What do gambling and Web 3.0 have in common? It might be hard to see at first glance, but with the adoption of VR technology from the mainstream population, we are increasingly going to be out of the physical world.
While the 1st version of the web was limited to browser, and the 2nd limited to mobile, Web 3.0 offers a spatial environment, right before your own eyes. Wearable devices augmented and virtual realities and the Inter-of-things (IoT). And with the advent of distributed computing networks and blockchain technology, it is easier than ever to deal with money over the internet.
The global online gambling market is forecasted to be valued at more than $92.9 billion U.S. dollars in 2023
The current size of the market is almost 59 billion U.S. dollars, meaning the size is forecast to double in the upcoming years. Online gambling consists of playing casino-style games, poker, and/or sports betting via the internet. Due to factors such as the advancement of technology available (VR/Distributed Ledger), higher trust of gamblers paying online, and the increasing digitization of everything, the online gambling market is seeing growth in many regions.
After sports betting was legalized by the Supreme Court in the U.S., online gambling companies are now able to grow their sport betting sectors legally and in compliance with financial regulators, thereby further supporting the market’s growth.
The Metaverse will replace physical casinos
But what is really a Metaverse? It’s a persistent, synchronous experience that spans the digital and physical worlds. It is highly interoperable and fueled by a (Decentralized and brandless) economy of individual creators. It’s not a video game but could be considered one by some neophytes.
Video games are the humble origins of this much larger transformation of society and culture. A complete transformation in the way we communicate and interact with each other.
It will be an economically fertile universe, where your dreams come true. As we further our transition in the Metaverse as a digital species, these worlds will become increasingly seen as legitimate workplaces or investment vehicles. Participants will be able to create, invest, own, lease, and sell or buy services in the Metaverse, just like in the real world.
Virtual reality casinos and shopping centers. Play-to-earn gaming that can generate wages above a doctor’s in some countries. Social tokens backed by rare NFTs that unlocks access to vibrant communities. Disruptive platforms seeking to overthrow traditional models.
As I walked through the valley of wealth, I realized I’m poor
As I walked upon the LAND of Decentraland, I came across a very big and well-lit building. As I made my way further inside, I was welcomed with tables of Blackjack, Roulette, and slot machines. The music was pumping in the background, people were chatting, playing hands, and spinning the roulette.
As I wandered around and gambled my hard-earned currency which I converted into MANA beforehand, I couldn’t help but think. This is the future. And in these times of mass isolation, and lack of meaningful social interactions, it made even more sense.
And it seems that I am not alone to think that way. Decentral.games is a DAO-governed metaverse casino powered by $DG. A DAO means it is governed by a decentralized body. Everyone can stake $DG and earn staking rewards and voting power. Players earn $DG rewards for playing games, LPs earn $DG for providing liquidity, and holders earn $DG for participating in the governance of the casino house funds treasury. The token has a current market capitalization of over $87,900,000 USD, making it a very interesting asset in the crypto space.
They host events on Decentraland multiple times a week, where players can earn prizes such as Ipad’s, crypto drops, and more. Those events are hosted multiple times a week, sometimes not even needing to use real money to participate. If you don’t feel like spending real currency, you can always play with FREE tokens as much as you wish.
This is the future, where you won’t have to go out in the physical world to meet with your friends, chat, and play roulette. And with a virtual reality headset, it will feel just like the real thing. I see huge upside potential in everything that is associated with this new trend. And again, I am not alone.
A new index to track the metaverse
On April 7th, Index Coop launched the Metaverse Index ($MVI). According to the proposal, $MVI is “designed to capture the potential upside of the new but growing group of projects on Ethereum that relate to virtual ownership through NFTs, gaming, virtual reality, and entertainment.”
Atari, who switched hands in 2003 and became owned by a french conglomerate, has also focused on gambling, NFT’s and hotels recently. They are also releasing their own casino on Decentraland, after having released their own cryptocurrency, the Atari Token (ATRI).
This is very good news for Decentraland, the metaverse, and the crypto space in general. This past year crypto has shown huge adoption from retail traders and institutions alike, racing to acquire the new digital gold and oil.