The Future of the iGaming Industry4 min read
Online betting (iGaming) never stands still for long and the latest innovation is the metaverse, complete with VR and NFTs. Read on to learn more about how this all works.
The Rise of Cryptocurrency
It’s only a few years ago that finding crypto supported as a banking method for iGaming was a pretty rare thing. These days, a substantial minority of online casinos support Bitcoin (the market leader by some distance when it comes to crypto and casino gaming). Some sites are even dedicated solely to cryptocurrency, attracted by the lower processing fees than are associated with more traditional forms of personal finance. And even sites that do not offer cryptocurrency support directly can still be accessed by fans of Bitcoin and so forth. This is because most leading e-wallets nowadays have taken to enabling cryptocurrency integration, and e-wallets are among the most ubiquitous forms of banking methods at online casinos, behind only Visa and Mastercard. This is especially useful in markets such as the United Kingdom that have a large number of online casinos but do not permit direct support for cryptocurrency for betting purposes.
Increased Competition for Casinos
One of the primary reasons why online casinos have been so keen to adopt the latest technology, all the way back to the smartphone revolution through to the metaverse today, is that there is very fierce competition for players. This has proven a boon for gamers as sites vie with one another to win their attention and loyalty, and has also led to the creation of a wide range of promotions for both newly registered and existing players. The proliferation of bonuses can make it time-consuming to find them by browsing casually, and the best way to compare all the latest offers at USA no deposit casinos is to check our handy link. That way, there’s more time for playing games with no risk of loss thanks to no deposit bonuses, and less time frittered away searching for them.
The Metaverse and VR
Just what is a metaverse? It’s a new (sort of) way of using the internet, accessing it via shared online worlds. VR (virtual reality) may form a major part of a metaverse and helps to immerse a player in a three-dimensional world. Second Life fans will be well aware that this isn’t an entirely new idea, with Second Life created way back in 2003. However, the metaverse has recently hit the headlines due to the plans of Facebook to rebrand as Meta and focus on its metaverse as a key portal for accessing online activities.
Philip Rosedale, creator of Second Life, has questioned the technological feasibility of Facebook’s vision for its metaverse, describing VR headsets as not yet technologically mature. However, there is certainly a drive to improve this feature, and it has substantial potential for a wide range of activities, including touring historical and extra-terrestrial areas, immersion therapy, and playing online casino games. The latter could be especially good for table games such as poker and blackjack, with characters able to sit at the same virtual table (and perhaps even read body language). Live dealer games are already very popular, and VR tech would be one obvious way to improve them even more.
NFTs and the Metaverse
NFTs (non-fungible tokens) have become all the rage lately, and are another avenue of advantage for crypto fans as purchases typically occur this way (with Ethereum the currency of choice). In addition, the nascent metaverse casinos are focusing very much on cryptocurrency as the prime banking method as opposed to traditional fiat currencies (dollars, pounds, euros etc). Potentially the most interesting thing, however, is how these two aspects are already starting to dovetail.
In a normal online casino players either take advantage of a no deposit promo or deposit cash and then use that to play and either win or lose money (withdrawing profits if fortune goes their way). NFTs and the metaverse do present an alternative method of playing, with NFTs acting as wearables for a virtual avatar, and these NFTs then providing a set amount of tokens with which to bet. The total then gets zeroed overnight. This will not, of course, be limited to online casinos but could be a model for various activities, with NFTs almost acting as recurring tickets (and being sellable if you decide you want try something else). NFTs could be used to assert ownership of real estate in a metaverse, 3D assets in a gaming environment (whether an item of fashion or a spacecraft), or anything else.
Online casinos are always pushing the technological boundaries in a bid to outdo their competition, and the first have already emerged in the metaverse. Future years will see plenty more.