Gambling has come a long way over time. In fact, it had the most rapid development in less than a century. Its most impressive feat was perfecting the online casino technology, bringing access to fun games through the internet.
The online gambling industry is once again on the verge of another innovation and this time, to the Metaverse. Operators and software providers have already begun investing in this space in 2020 and some of them are soon reaping what they sow in 2024. Here’s everything you need to know about this new venture including how it’s going and why it is important for gamblers:
The current state of Metaverse gambling
Metaverse gambling has officially opened its doors to welcome players to virtual reality (VR). Players can now explore fun gaming houses and virtual lounges on Decentraland and Sandbox. However, they still lack features bettors expect from a brick-and-mortar casino.
Operators’ main goal is to complete these missing features. Even so, the current state of Metaverse casinos is live and ready. You can even gamble using Ethereum (ETH) for most of them. There are also assets native to the Metaverse like Decentraland (MANA) and Sandbox (SAND). Some casinos have their own assets, too, like ICE Poker (ICE).
Factors that attributed to the rise of Metaverse casino
The decision to bring casino gaming to the Metaverse is a rather simple one given that the industry already supports cryptocurrency. Many operators decided to fully embrace blockchain technology, making the Metaverse the next logical step for innovation.
Here are the factors that contributed to this direction for the gambling industry:
Rapid Web3 development
Blockchain interoperability and project support continue to develop with Ethereum as its industry leader. This is continuously attributed to the rapid development of the internet. Soon, it will be called Web3 operated by blockchain projects.
Online casinos are already using Web3 features for decentralised finance (DeFi) for users’ security and privacy. It allows crypto transactions to be a lot more cost-effective than traditional means because decentralised apps (dApps) are major contributors to their operations.
Need for more immersive gambling
Online casinos are made to bring games to gamblers who have no time to go to a brick-and-mortar gaming room. However, this does not provide the full experience. Gamblers still seek the social and luxurious experience of being at a casino. A Metaverse casino can do that by supporting VR projects offering that experience to gamblers while also being accessible.
DeFi’s rising popularity
Casinos opting for DeFi was a decision made out of necessity to make payment more convenient and safe for users. This turns out to be a long-term investment as well because the DeFi ecosystem is expanding with more users joining. It is further helped by the Metaverse rising as more projects are set in its ecosystem.
This exciting prospect means that crypto gamblers, who were among the first to join, are getting more DeFi features to use. Those who invest in this project are also guaranteed long-term returns as their assets become even more liquid. Many of these investors are casino operators who have been working on their Metaverse gambling place since 2020.
Advantages of Metaverse gambling for bettors
One should always ask about what you are gaining from being a consumer of an industry. In this case, what do you get as a gambler if your favourite casino expands to the Metaverse? Here are the advantages that you can look forward to:
Full use of Web3 features
Online casinos are already using Web3 projects and applications but only at a limited capacity. Most of which require plugins and certain installers that most people don’t know about. Thus, it’s possible that gamblers can’t fully utilise a casino if it’s reliant on Web3. That is not an issue if the casino is on the Metaverse because everything in Web3 is accessible there.
Convenient and safe gambling
Online casinos are already convenient and safe relative to brick-and-mortar casinos. However, the Metaverse can further improve those traits thanks to all the innovations in Web3. You can enjoy playing online casino games to the fullest without fear of theft all thanks to a gaming platform built in a DeFi environment.
Community engagement
The best part of Metaverse casino gaming is the idea of meeting and playing with other people. You can interact with them in their avatars over a poker table or join a conversation at the lounge. Likewise, you can roam the game floor together as your avatars, interacting with the rest of the environment. This is especially more fun in Sandbox where there are more activities.
You can also engage in private conversations as your avatars at the Metaverse. There’s no need to meet in person. Just sit in a private lounge and feel free to engage in a conversation where nobody else uninvited can eavesdrop.
If you are looking for a new friend or just hoping to start a poker game quickly then you should play at the best Metaverse casino. Traffic is affected by the popularity of the venue. So, expect the most number of potential playmates if more people are logging in.
Challenges brand operators face in running a Metaverse casino
It’s not all sunshine and rainbows in the development side of the Metaverse. Many operators still have to address several issues to make their casinos perfect. Some of those challenges that somewhat hold them back from achieving their vision of a fun VR casino are:
VR technology can cause simulator sickness
The way VR works is by putting a miniature device with bioptic screens right in front of the users’ eyes. It makes virtual reality cover the majority of their sight, including peripheral vision. These devices also come with earpieces so that the user is fully immersed in virtual reality.
Unfortunately, the body cannot simulate experiences of that world. This creates a disorientation between senses, causing nausea if the use of VR is prolonged.
High equipment and property expenses
There are many virtual reality devices including the Oculus Rift Meta Quest, HTC Vive, Magic Leap, and the Sony PlayStation. Therefore, there is no monopoly in the device’s market but it can still be quite pricey between $300 to $500 per set.
For the developers, it’s also quite an expensive venture because Metaverse properties are non-fungible tokens (NFTs). Minting and buying VR real estate are big investments and that’s why it took 4 years for many brands to establish their casinos. More money will be needed just to maintain and expand these projects so it’s a big decision for most brands joining the industry.
The Metaverse is live and ready for gambling
These are everything you need to know about the Metaverse gaming industry. It’s an exciting prospect that will revolutionise gambling moving forward. However, there are still challenges slowing down progress even for the best Metaverse casino. These will be sorted out eventually. For now, you may enjoy Metaverse gambling most notably at Decentraland and Sandbox.
