The metaverse is a virtual world where physical and digital worlds come together. Web 3.0 companies (those using third-generation web technologies) doing business in the metaverse have a market capitalization of $27.5 trillion.
Online in-game hangouts, such as massively multiplayer online (MMO) and other similar games, have been a significant part of the metaverse’s gaming community.
Even online casinos such as Gaming City that have attracted gamblers to place virtual bets hoping to win real money may consider the metaverse an opportunity to revolutionize online gambling.
What are the uses and advantages of the metaverse for online casinos? Can you earn real money in the metaverse? In what ways can you transact financially in this interactive online space?
This article lists various ways the metaverse can benefit the online casino industry through flexible payment methods, interactive user experience, and the opportunity to profit with real money.
Uses and Advantages of the Metaverse in the Online Casino Industry
Although the metaverse features online multiplayer worlds where users play games, it’s also a platform where users participate in non-gaming activities.
In 2021, 13% of gamers in the United States participated in in-game currency betting in the metaverse(1). This number suggests that there is potential for metaverse users to be interested in online gambling. Alternatively, such statistics can give online casinos an idea of the potential market within the metaverse.
Online casinos can utilize the following metaverse features to provide users with an enjoyable gambling experience:
Interactive Gaming Experience
The metaverse utilizes virtual reality (VR) and augmented reality (AR) technologies as part of its gaming segment. Despite hardware constraints for many users, VR and AR usage appears to be steadily growing(2).
VR uses computer technology to produce a simulated environment you can explore in 360 degrees using a VR headset.
On the other hand, AR superimposes a computer-generated image on a user’s real-world view. One example is when you use your smartphone camera to view your environment, and computer-generated images appear on the screen, depending on what the camera sees.
Users who prefer a fully immersive gaming experience must use VR headsets, AR-capable devices, and related accessories.
Online casinos can take advantage of this feature by giving users an immersive simulated environment mimicking a real casino.
For example, VR and AR let you control your character using body movements instead of sitting in front of a computer screen. You can also explore places within the simulated casino or deposit money for poker chips.
Opportunity to Earn Real Money
Casinos in the metaverse can allow players to compete and win rewards with real value, not only in-game rewards.
For example, players who win bets in various casino games can win prizes readily convertible to cryptocurrency or NFTs (non-fungible tokens). If you’re ready to cash out, you can trade these currencies or assets for real money.
Flexible Payment Methods
The metaverse features an integrated cryptocurrency payment system, eliminating a significant hurdle regarding regional laws concerning betting platforms’ payments and withdrawal systems.
For example, some betting platforms do not accept specific currencies due to legal limitations. You must convert that money to cryptocurrency so you can easily participate in in-game transactions conveniently.
By using cryptocurrency, gamers can play and transact within the metaverse from anywhere, anytime.
The Future of Online Games and Casinos in the Metaverse
The rising popularity of the metaverse can be detrimental to traditional gaming. This situation means traditional gaming platforms can lose market share or become extinct unless they adapt their operations and establish themselves within the metaverse.
For example, instead of walking into a brick-and-mortar casino, you can use the metaverse to let your avatar enter a virtual casino and play simulated table games or slots.
In this case, assume that the metaverse will cause many traditional casinos to close, making migration to the metaverse a practical option to continue operations.
The metaverse is an exciting opportunity for users to interact with gambling platforms, earn prizes, withdraw using cryptocurrency or NFTs, and convert those currencies to real-world money.
Overall, the large sum of money companies invest into the metaverse suggests promising profitability that can serve online gambling companies and players.