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The Metaverse is Coming Rapidly Towards the Gaming Industry
The metaverse has been the talk of the town for quite a few years now. It’s one of those things we don’t understand fully yet, but we know it exists. If you watch the 1995 David Letterman interview with Bill Gates, he tries to explain what the internet is to Letterman. We’re Letterman in that context.
However, the definition or characteristics of the metaverse is not our concern today. Rather, we plan to understand how the gaming industry is charging into the metaverse. And yes, it includes the online gambling industry as well.
What is the Metaverse?
Although we said the metaverse is not our concern for this post, we believe a little background is necessary.
The metaverse is simply destined to be a virtual world where you can do everything you currently do in real life. It’s not like there can be only one metaverse. There can be more than one if the circumstances allow.
If you’ve watched Ready Player One by Steven Spielberg, you should have an idea of what the metaverse might look like. Of course, it’s very extravagant in the movie but the core concept carries over to the real world.
Needless to say, the entry into the metaverse will require some serious processing power on your end and a very good quality VR headset.
Now, let’s move on to our topic for the post, how the gaming industry is charging into the metaverse.
The Impact of the Metaverse on the Gaming Industry
The gaming industry has been a major source of entertainment for who knows how many. For the last 40 years or so, the industry has evolved beyond anyone’s imagination. If you look at the visuals and size of the current AAA titles, you’ll notice how breathtaking and massive they are.
Most games now take more than hundreds of gigabytes of storage due to their complete real-world mechanics in them. So, when the Metaverse finally becomes a thing, you can think of it as the world of one of these games.
Take the Witcher 3 for example. It’s very positively critiqued for its humongous world, nice-looking characters, and mind-blowing visuals. When you have your own avatar in the Metaverse, you’ll be looking at that world from Gerald’s eyes.
One of the current games that capture the essence of the Metaverse the best is Rec Room. It’s a VR multiplayer game where different avatars can gather and do things you’d otherwise do in a rec room.
Interestingly, all of these characteristics carry over to the online gambling world. Over the last decade or so, gambling trends have majorly shifted online. The availability of online casinos and progressive easing of regulations all over the world have helped this paradigm.
Another interesting thing comes to mind when we think about fast withdrawal casino operators in the metaverse. Currently, there’s a processing delay between when you request the payment and when you actually get it.
But in the metaverse, both you and the casino will be located in the same virtual location. So, it should be easier to verify the identity of players instantly and process the payment. If it ultimately becomes possible, the few drawbacks of online casinos will be eliminated.
Currently, there are many crypto casinos that seem to be the latest trend in the industry. If you didn’t know already, the crypto industry, specially NFTs has an intimate relationship with the metaverse.
It’s primarily because the world we’re going to build inside the metaverse will essentially all be NFTs. Your avatar, your car, your house, and everything else you want will be under your ownership.
Other Problems the Metaverse Might Solve
According to the current iGaming regulations, you must live in jurisdictions where online gambling is legal. Otherwise, you can’t sign up. But the ultimate goal of the metaverse is to create a world where anyone and everyone can roam freely and enjoy the same amenities.
As a result, there will be no borders for your casino experience. You should be able to walk into any casino you feel. Or, enter any game world you want to explore. If everything goes as it’s supposed to, the Metaverse is going to be the biggest technological advancement of our time.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes