How Could Blockchain And Metaverse Technologies Revolutionise The iGaming Industry?
The iGaming industry is huge. In the UK alone, there are hundreds of licensed brands offering a mix of casino games, sports betting, bingo, lotteries, and other forms of wagering. With so many brands vying for the same customers, competition is strong, leading many operators to look for ways they can stand out from the crowd. In the case of Virgin Games, they’ve done this by offering a casino bonus in the form of free spins to new customers that sign up.
Others have taken to creating exclusive games that can’t be found on any other site, making them the casino of choice for those that love any of those particular titles.
Some casinos have taken a different approach altogether, looking for ways to embrace new technology to create an entirely new gaming experience. A recent example of this is live dealer games, a format where video feeds are used to show a human dealer who controls the game rather than lines of computer code.
iGaming companies are always quick to embrace new technologies, so it’s only a matter of time before we begin to see blockchain and metaverse concepts make their way into casino games.
Blockchain
The most obvious way to incorporate blockchain technologies into casinos would be to accept deposits in cryptocurrencies and either convert the value into fiat money or use the crypto for wagering and payouts too. However, there other possible implementations. One of these is in the use of smart contracts to verify payouts after a win since all records would be stored on the public ledger.
Metaverse
The metaverse has become a hot topic within the last nine months or so as companies race to launch digital worlds for their customers to explore. A casino would be a great metaverse location since it could combine many of the trumpeted features. Players would have a space to explore, allowing them to interact and socialise with others. Casino gift shops, similar to those found in land-based facilities could sell merchandise that’s tracked with NFTs, creating collectable items that could be a store of value.
The chips themselves could even be tracked as NFTs, allowing the casino and the rest of the world to see exactly who owns each one. This could also make some highly sought after if they’ve been previously owned by celebrities or professional gamers.
The possibilities for iGaming are limitless with metaverse and blockchain technologies, and it is very possible that we could begin to see them being integrated in the coming years.
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