Most people have heard of the metaverse or Web 3.0, two words that have been everywhere in the past few years. Blockchain technology created different experiences in varying industries. In online gambling, it introduced cryptocurrency gaming. Although using digital currencies is illegal in some states, gamblers in some regions can play casino games on the blockchain. Bitcoin is the most popular option for crypto gaming in the US. Thanks to the metaverse, you can now play Bitcoin games in virtual reality. The technology is taking the immersive experience to a different level, a big reason for its growing prominence in iGaming.
Metaverse casinos are steadily rising in numbers as the world continues to embrace the concept. You can bet on everything from blackjack to poker to slots on these platforms. More importantly, you can interact with other players inside that world, elevating the gambling experience. Thanks to virtual coins and NFTs (Non-Fungible Tokens), users can attach value to various activities in the metaverse. Therefore, similarly to an online or brick-and-mortar casino, a metaverse gambling platform allows you to earn returns. As gambling with Bitcoin evolves to another dimension, evaluating what this development means for the US iGaming industry is imperative.
Understanding the Metaverse
You might have heard of the metaverse but are not completely certain what it’s about. Although the concept is only now gaining worldwide attention, it’s now novel. The idea of a metaverse goes back to a novel published in 1992. However, Ernest Cline painted a clearer picture in the novel Ready Player One, where everyone interacted in a VR world. Second Chance, launched in 2003, is considered the first metaverse. The platform is a 3D universe you can explore as an avatar while connecting with other visitors. In today’s metaverse, you also operate as an avatar with the power to buy and sell digital assets. You can acquire real estate, start a business or trade various products.
Metaverse gaming attempts to copy the physical casino experience. Casinos are available as districts where players wager on an array of games. The platforms incorporate the sounds and sights of a real casino. The metaverse is revolutionizing internet gambling by integrating a different social element than what live casinos offer. When gaming on the metaverse, you can move around a casino, join players at tables and engage with dealers. Unlike live dealer sites, you are not limited to communicating via live chat. The metaverse makes gaming stimulating and incredibly immersive. You can also enjoy other entertainment options while at the casino, like night shows. If you wish to purchase an entire casino, the metaverse makes that possible.
The Use of Crypto
As earlier mentioned, cryptocurrency is the main form of payment in the metaverse. It explains how the field has gained so much traction. Bitcoin gambling has been on an upward trajectory for the past five years. The number of operators accepting digital currencies as payment alternatives continues to go up. So, it makes sense that a universe that promotes blockchain gaming will attract attention. Why are Bitcoin and altcoins making big waves in the casino gaming sector? Decentralized gambling has several advantages over traditional internet gaming. Virtual coins are safer, cheaper and faster than fiat payments.
Crypto tokens are other ways to pay for gaming in the metaverse. Created the same as digital coins, tokens are less flexible. They are developed for specific purposes. For example, a casino can have tokens that you can only use on its metaverse ecosystem. Think of crypto tokens as casino chips. You can buy tokens to play with at casino A, but you can bet with the6 at casino B.
The Regulation of Metaverse Gaming
As the metaverse blurs the line between the virtual and real world, it’s critical to evaluate the legal implications. Can you legally play at a metaverse casino in the US? Sports betting and gambling are two of the most regulated markets. Some federal laws exist to govern gambling as a whole, but states have the mandate to institute individual legislation. Recently, American gamblers have seen partial and full legalization of online gambling in various states. The move to make iGaming more accessible to players fueled the growth of local online casinos. However, Bitcoin gaming is a legal minefield of which a majority of operators prefer to steer clear.
At the moment, no specific legislation focuses on the metaverse. The absence of a regulatory framework dissuades local operators from participating. It’s why offshore sites and small companies largely dominate metaverse gaming. Another regulation nightmare that licensed operators try to avoid is supporting crypto payments. Bitcoin and other digital currencies are highly volatile and unregulated in most parts of the world. Metaverse gaming raises a lot of questions from a regulation standpoint. For instance, which agencies should regulate gambling platforms in the virtual sphere? What protection do players get when in the metaverse? Are players responsible for what their avatars do in the virtual environment? As gambling in the metaverse takes shape, hopefully, the industry will address such concerns.
What’s to Come
Although the iGaming sector has achieved significant milestones in the metaverse, a lot remains to be done. Some companies have been innovative in providing gambling opportunities for players in this digital space, while others chose to be cautious in their approach. The ever-changing regulatory landscape in the US requires operators to be careful when considering entering metaverse gaming. Despite the growth technology promises, its implications remain unknown. Cryptocurrency is still a hot subject, with continued criticism from different sides. It might take some time before the use of virtual coins, crypto tokens and NFTs becomes acceptable.
Crypto gambling is taking a new form thanks to the metaverse. Casinos can now treat players to immersive gaming adventures, where they chat, move around and enjoy wholesome entertainment. Even though not many metaverse gambling platforms are available to pick from, you can expect decent game variety.