The Metaverse is a three-dimensional, digital world which people can explore, socialise in, and do all kinds of other activities – including gambling! Find out all you need to know about how it all works and more in our Metaverse casinos guide below.
The Metaverse has been one of the main topics of conversation for well over a year now…but what is it?
Well, in a nutshell, the Metaverse is – or, rather, will be – a virtual, 3D space in which human beings can use the internet to log on to. Then, through their chosen avatar (a character representing them), users can live out certain activities, such as shopping at virtual stores, visiting virtual art galleries, heading to a virtual office for their day’s work, interacting with other users, and even gambling at a Metaverse casino.
Nevertheless, the Metaverse will not necessarily be a single space. In fact, there are several versions of this technology already in existence or in the process of being created.
No matter which version you go for, the best part is that these Metaverses are not something that exist only while a user is logged in. Rather, they exist all the time, so anyone joining a Metaverse will be able to explore and contribute to a virtual world built by ‘generations’ of users – similarly to how we experience the physical world.
But that’s not all.
Metaverses function on Blockchain technology, which ensures these graphically-rich worlds are owned by users, rather than corporations. And, coupled with the Metaverse’s virtual economy, which we explore below, this will give users a lot more control over their data.
This developing technology, which companies like Meta and Microsoft are heavily investing in, is projected to be the next evolution of the internet, and promises to reshape our lives. Whether that will come to pass or not, remains to be seen.
Metaverse casinos are, as one may assume, spaces in a Metaverse where players can log onto and use their avatars to socialise and gamble.
These casinos have all the games you can expect to find at a real-life or online casino, such as poker, roulette, blackjack, and baccarat tables, as well as plenty of video slots. Some may probably even become Metaverse Megaways™ casinos.
Either way, all these games can be experienced in full 3D, with the live dealer being another avatar similar to yours, or else a character (such as a frog in a tuxedo – yes, really).
What’s even better is that such Metaverse casinos can hold events where you can play against other users, get to know them, even sit for a virtual drink with them! Think of them as an evolution of the current slot tournaments.
There are more than a handful of such virtual establishments in existence and they already offer an elevated decentralised gambling experience. The future, however, is brighter and we’re sure that the more users join, the better these spaces will become.
Most players will be familiar with how traditional and cryptocurrencies casinos work: they usually hold a licence from a jurisdiction and accept either fiat currency (such as GPB, USD, EUR), or cryptocurrencies, like Bitcoin or Ethereum.
Decentralised casinos, however, are not tied down to any jurisdiction. Instead, they operate on the Blockchain, which is a digital, public ledger onto which information is recorded. This ledger exists on a network of computers, which are referred to as ‘nodes’, and any transactions that take place between users – such as in the shape of smart contracts – is verified by paid users. This makes the Blockchain super safe and practically impossible to hack.
Such casinos usually only accept cryptocurrencies, and decentralised gambling usually takes place on decentralised apps, called dapps.
Non-fungible tokens, known as NFTs, are unique digital assets stored on the Blockchain. These have so far been associated with virtual works of art that have sold for millions of dollars, but they can also be used in games as in-game items, assets, or transactions.
This has led to the rise of play-to-earn games, like Axie Infinity, Puppy Planet, and Coin Hunt World, where playing gives you access to NFTs which you can sell for cryptocurrencies.
Such NFT gambling games don’t need to take place on the Metaverse and don’t necessarily have to be 3D worlds that can be accessed via a VR headset. Nevertheless, NFTs are used as a currency at some Metaverse casinos.
So, in short, NFT gambling can be separate to Metaverse gambling, but the two may merge in certain instances.
Decentralised gambling requires cryptocurrency, yet most Metaverse casinos don’t accept Bitcoin for in-game transaction. Instead, each Metaverse casino has its own token/s, which you can purchase in the game using an Ethereum Blockchain-powered wallet.
The most popular of these is MetaMask, which lets you buy Ethereum directly from the app using your debit/credit card or Apple Pay. This Ethereum can then be used to buy the casino’s actual tokens, such as the HERO token in MetaHero Casino, or the ICE token to play ICE Poker.
So, with all that in mind, are you ready to join the world of Metaverse casinos? It will take a few steps before you can begin, but once you do it, it will be as easy as walking into a brick-and-mortar casino.
Step 1: You will first need to connect your MetaMask wallet to the game.
Step 2: You will then be expected to create an account. In this instance, your personal details are not required as your MetaMask wallet acts as an anonymous identifier. Instead, you will be asked to customise your Metaverse avatar using a wide range of options that include skin tone, hair colour, etc.
Step 3: Some Metaverse casinos will ask you to purchase NFT wearables in order to play. These can be bought through the casino’s chosen token, which you can get by exchanging cryptocurrencies.
Step 4: Enter the Metaverse and make your way to the casino section. You’ll know you’re there because you’ll see casino table games with casino chips, playing cards, and so on.
Step 5: At this point, you can choose which game you want to play. Of course, you will need chips to play. These can either be purchased from a special table/area at the Metaverse casino, or else they will be awarded to you based on the amount of NFT wearables you have. Most games, like roulette and poker follow the same rules as their real-life counterparts.
We’ve already explored many of the features you can expect to find at Metaverse casinos, but let’s look at them once again, shall we?
We are currently not aware of any Metaverse Megaways™ casinos. Nevertheless, we are sure that it’s only a matter of time until we will be hearing about some of the major players in Megaways™ games – such as Big Time Gaming and Blueprint Gaming – looking to collaborate and create games for decentralised Megaways™ gambling.
As Metaverse casinos operate on the principle of decentralised gambling, this means that they are not connected to any country or jurisdiction. Therefore, will not have licences from the entities that usually issue them, such as the United Kingdom Gambling Commission, the Malta Gaming Authority, or Curaçao eGaming. Instead, they operate on the Blockchain, which is what makes them safe and trustworthy.
The most famous name in Metaverse Casinos is Decentraland, which is a browser-based Metaverse world.
Launched in February 2021 and run by the non-profit Decentraland Foundation, this Metaverse casino has over 6,000 daily users and often boasts more than 1,000 people playing at its ICE Poker casino at any given time. Such has its success been, that between October 2021 – when ICE Poker was first launched – and February 2022, the company raked in more than $7.5 million!
Decentraland has four main tokens and cryptocurrencies. The first is Ethereum (ETH), while the others are game-specific: the ICE token is the in-game currency, the DG token is used for governing the Decentral Games treasury, and the xDG gives users voting rights and ownership.
However, are not the only Metaverse casino brand in the game. The Sandbox, for example, is another Metaverse where players can play, build, own, and monetise their gameplay. Through the SandVegasCasinoClub, players can even be part-owners of virtual casinos and enter a monthly lottery.
Virtue Poker, meanwhile, is a peer-to-peer, decentralised poker-playing platform on the Ethereum Blockchain. The platform still has a licence from the Malta Gaming Authority and accepts ETH as an in-game currency.
As time goes by, we expect more and more such Metaverses to enter the market, and we will keep you posted when they do!
Like all other technologies, decentralised gambling at Metaverse casinos comes with advantages and disadvantages.
Whether Metaverse casinos are a passing fad or the future of online gambling remains to be seen. Nevertheless, these casinos have shone a light on some of the biggest disadvantages of traditional online casinos (lack of sociability, no ownership) and are offering a worthy alternative. Whether it works out or not depends on how we as players react to this emerging sector.
Metaverse casinos are digital establishments that exist in the Metaverse – a 3D, immersive world that operates on the Blockchain. Here you can play many of your favourite online casino games including roulette, poker, blackjack, and slots.
Yes, they do! ICE Poker is inarguably the most famous of them all.
Although it takes a while to set up, it’s an easy affair. Scroll up for a step-by-step process.
There is no specific UK legislation regarding the Metaverse just yet, but the government has already said that the Metaverse ‘cannot escape’ UK online rules. It should also be pointed out that many cryptocurrency casinos do not operate under a UKGC licence.
Just as in the UK, the EU is analysing the Metaverse and looking at imposing regulations. What will happen in the future remains to be seen.
Online gambling is banned in most States across America and Metaverse casinos will be no different.
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