Examining how online casinos might adapt to the newly formed metaverse and what players can expect from the futuristic virtual universe.

Will Online Casinos Join the Metaverse?

Online casinos have never been shy about taking advantage of new technology, from the internet to smartphones and live dealer tables. But how will the sector approach the nascent metaverse?

Metaverse – a Trillion Dollar Proposition?

The metaverse is a collective name for a new way the internet can work. Companies made this approach to create shared worlds that emphasize VR (virtual reality) technology, cryptocurrency for financial transactions, and NFTs (non-fungible tokens) built around blockchain technology. Some big names in the business world believe in the metaverse, with Facebook (now Meta) and Microsoft pivoting strongly in that direction. Considering forecasts, it makes sense.

According to data and analytics firm GlobalData, the metaverse will be worth just shy of a trillion dollars ($996bn) in 2030. It would be an astronomical rise, as the metaverse in 2021 had a market worth $22.79bn. This growth is a huge opportunity for those who get ahead of the curve, assuming that the predictions are accurate.

Technological Development in the Top Class Casinos

The intense competition between online casinos is the critical factor that has made them so responsive to new technological developments. As a result, many modern casinos offer mobile-friendly and live dealer table games. Taking advantage of live-streaming technology is crucial to provide a greater sense of immediacy and atmosphere to classic table games. This same competition has helped to drive up the quality of the sector as a whole, with top tier casino sites. It provides a stunning array of games, from cutting-edge slots to old-school card games and excellent bonuses for players old and new. Likewise, supported financial methods include debit and credit cards and newer banking systems like e-wallets and cryptocurrency. This last option (crypto) is the financial mainstay of the recently formed metaverse.

NFTs Galore

Cryptocurrency is rising in popularity, although it’s fair to state it remains far behind both fiat currencies and leading forms of personal finance such as Visa and Mastercard. It is, however, available at more and more online casinos and is the way that trading NFTs occurs. Both crypto and NFTs are also major parts of the metaverse.

NFTs already exist for everything from wearable gear for virtual avatars to metaverse real estate and may also be used when gaming. Some metaverse casinos already exist, and one way of playing fundamentally differs from standard online casinos. It can happen by purchasing a wearable NFT. The wearable NFT acts as a recharging ticket that offers a certain amount of play per day before resetting each day. It is too early to say whether this way of doing things will become a metaverse standard or be a more niche approach, with most metaverse casinos opting for a traditional way of paying and playing (simply substituting fiat for cryptocurrency).

Facebook Believes in the metaverse – but do the Public?

Facebook has, perhaps more than any other social media giant, changed how people interact with one another online (all while being hugely profitable for Facebook). Mark Zuckerberg, CEO of the firm, has rebranded it to Meta as an indication of how seriously he thinks the metaverse is the future for the internet generally and Facebook in particular. Zuckerberg has even described Meta as now being not a social media operation but a metaverse company.

Zuckerberg has focused on the long term, and this is where he believes the metaverse will prove a wise strategic move, even if there are some obstacles and setbacks in the short term. However, there are question marks over whether the public will share this view and jump aboard the metaverse hype train. There are a couple of potential hurdles to overcome if the metaverse is successful, and many revolve around a limited appeal. Because the mainstay of money in the metaverse is crypto, this excludes most people who do not choose to use cryptocurrency. Similarly, VR is at the heart of the metaverse (technically, it’s not essential, but the shared worlds are designed with VR in mind). Most people do not use VR, and buying a headset is an additional cost that normally does not apply to using the internet.

f the metaverse were offering something a step above the current internet, these obstacles might be considered the fair admission price. But the fact is that, currently, the metaverse does not have this unique attraction. Shopping, socializing, and gaming can be done using a PC, laptop, or smartphone. Some major companies are investing heavily in NFTs (which are proving less popular than they were with the public a year or two ago) for real estate and wearables in the metaverse. There’s a lot of convincing if ordinary people are to shift in large numbers away from the standard internet. And this will determine whether the metaverse ends up being a success story, with retail, gaming, and betting firms expanding into it, or whether it becomes, at best, a minor addition to the internet.

Doubts from Other Tech Giants

Not every tech giant agrees with the VR-focused metaverse. Apple’s CEO Tim Cook is keener on AR (augmented reality) and Apple has avoided the metaverse nomenclature for its own products. Elon Musk has also expressed doubts about the metaverse. The use of VR headsets over a prolonged period by substantial numbers of people does remain a potential stumbling block for the metaverse to overcome.

From a casino perspective, both AR and VR would fit in nicely with a live dealer table and enhanced options for socializing between players. VR slots are few and far between currently, but development is ongoing and more games of this nature are expected in the not-too-distant future.

Ultimately, online casinos will always adapt to new technology and seek to use it to improve their offering and expand their player base. Whether this applies to the metaverse is more a question of whether the metaverse itself ends up thriving or withering away.