Online real money gaming is far from a new concept, however, the metaverse is only just starting to gain traction. Earlier this year, JPMorgan Chase commented that the metaverse “will likely infiltrate every sector in some way in the coming years with the market opportunity estimated at over $1 trillion in yearly revenues”. In a nutshell, the metaverse is a shared world where real-life and digital experiences crossover, and users can engage in a vast number of activities—from buying virtual goods and property to meeting new people and attending events, whether that’s going to a concert, restaurant, or art exhibit.
Online bettors have been logging on for decades to play poker, however, for those without a good poker face, the metaverse offers the option of donning an avatar. Metaverse casinos are basically extensions of regular online casinos, except transactions are completed in cryptocurrency. Decentralized play-2-earn games have a lot of benefits for its users, foremost blockchain technology’s ability to ensure that a higher level of transparency, security, and privacy are reached. Specifically, winnings and bets will be recorded on the blockchain, meaning bets cannot be rigged.
With real-life casinos closing down across the globe during the pandemic, enthusiasts have jumped onto the online play-2-earn bandwagon more than ever over the past two years. Players are already making millions in virtual world casinos, with ICE Poker reporting revenue of $7.5 million in the first three months of 2022.
Another metaverse casino that is taking off is Planet Maya, the world’s first collaborative open source virtual reality casino, powered by ChampionGames. Through its economy and community of game developers, odds-makers, and players, the platform’s aim is to change the perception of online skill based gaming by building global play-to-earn experiences that converge sports, technology, and entertainment.
Planet Maya will give users the experience of being at a casino with all the ambience that real-life casinos have to offer, while also providing aspiring casino owners with an opportunity to own and build a virtual casino. From betting on their favorite Esports and Formula 1 game, to roulette, slot machines, poker, and blackjack, users will have the option to bet on over 8 categories of games and 100 casino games.
Customers (bettors) simply enter into direct deals with smart contracts, which coordinate with the network of game developers and service providers, whether that’s cloud hosting services, data API’s, or other service providers.
By distributing rewards amongst creators of games, customers, and members of the community that support them, Planet Maya users can not only earn but also engage as well as build communities.
The dawn of the metaverse has created an abundance of unforeseen opportunities across a plethora of different industries that benefit from the blockchain’s increased security and transparency. Online real money making games are already an incredibly lucrative industry, but by merging metaverse technology with skill based gaming, metaverse casinos have the opportunity to bring more regulation and transparency to the online betting world.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
