With Mark Zuckerberg announcing the change of Facebook’s parent company name to Meta, Metaverse has become the talk of the town. Metaverse is a digital universe where people from all over the world can connect and interact with each other on a 3D virtual platform.
Since its inception, online gambling has attracted gamblers to place virtual bets in the hopes of winning. But with the addition of metaverse into the equation, things start to become more interesting.
Let us discuss everything about Metaverse, casinos, and online betting in the metaverse, its impact on the iGaming industry as well as its advantages over traditional gambling.
What is Metaverse?
The metaverse is a digital realm that completely alters the way the whole world interacts and makes the line between the real and the virtual world thinner.
What makes it even more appealing is that it can be accessed on nearly any hardware. Imagine attending a virtual meeting or concert, or roaming around shopping malls and even your own property.
This virtual universe is a combination of various technologies such as VR, AR, and Blockchain, and is compatible with more in the future. As a part of the upcoming third generation of the Internet, Web 3.0, Metaverse allows apps and websites to become smarter and interact like a human.
It creates a tailored experience for users by interpreting and gathering inputs in the form of text, voice, or any sort of media.
All you need is a Metaverse Avatar, which can be customized with unique accessories, clothing, and wearable NFTs. And that opens up doors for many industries such as Sportsbooks, casinos, and other iGaming platforms.
Impact of Metaverse in iGaming
As of 2022, the Casino iGaming industry is experiencing a revenue and user acquisition boom and Metaverse is making the most of it. It has established itself as a technology that can go mainstream, just like Facebook did years ago.
Metaverse has made online gambling more approachable, by taking on challenges faced by the sportsbooks and iGaming industry and providing viable solutions to eliminate gambling problems.
Advantages of Metaverse Over Traditional Online Gambling
Online gambling is a billion-dollar industry that is growing at a tremendous pace year after year, but it certainly is not a new concept. But how does it compete with Betting in Metaverse? Let us see some advantages of Casinos in the Metaverse.
Advanced and Interactive Gaming Experience
Users will get an immersive experience of a casino that mimics the real ones as it allows you to control your character through your body movements instead of sitting in front of a screen. You can explore places, experience surrounding objects, and even deposit some money for some poker chips!
Revolutionizing Human Expressions
Metaverse allows users to behave just the way they do in real life. The entire technology is for making things as real as possible. And in a casino game like poker, where you have to act a certain way to win, metaverse incorporates physical cues that makes playing the game even more real with the help of VR headsets.
Versatile Payment Methods
Metaverse has an integrated crypto exchange payment system that eliminates a major hurdle of regional laws with respect to betting platforms and their payments and withdrawal system. With the support for crypto, any gamer can play and transact from anywhere anytime.
Players Can Earn Real Currency
Casinos in Metaverse will allow players to compete and win rewards with real value. Games will award players with NFTs and Cryptocurrency that can be traded in the real world.
Future of Traditional Online games and Casinos in the Metaverse
With the arrival of Metaverse, traditional gaming has certainly taken a hit. But what will be worrying for these platforms is that they are actually going towards their extinction. Unless they adapt to the Meta way and establish themselves in the Metaverse.
The idea of your avatar hitting the casinos instead of you without compromising on the casino experience is not so simply wild!
It is quite accurate to assume that Metaverse will close shops of many traditional casinos and migration is the only option.
What can be even more worrying is that it hits the mobile gambling market as well. It is safe to assume that you won’t need a mobile app to gamble as VR might become more accessible. Remember Google Lenses?
Just get a membership, wear your VR headsets and enjoy a weekend playing your favorite games with your friends, in the comfort of your home, and all the while experiencing the real thing.
Metaverse is going to make that Black Mirror episode come to reality. Yes, that sounds scary, but it will be a reality sooner or later. It is a transformative and revolutionizing technology that brings life to an entirely new digital world with its own ecosystem.
And as the virtual world is positively impacting the iGaming and Casino industry, the metaverse has gained considerable traction and made its way to the mainstream in the upcoming years.
We are going towards a generation where users can access Metaverse anytime, interact with gambling platforms, and earn and withdraw with a currency like NFT and Crypto that has value in the real world.
Metaverse comes with promising profitability that serves both online gambling businesses and players. But time and again, there will be problems for which Attribution will be a solution. Luckily, we specialize exactly in that.
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