While it may still be strange to some, the Metaverse is no longer a fictional concept. Technological advances in the past decade and continuous efforts from Silicon Valley made this once-distant dream a reality.
With the pandemic and its related curveballs for social interaction, society became more adept at life online, seeking digital solutions for everyday tasks. Some may still argue that the Metaverse is a gimmick, but the Metaverse is here and estimated as a multi-billion-dollar industry.
Online gambling is a technology-based entertainment, and developers must stay ahead of the curve to meet player demands. On top of this, market leaders must anticipate the next big thing in the ever-evolving landscape to better understand and exceed customer expectations.
The question is whether the igaming industry is ready for the Metaverse?
Mark Zuckerberg probably represents the captain of team Metaverse, and he renamed his social media company to prove this. After Facebook's name change and Microsoft's announcement of its investment in the future of the shared virtual world, a new era in digital technology dawned on us.
Research estimates the value of the market at $38 billion for 2021. Although predictions are only that, most expect double-digit growth by the end of this decade.
The first applications of the persistent, shared virtual world include work platforms like Teams from Microsoft and entertainment applications like Fortnite from Epic Games. These resemble the basic principles of how the Metaverse would function.
To reach the universal goal Zuckerberg and the rest of the creators have, everything will become interlinked. The Meta CEO explains that ultimately, the Metaverse becomes the new internet, accessible to everyone.
How Does Online Gambling Tech Stack Up?
Online gambling in the Metaverse is comparable to gambling in a brick-and-mortar casino in the physical world. Creators of this real-time, virtual world explain that the experience should resemble the familiarity of our natural surroundings with the bonus of elements impossible in the real world. An example of this would be a hotel-casino from a top gambling destination with zero gravity, allowing players to float from tables to slots and lounges.
Companies already host meetings, and artists deliver crowd-pleasing performances on it, so are there any metaverse casinos out there? The regulated online gambling space currently offers none, but for crypto gamblers, there is the option of Decentraland. Yes, that means metaverse gambling remains a niche.
While igaming providers navigate the treacherous waters of regulation, they must utilise other technology for seamless metaverse adaptability. Blockchain technology seems integral here, and somehow there is a significant gap in the online gambling market concerning decentralised offerings.
Exploring an Alternate Reality
Although certain industry specialists believe the Metaverse doesn't require us to sit with a headset on our faces, the realistic and ultra-immersive experience is what it's about. This means that access to the related technology and gear must improve for greater adoption within the gambling industry. Zuckerberg believes this is possible.
Since slots hold on to their title as the most popular online gambling games, it would make sense for developers to explore VR options in the segment, but live gambling remains the only option for tech enthusiasts. Metaverse options like Decentraland require cryptocurrency bets and specific hardware.
For now, it seems online gambling in the Metaverse remains possible for a specific segment of the market. However, let's consider the advances of the last two years and technology's increasing momentum. We'll meet each other in a metaverse casino lobby soon enough.