The tech boffs have described it as a virtual world where we can all interact, work and play if we put it in simple terms. This virtual world or network of virtual worlds will exist alongside the real world.
If our understanding is correct, it would mean our avatars can do everything we do in the real world. Find employment, shop, bank, and play games. Does the question then become how we would be able to do all this?
We are seeing the companies clamouring to be the first to acquire digital products in the Metaverse. Microsoft acquired Activision Blizzardat a staggering $68.7 billion in a bid to be the best in interactive gaming. The first Metaverse fashion week was hosted in Decentraland in March this year. Sportswear giant Nike is filing new trademarks to be able to sell virtual air Jordans. The impact on Online Casino The iGaming industry is in a prime position to seamlessly integrate into the Metaverse. Major games like Meta Quest 2and Valve Index already use VR and AR.The Online casinoindustry would be next to ‘slip’ into the Metaverse, so we will look at how they would work.
Decentraland is the place to be in the Metaverse at the time of writing. The virtual world is built on the Ethereum blockchain. The name indicates that it is a decentralised virtual world. All you need is an avatar to enter Decentraland. You can visit an art gallery, a music concert, or even a virtual casino.
Decentraland has Vegas City, which is based on the real-life Las Vegas, the poker rooms are a hit in the casino, and they don’t differ from the real thing. The sounds, set up of slots and tables combined with background noise are realistic in this virtual casino.
A few casinos worth mentioning are Tominoya Casino, a Japanese-themed casino with real-life hosts instead of the usual robots. Chateau Satoshi, also owned by Decentral Games, was launched in 2019 and had a casino, nightclub, and theatre.
As expected, all transactions at these casinos are done using cryptocurrencies, the most efficient one being Ethereum. It seems, though, that there are still difficulties if you want to use traditional payment methods such as credit /debit cards. Fees on crypto transactions are very low, and since there is no regulation, your winnings will not be taxed yet.
Live sports betting will take on a whole new meaning in the Metaverse. Not only will you be betting on your favourite team, but you can watch them play in real-time. That is one aspect to look forward to.
There have been concerns over how it will affect our wellbeing. Some have experienced cybersickness which is like motion sickness. This is from the use of VR devices for long periods. Neck and back pain are also an issue with most VR headsets.
The Metaverse still needs work, but to dismiss it as a fad would be a mistake. The gambling industry is very flexible. When the internet came, online gambling was born. When Crypto was invented, crypto casinos came into existence. Even with this new development, the industry will adjust and adapt.