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If you’re an avid follower of the tech and crypto industry, you’ve surely heard what the Metaverse is. Announced by Facebook CEO Mark Zuckerberg, it’s a virtual reality place where people could occupy. It’s still a concept as it is, although Zuckerberg is actively working on its delivery. It will allow people to buy and sell virtual properties and pretty much live a virtual life.
Entertainment will be a huge part of the Metaverse. Artists have already been familiarized with the concept of NFTs and how they could sell their music in the Metaverse. Other forms of entertainment will be available too, all powered by existing or new cryptocurrencies. As a matter of fact, the virtual space will probably revolutionize gambling as it is, becoming a prime new concept for the iGaming industry.
How Will Online Casinos Work in the Metaverse?
Online casinos will be one of the primary forms of entertainment in the Metaverse. The concept has already been tested. VR casinos are live now, even if there are few and far between. They will easily switch to the concept of digital environment, with avatars representing the players at casinos such as Casumo. Literally every big brand is working on delivering a Metaverse concept of its site, so the moment it goes live, casinos will be among the first open ‘stores’.
Of course, we won’t be able to use fiat money in the Metaverse. It will all be powered by cryptocurrencies that might not necessarily be Bitcoin. Other cryptos will surely be around, and so will new coins. Facebook said it was working on its own coin for the Metaverse, and new played-created coins will make an appearance too.
Which one we’ll be able to adopt and use globally remains to be seen. Casinos will most likely stick to the most popular ones, just like they do in real life. You won’t see a casino that accepts all cryptocurrencies including fringe coins. However, they all accept Bitcoin and Ethereum, and it makes sense too. Cryptos are highly volatile, and those momentum price swings are too much to ignore. They can hurt smaller coins a lot, and the bigger ones offer better liquidity.
It will likely be the same in the Metaverse. Casinos will probably only accept viable coins that are frequently used. Fiat money won’t be part of the equation, so if you haven’t invested in crypto yet but you’re excited about the Metaverse, now’s the time to do it.
Blockchain Technology will Revolutionize Gambling
The blockchain is already revolutionizing gambling, but it’ll take a step further in the Metaverse. According to experts, it will lower the cost of betting and promises a new level of transparency and privacy. You see, you can be anyone you want in the Metaverse, and we’re not just talking about the virtual avatars. The blockchain allows anonymous gambling, freeing players from the stigma of gambling in real life.
Peer-to-peer betting is a concept the iGaming industry is actively exploring, and it will become the main attraction in Metaverse casinos. It requires no intermediary, lowering the cost of betting and offering a more private experience than in a Vegas casino.
Of course, all the games will be Provably Fair with all Metaverse casinos running on the blockchain. There will be no space for cheating in the digital world. The blockchain will make sure of it, so players won’t need to worry about it and doubt the games on offer.
Of course, it remains to be seen if this new concept will live up to the promise. One thing’s for sure – the whole thing will run on cryptocurrencies, so there’s no better time to invest in them than now.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.