How could the Metaverse change the iGaming landscape?
Technological advancement has had an enormous influence on our lives. As a result, how we work, connect, and enjoy entertainment has vastly changed, as has the exciting world of iGaming.
Every year, innovations emerge and take shape, and this year, all eyes are on one technological innovation that has the potential to explode. Unless you've been living off the grid with no media exposure the past year, you probably already know what we're referring to. The Metaverse is that technical innovation we are about to discuss. Although we have only seen it in its early phases, it has the ability to revolutionize iGaming completely.
The team at Uplatform converged with ideas and has come up with several thoughts that we believe the Metaverse's development might evolve and transform the iGaming realm.
Firstly, what is the Metaverse?
What is the "Metaverse"? Despite its intricacy, people have attempted to explain and characterize it in a variety of ways. Global Industry Analysts Inc., examined this topic and described it in their report.
The Metaverse, according to Global Industry Analysts Inc., is seen as the internet's future, which involves a combination of technologies, from integrating mobile networks, social media, augmented and virtual reality, and other technologies into one ecosystem that provides a totally immersive virtual reality experience. Also, the metaverse market is expected to reach $758.6 billion by 2026, according to Global Industry Analysts Inc.
Growing interest is evident, and IZEA Worldwide has explored how this affects social media influencers. The survey discovered that 70% of respondents think the Metaverse will eventually replace social media, and gambling is one of the most popular activities for those interested in becoming engaged in this concept. As the Metaverse develops, how might the future of iGaming look?
iGaming and the Metaverse
It is certainly entertaining to explore the domain of realistic potential possibilities, even if we don't have a Metaverse crystal ball that gives us a glimpse into the future. Wouldn't it be amazing to wear a headset and experience amazing destinations Las Vegas? In the Metaverse, you may find yourself experiencing the grandeur of real-life casinos, no matter where you are. Uplatform's Head of Marketing Maria described how land-based casinos could use Metaverse to enhance their reach.
"I believe that casinos are set to benefit hugely from the exciting new immersive nature of the Metaverse. It's expected to be a futuristic step beyond the experience towards what you might call super-real casino gaming. For a long time, the pinnacle of immersion was live dealer games, where players could sit in the comfort of their home and interact with other players and a dealer at a poker or blackjack table.Maria Bashkevich | Head of Marketing
However, virtual reality technology has given new life to the idea of immersive gambling. VR and Metaverse gaming go beyond just social interaction with a dealer over chat communication by providing players with the sights, sounds, and atmosphere of a real casino. I'm expecting, that many of the casino games we know and love will remain the same in the Metaverse. Blackjack will still be blackjack, and roulette will still be roulette. These games might have additional features, and most of them will probably function on a Metaverse token or crypto payment system, but the fundamental games will remain the same".
The scalability of a Metaverse online casino is immense. It could be used to create exact replicas of the gaming floors of renowned casino resorts in Las Vegas and Macau. Or with more out there developments that feature any kind of themed playing environment you can imagine, such as the lost underwater metropolis of the Atlantic, intergalactic Space planets, and so on.
This technology could also have a significant impact on live casino experiences going forward. Although these games have gained popularity in recent years, the Metaverse may have a significant impact on their future. It could, for example, change the navigation format, while depositing and betting may be modified as well.
It's almost effortless to visualize how things could unfold. Imagine oneself entering a beautiful virtual casino, greeted by elegantly dressed, courteous staff before being ushered to your playing table. Join the chat room and start chatting with other players before you start playing for real money! Metaverse gaming is set to add an entirely new dimension to live casino gaming!
Then you have the sports area. Envision being able to watch top sporting events in the Metaverse. You might have premier box seats in the stadium from the luxury of your lounge room. While the match takes place, swipe through a side menu to see various betting options to bet on all the live-action.
There is a lot of excitement and buzz surrounding the Metaverse in the iGaming market, and several providers are already developing virtual and decentralized casinos. For many of us, Metaverse casino gambling represents a step into the not-to-distant future that some thought would be decades away. In a virtually accessible environment, online casino gaming is set to launch the beginning of a new age of gamification. Increasingly advanced and futuristic games and gambling options will become the new standard.
The next phase of VR
Although much of the Metaverse is merely conjecture, it is obvious that augmented and virtual reality will have a key role. VR has already made an impact in the iGaming sector, as several providers have invested in creating virtual reality experiences.
Developer Evolution describes how its Gonzo's Treasure Hunt title offers a virtual reality mode. Despite this, the Metaverse could be a huge opportunity for the technology, as it could significantly transform how we access online gaming and other experiences in the future.
The emergence of NFTs is another factor that could influence iGaming's future in the Metaverse. A Bloomberg report indicates that the market may be worth $40 billion by 2021. Non-fungible tokens have become a real talking point in recent months. The social aspect of iGaming in the Metaverse might also play a major role, as it may dramatically change how players and dealers interact. Were you ever curious about what it would be like to play various games in a virtual casino surrounded by all your closest friends? There is a possibility of it becoming a reality in the near future.
Reality is shifting
Many theories about the Metaverse and iGaming would have sounded like dystopian fiction just a few years ago. Following recent events such as the COVID pandemic lockdowns, which have demonstrated how technology can bring people together and spawn new experiences, it feels the Metaverse is closer than ever before.
It is likely that the Metaverse will hold an exciting future for many organizations who are already exploring it and considering how they can incorporate it as part of their business models. We're excited to see how this all pans out, and we're also looking forward to seeing whether we were right about some of our concepts.
Metaverse casinos, which operate in virtual worlds and resemble futuristic Hollywood movies, are on their way to revolutionizing the gambling business, and they've already arrived.