtain. in other words, you have to play more to get them.

Back to Acuna, "You level up Charms by playing with a Charm on a slot machine. Players select any of the charms in their Charm Box on any slot machine. Whichever Charm they choose increases based on play, while that charm is active. When the player wins, so does the Charm." He didn't mention if, when the player loses, the Charm loses.

As for our frank opinion, we can, first, point you to the discussion on the LVA YouTube a few weeks ago. Click the white arrow at the bottom of this answer and you'll get Anthony's take, along with some first-hand experience from podcast guest Blair Rodman, starting right at the 15-minute mark. To put it mildly, they aren't impressed. A.C. asks right from the start, "What is this stupidity?"

To us here at QoD, this promotion seems like the digital equivalent of charm bracelets, with some charms more "valuable" (i.e., costing more) than others, though they all occupy the same place, dangling off a manacle on someone's wrist. 

You can earn Charms by booking hotel nights, in addition to playing the machines. Station says that it's “striving to reshape casino loyalty through a sustainable and competitive advantage utilizing recent trends in technology by offering guests exclusive limited-edition collectible NFTs based on their play.”

Ooookay. But is this a passing fad? Or the wave of the future? Only Station's slot players have the power to decide that. 

But after wading through all this tech babble and PR hype, the whole thing really boils down to this: Would you rather be rewarded for your play with Internet trivia images or fungible comps and freeplay?

No part of this answer may be reproduced or utilized in any form or by any means, electronic or mechanical, without the written permission of the publisher.

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Comments

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  • Kevin Lewis Jun-09-2023
    NFT actually means...
    Useless crap for Numbskulls, Fools, and Twits.
    
    Stations can go funge themselves.

  • O2bnVegas Jun-09-2023
    here in print
    Here Kevin opines (rather crudely) regarding any/every player who might enjoy the charms/charms promotion.  And for the company that offers it.  
    
    I have rarely played at a Stations casino, in recent times at least, but I am a sucker for charmy-type collectables.  I wouldn't make a special effort to play their machines for that reason, though.
    
    Candy
    
    

  • David Jun-09-2023
    Dumbest promo ever
    I've been in the casino industry at the executive level for almost 20 years, have worked in a half-dozen states and Macau, and have seen quite a few illogical and poorly thought out promotions.  This, by far, exceeds them all in the level of stupidity.  Who wants to play for a little image on your screen, instead of a dinner comp, event tickets,or something that has actual value?
    
    After the destruction of their player's club benefits several years ago (playing VP used to get you 3 points per dollar, now it's 2 dollars per point, 1/6 the value), Stations has now illustrated that their slogan has changed from "We Love Locals!" to "We Think Locals Are Morons!"...
    
    There's a reason why, at Green Valley Ranch, we used to have to park far away from the entrance on the second floor of the garage...now we can park within a few feet from the entrance.
    
    Good luck to whatever genius came up with this promo, I wouldn't hire them.  And I expect he/she will be looking for a job before too long...

  • Sandra Ritter Jun-09-2023
    Dave
    More so good luck to the person who approved this promotion imho.

  • jpfromla Jun-09-2023
    Jp
    Sort of like finding and collecting little rubber duckies on Carnival Cruise Lines.  Pointless.

  • Brent Jun-09-2023
    Please check a dictionary
    "Non-fungible" does not mean "intangible." Not even close.
    
    That's not to say that NFTs are a great idea. They are almost universally (1) a scam or (2) a money laundering device.
    
    But that's not what non-fungible means.

  • [email protected] Jun-09-2023
    Blockchain
    The thing to keep in mind is that everything associated with blockchain, including cryptocurrency and NFT, is a giant scam.  Of course, if you want to participant in a scam, that's your prerogative, but go in clear eyed, knowing that what you're participating in is not in any way a legitimate investment.

  • jay Jun-09-2023
    ShelfWare
    The problem with NFTs is how to display them in your home. 
    I remember lining up, showing my out of state (country) drivers license and receiving my souvenir sands mug. I have various casino mugs along with some slot themed mugs (Triple diamond) from the G2E convention when this theme was first introduced - along with various coin cups. They all proudly collect dust ion a shelf in my basement 
    
    To show off a NFT you need a screen, a computer and a internet connection.
    This comes with a cost - energy, internet fees, and time to keep your computer up to date. Who here runs Windows98 ? We laugh but in 7 years we will look at windows 11 in the same way. That 1080p monitor will be as obsolete as the 640x480 display. 
    
    Now if I have 10 NFTs do I hang 10 screens (systems) like I would my kids pictures throughout the years. What if the block chain is retired by the provider and no longer accessible.
    
    While a NFT might be mine and unique - it will never replace good old fashioned junk
    

  • Mufasa Thedog Jun-09-2023
    Huh?
    What is Blockchain?  What is non-fungible token?  The first thing these scam artists do is invent new words and phrases that nobody understands.  They then use them in normal conversations to try to make you feel stupid, so that you will just follow along.  

  • Deke Castleman Jun-09-2023
    "Non-fungible"
    Brent, thank you for the dictionary lead. The definition of the term non-fungible in the answer has been corrected. 

  • Raymond Jun-09-2023
    I agree with Kevin
    This stuff is some of the most useless junk I've ever seen promoted.
    
    I'm not a local, and I rarely rent a car to go to "outlying" areas, so the odds of my patronizing a Stations casino, small to begin with, are even smaller now.

  • Texas Transplant Jun-09-2023
    Bells and Whistles, no substance
    Makes about as much sense to me as pet rocks, except at least the rocks could be used as a paper weight.  sounds like some 22 year old marketing genius came up with the idea after a bad night on a controlled substance.  The good side, for the casino, is that it probably costs Station next to nothing to set this up and gives the something to talk about in the absence of offering real value to the player.
    
    That said, I am sure that some people / players will be attracted by the hype.
    
    I was once told that very few people go out of business by underestimating the intelligence of the people.  It will be interesting to see the "post-mortem" on results once the promotion is over.  If it actually is successful, (unknown what Station's definition of "Success" is) it will be imitated, if not, it will be quickly forgotten.

  • [email protected] Jun-09-2023
    Nice Try Alex...
    Alex Acuna, VP of public relations, addressed it.  
    “The value of each digital, collectible, good-luck Charm, like other collectibles, is inherently subjective and may be based on a variety of factors unique to that Charm and to interested buyers, based on the different characteristics of the Charm."
    
    In much fewer words I will "bottom line" the mouthpiece's statement: ZERO...NOTHING....USELESS CRAP.

  • Doc H Jun-09-2023
    Makes sense
    I think some of you are underestimating the average gambler. There's a Pavlov's Dog element here. From the hope of winning money, big or small of course, work to the next level up no matter the cost, here a sound, watch an Oompa Loompa dance sequence. It's clearly seen in their marketing here: 'Back to Acuna, "You level up Charms by playing with a Charm on a slot machine.' Level up, yay! Lots of people get off on that stuff. Watch people playing slots especially, wanting to get so bad to that bonus round, spin a wheel, whatever. It's not all about winning money directly. In the end, it seems silly, frankly stupid to me, as is the concept of mining cyber currency. But I think George Carlin said it best, people are largely stupid as a whole. I think he's spot on. From gambling to politics, people arguing their corrupt team is 'the best!' on this forum like a naïve 19 yo college student despite the bought off/self serving nature of it all, expect anything from the not so bright herd.   

  • Dorothy Kahhan Jun-09-2023
    Stations is still around?
    We used to frequent Stations all the time, but haven't been back since they shuttered their buffets.

  • Jxs Jun-09-2023
    Fungi
    Way back in college my roommate was a mushroom. He was a pretty fungi. 

  • Steve Jun-09-2023
    Video Poker
    I prefer full pay video poker tables; comps for food and rooms; free parking, no resort fees, and a safe environment over silly promotions like the Station Casino charms. 

  • [email protected] Jun-10-2023
    Appeals to a younger crowd
    As a professor in marketing, these icons, charms and in other industries "badges," are supposed to invigorate interest. Yes, many of us older folk don't see the inherent value (including myself personally). Out of a burgeoning digital market where there is so much "noise," many marketing professionals are always "trying" to come up with a method that would appeal to people. So, in looking at the station casino promotion--okay, we can give them some credit for trying something different that no one lese is doing. However, the proof is in the fact if the charm promotion is making headway. I guess as the old saying goes, "something is better than nothing" and coming back to the younger slot players who grew up collecting Pokémon cards that really have no real value (except in the case that you keep them in mint condition and sell decades later). These millennials are gamers and it's all about enjoying the chase of levelling up!