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Since October 2021, when Facebook announced that they are rebranding themselves as Meta, the term metaverse instantly entered the mainstream lexicon. However, it is nothing new, as it got coined in the 1992 science fiction novel Snow Crash, and several virtual shared spaces that fit this definition have popped up online in the past few years. So, 3D environments where people can interact and transact with each other are available, and people can buy plots of land in them, run businesses, organize concerts, and more.
Thus, it should come as no surprise that virtual gambling establishments are the next step in the evolution of interactive gaming, particularly given that social and sweepstake casinos are growing massively in popularity, according to this source. Hence, an ever-growing section of the public is becoming familiar with games of chance. How do casino-style products work, and what are their associated payouts? The effect of this is that they will inevitably find a home in vast digital landscapes that feature decentralized governance systems.
Metaverses are all the rage right now, with interest peaking due to Facebook’s announced involvement in this sphere, entering it soon via Meta, its virtual world. Below, an analysis follows concerning the perceived potential of people and companies running successful gambling spots in these open-world-like games.
Metaverse Casinos Already Exist
As mentioned in the intro above, several metaverses are already available to anyone interested in traversing and exploring virtual lands, buying digital real-estate, or transacting using Ethereum-based tokens. More internet savvy users may reasonably argue that the first metaverse was Second Life, the popular online multimedia platform. But, in the more modern sense of the word, they started popping up when virtual reality headsets became widely available.
Metaverses are all the rage right now, with interest peaking due to Facebook’s announced involvement in this sphere, entering it soon via Meta, its virtual world.
The most popular metaverse at the moment is Decentraland, which officially launched in early-2020, and now has an active user base of 300,000. In April 2021, Atari, the video game pioneer, sent out a press release detailing that they have signed a two-year lease for a section of land in Decentraland’s Vegas City district to open a virtual gaming locale. Inside Atari’s casino, Decentraland users can play unique and traditional gambling games using ERC-20 tokens. Decentraland’s native token is MANA, and metaverse gamblers can stake it, Decentral Games’ native token, $DG, DAI, or Atari’s token in this establishment.
Tominoya is another casino in the Vegas City district. It is a spot that features a Japanese theme and which boasts two floors, with three wings each. It also has a conference centre and employs VIP hosts. It features forty NFTS, each with a roulette table of four slots. Purchasers of Tominoya’s NFT become landlords of its associated virtual space and earn 30% of the profits generated by the games on that parcel/plot.
Right now, there are only a few casinos in Decentraland, but as this world grows, expectations are that more will appear. The same holds for other metaverses like Somnium Space and the Sandbox.
Will There Be Gaming Establishments in Facebook’s Metaverse
It is unlikely that Facebook’s/Meta’s Metaverse will instantly allow people or business entities to build and operate gambling venues within this world. Undoubtedly, due to the notoriety of the Facebook brand, and the influence of their social network, it will face far stricter oversight than the mentioned decentralized communities. Facebook noticed this when they tried to launch their cryptocurrency – Diem, which eventually went into the group.
It is unlikely that Facebook’s/Meta’s Metaverse will instantly allow people or business entities to build and operate gambling venues within this world.
Even though there are no excessive details regarding what Facebook plans to implement in its metaverse, expectations are it will feature a crypto-based economy. That most definitely opens the door for metaverse casinos if Facebook gets permission to create its coin/token.
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