Gambling on ‘the metaverse’ [Part 1]

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In 2021, a metaverse-based casino company made headlines after raking in $7.5 million in revenue in just a three-month period. The company takes bets from as many as 6,000 virtual avatars a day.

AGB and Earle Hall discuss the difference between a "metarverse casino" and a traditional online casino.

Earle Hall is a tech entrepreneur and CEO of Axesai. He explains the concept of the ' metaverse' which is the next phase of Web interaction. It is where a person's avatar navigates the world using their digital twin. In the example, imagine the player is standing on the virtual equivalent of The Las Vegas Strip. They choose a virtual casino with the most appealing exterior and foot traffic. The player drags a digital chip from their on-screen wallet and places their first bet on a roulette table. A dealer controlled by an avatar is operating the table and the receptionist is an employee of a casino.

Hall explains the history of the Metaverse and its development. Facebook is one of many developers vying to become the “ultimate metaverse” Facebook’s Horizon Worlds is only available in North America and Canada. Decentraland, The Sandbox, and Cryptoboxels are examples of blockchain-powered metaverses which tout themselves as being completely user-built and decentralized.

Virtual land in the Metaverse is selling for millions of dollars. The Metaversian Group paid US$2.4 million for a plot of land located in a high-traffic fashion district in Decentraland's MetaVERSE. CEO Andrew Kiguel plans to use the land to host virtual fashion shows in collaboration with luxury brands.

Part two of the series explains the opportunities the gaming industry has in the metaverse space. There are already some gaming companies investing in this space today. The series also explains what virtual land can be used for. It can create virtual stores, experiences and earn income. Part 1 explains this.