Gambling is already a globally integrating sector, where players can play in casinos from pretty much all around the world with only a few clicks. International casinos often try to attract new customers with campaigns such as $1 NZ deposit bonus. When the metaverse begins to expand on a larger scale, these tactics and offers may very well appear in the three-dimensional virtual universe as well.
The Metaverse
First things first, what is the metaverse? The metaverse started gaining attention after Facebook announced that they would rename their platform to Meta in order to begin the incorporation of their platforms onto the metaverse universe. In basic terms, the metaverse is a virtual platform where users can share everyday life in a three-dimensional format. Users are able to interact, play games, make transactions, attend concerts, and socialize using avatars similarly to how they would in a non-digital world. According to some estimates, the platform is expected to draw in $1 trillion in annual revenues.
Metaverse gambling
The largest gambling hub on the metaverse today can be found in Decentraland which is run on an Ethereum blockchain. Here, users can find the first ever NFT slot machine, which was introduced earlier this year. Decentraland features several casinos and hosts a large range of casino games including poker and blackjack. Though this is the biggest current gambling provider on the metaverse platform, the virtual universe is expected to expand in the coming years and competitors to Decentraland are bound to arrive. How will the future metaverse gambling scene change, and how will it affect its users?
From solitary to social
In an interview with ePublicGaming, Rivalry CEO Steven Salz was asked about how the gambling culture might change in its metaverse form. His reply was that gambling will go from being ”highly transactional and solitary to something that is more entertainment-based and social.” He also predicted that transaction sizes will most likely go down, but that they will happen a lot more frequently. According to Salz, this change will happen because people will spend more time in front of their screens than in direct communication with the people physically around them. A lifestyle like that would limit the attention span and the possibility of impact by traditional means of gambling marketing which has been more geared towards fewer but bigger transactions. In other words, the constant access would be more like an ever-open snack bar than few and far between dinners at a fancy restaurant.
Low stigma and high demands
In the long run, this new gambling culture will lower the stigma around gambling, while it will also raise the expectations of the experience quality. Salz likened the metaverse gambling experience to that of video games, and said that the increased demand will put pressure on gaming developers to produce gambling content that compares to e-sport design and experience qualities.
Increased cryptocurrency engagement
The shift onto the metaverse platform will likely also make the cryptocurrency market more engaging. The market, which has grown exponentially over the past few years, has so far mostly been centered around investment and not so much utility. More and more casinos and other businesses are incorporating cryptocurrency payments in the physical world already, but the metaverse will make more sense for digital wallet users. The utilization of cryptocurrency on the metaverse might help crypto founders achieve their missions of making the currency a legitimate and accepted competitor to fiat currencies. Perhaps the use might lessen stigmas and preconceived notions similarly to metaverse gambling, and in that way make the cryptocurrency more accepted in non-gambling transactions as well.
Conclusion
The metaverse will create a more socially integrated form of gambling that has a larger focus on the experience and quality. It will also help bring cryptocurrency the utility factor that hasn’t yet been realized to its full potential, and possibly expand its market space both virtually and non-virtually. Ultimately, the metaverse’s gambling opportunities will help bring down stigmas surrounding gambling. At the same time, it will force revolutionary thinking surrounding marketing, execution, and the social aspect of virtual gambling platforms.
