The metaverse is a virtual universe that draws major inspiration (including its actual name) from Neal Stephenson’s novel, Snow Crash. In this book, people escape the nightmare of their dystopian reality by logging into an augmented world online.
Eerily enough, the story’s protagonist battles a computer virus that causes real-life health issues for its users. We’ve had enough of viruses, thank you.
While it hits a little too close to home, this version of the metaverse hopes to transport users to an exceptional world that’s exploding with possibilities and not pathogens. It’s the future of the internet, and it will affect everything, including how we gamble online.
What is the Metaverse?
After the global events of the past few years, a chance to escape into an alternate reality is a welcome respite for many people. Not only is it a refreshing departure from our current hellscape, but many are also excited about the prospect of what it means for the future. So what is the metaverse exactly, and what can we do there?
The metaverse is an online world that blurs the line between your real-life and an augmented one. Using your avatar, you can navigate through endless activities in virtual surroundings. You can make new friends, attend concerts, buy land, sell goods, and visit casinos, all in a digital format.
Not only can you interact and connect socially from your laptop or mobile device, but the experience is amplified by using a virtual reality headset. You can traverse the metaverse in three dimensions, and internet casinos are already exploring remarkable ways to integrate this technology. It’s an exciting time to be an online gambler.
Exploring the Metaverse
The truth is, we are stepping into unprecedented territory. Just like our universe, the metaverse is vast, possibilities are endless, and it’s overwhelmingly uncharted. Major companies, including many in the online gambling sector, are figuring out how to adapt and exist in the ever-expanding cosmos.
Just imagine visiting a live casino online in virtual reality, sitting down at a blackjack table, and interacting with the dealer. Being able to control your avatar with your movements in a 3D environment is a fully immersive adventure.
While this might sound like a cyberspace fever dream to some, the numbers prove it is very real. According to the global market research company, Technavio, “The virtual reality (VR) gambling market share is expected to increase by USD 1.74 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 53.13%.” In laymen’s terms, that equates to substantial year-over-year growth.
The Impacts of the Metaverse on Online Gambling
While the online gambling industry is booming, internet casinos still fail at one thing: the vibe. It’s almost impossible to recreate the energy of a land-based casino experience. Millions of people flock to Las Vegas and similar places around the world each year for this reason alone.
However, the metaverse seeks to provide users with the same feast of flashing lights, stimulating sounds, and level of camaraderie that its real-world counterparts do. You could walk through the pit, interact with fellow gamblers, read body language at the poker table, and physically spin the reels. Well, in a manner of speaking.
The ways casinos could apply this technology to sports betting are extraordinary. Bettors could sit in a virtual arena to watch a real live game and place wagers. Instead of paying for exorbitantly priced stadium hot dogs and beer, you could stay home and enjoy your own.
We must admit, that sounds pretty nice.
What Will Be the Currency of the Casino Metaverse?
If you’ve ever gambled online, chances are you have run into the nuances that come with deposits and withdrawals. There are often fees, latency periods, and security concerns. Not to mention the roadblocks set up by countries’ differing regulations. Many people use cryptocurrencies in an attempt to avoid the aforementioned intricacies.
The assumption so far is that cryptocurrencies will be the choice of the casino metaverse. They are already widely implemented and are the most secure form of payment as they use blockchain technology. Users will be able to make immediate transactions with no fees or concerns about the safety of their personal information.
This fast, reliable payment method will most likely be the top choice of businesses and users in the metaverse.
Could the Metaverse Change Online Gambling As We Know It?
The question is really how and when the metaverse will change online gambling. The future of internet casinos will inevitably become intertwined with this technology. To what extent, we do not know, but time will undoubtedly unravel the seams of limitation.
Of course, the metaverse is optional and online casinos will still exist without it. Not everyone desires an augmented experience or such a high degree of interaction, and that’s perfectly understandable. For others, the next ten years will be an exciting time full of advancements that will affect the online gambling industry indefinitely.
Whether you’re looking forward to these developments or you’re blissfully indifferent, all parties can agree change is coming.
The impact technology promises to have on our lives is immeasurable and untold. Where will the boundaries be set for us, and how far will they go? While the answer to this question continues to be ever-evolving, one thing is for sure: the metaverse will revolutionize the way we use the internet.
For most gamblers, the revolution is a welcome one. The alluring atmosphere that was once exclusive to land-based casinos is now becoming accessible to people at home. The metaverse is shaping up to be the ultimate experiment in innovation for the world of online gambling.