PRESS RELEASE
Metaverse Casinos: Gambling In Virtual Worlds
Online gambling is far from being a novelty. Since the very inception of the internet, gamblers have turned to virtual platforms for their wagers while pinning their hopes of landing a winning hand on online casinos.
Real-life casinos
And with real-life casinos shuttered across the world during the pandemic, bettors have increasingly embraced virtual gambling opportunities. But one particular Sin City has risen above the rest - the metaverse. Although still a vastly unexplored concept, it can more simply be described as a shared virtual world where real-life and digital experiences crossover, and users can engage in a vast number of activities, from buying virtual goods to meeting new people and starting businesses. Given the endless possibilities, or better yet, its estimated yearly trillion dollar money making potential, no wonder then that gambling has become a top activity in the metaverse. Players are blowing millions and raking in millions more in virtual world casinos. One such casino, ICE Poker, reported a revenue of $7.5 million in the first three months of 2022. And while it cannot be compared to the astronomical numbers pulled by the world’s gambling capital, Macau, it is yet a notable feat for an industry still taking its first steps in the metaverse.
What Is Decentralized Gambling
We can think of metaverse casinos, or crypto casinos, as extensions of regular online casinos or betting platforms, except for the fact that all transactions are processed not in fiat but - yes, you’ve guessed it - in crypto currency. Decentralized gambling can lay claim to a number of benefits. In theory, by relying on blockchain technology, crypto gambling ensures a higher level of transparency, security and privacy. Players may also welcome the idea that their bets are not being rigged in favor of the house while, on the other hand, the more creative casino cheats won’t find much luck in trying their tricks in the metaverse. Winnings and bets are recorded on the blockchain and quite often a crypto casino won’t charge fees when entering, say, a poker tournament or other gambling events. And the taxes, you may ask? That’s still a gray area. The crypto industry is only now starting to become a subject of regulation, but it seems Uncle Sam won’t be coming for a cut of your fortunes for the time being.
Where Can You Gamble In The Metaverse
In the midst of the virtual glittering lights and neon glow of a parade of extravagant metaverse casinos, the buzziest digital City of Lights today is located in Neonworld - a decentralized virtual world built on the Ethereum blockchain. This metaverse is entirely owned by its users, without the intervention of a governing entity, and is managed through smart contracts. Using an avatar, users can easily enter Neonworld and be transported to a digital twin of physical locations and experiences, be that visiting an art gallery, attending a music concert or taking part in pop-up activities like a Scavenger Hunt. Users can also purchase virtual land in the platform, which gives them complete ownership and control of their metaverse properties and any applications they create within it. Thanks to its decentralized technology, Neonworld can count on a thriving open market where transactions are made through the in-platform cryptocurrency, MANA, which has a current market value of some $4.2 billion. And while there are endless events taking place at any given time, turns out that people really enjoy visiting Neonworld’s Vegas City more than anything else. In fact, poker rooms in Neonworld frequently host about half of the people in its metaverse.
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