To confirm that the future is now, pony up to a blackjack table in the metaverse. Yes, the metaverse. That now-ubiquitous term referring to a digital society. One powered by cryptocurrency and custom avatars. It’s a true extension of reality based on binary.
You can purchase a home, attend an event, and now, gamble in the metaverse. That’s right. Gambling is becoming a top draw in the metaverse.
While most gambling in Georgia is prohibited, the metaverse offers an exciting new option.
Entering a casino to gamble in the metaverse
For starters, you’ll need to convert your fiat currency into crypto via the litany of coin exchanges in the marketplace. You can belly up to an online blackjack table and begin to play once your digi-cash is stored in your cryptowallet. In crypto, of course.
The metaverse adds a VR element to the experience. Not to mention your personal avatar you use to socially interact with others. Online gambling has long been extremely popular. The metaverse expands on that popularity by adding a social component.
It has proven to be extremely popular. And it appears to have enhanced the transparency of online gambling, as well.
Blockchain gambling boosts security and transparency
Gambling in the metaverse removes the need for bookies and casino dealers. That leads to a more equitable, secure, and transparent gambling experience. Kenny Ching, Assistant Professor at the WPI Business School, said:
“The peer-to-peer matching of bets in crypto betting removes the need for a broker, unlike traditional betting houses or bookmakers. This substantially lowers the cost of betting. It is clearly also more private than a physical casino.”TheStreet.com
That lack of privacy has long been a barrier at traditional casinos. Many people just don’t feel comfortable sitting at a table with strangers. Especially with a pocket full of cash playing a game they only half understand.
To sit in the comfort of your own house and play is one of the primary drivers of online table games. Along with the peace of mind to learn as you go.
A metaverse casino incorporates that sense of comfort and lack of in-person pressure. It pairs it with the a social atmosphere you’d find at any poker table. This might spur more people to gamble in the metaverse.
The future of gambling in the metaverse is fuzzy
Cryptocurrency has always existed in this regulatory netherworld. It has been moving more above-board in recent years with the influx of attention. The same goes for metaverse gambling, which can take place anywhere, regardless of in-state legalized gambling status.
It’s decentralized after all. Inherent risk comes with that decentralization and novelty of crypto. Nobody really knows where this thing is headed. It’s popular and generates buckets of revenue, but what about the volatility of cryptocurrency?
Do crypto casinos fall under the purview of gambling laws? Will things change when regulators finally figure out how to put on a Metamask?
All valid questions. And ones that will take time to answer and fully understand, kind of like crypto itself. One thing is certain, however: A digital avatar in an online space does not prevent you from losing real money in the real world.
JP Morgan Chase estimates a future market opportunity of over $1 trillion in annual revenue. That’s a boatload of Bitcoin. Or Ethereum. Or Simoleons, for the nostalgia junkies.
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