Sports Betting, Competitive Entertainment, and “The Metaverse Sportsbook”
Bettors will have the ability to choose a Metaverse sportsbook, place bets, and then collect winnings instantly.
The future is upon us! At least when it comes to emerging technology and the sports betting Metaverse. With CEOs from companies like Facebook and Microsoft investing considerable resources into developing this industry, it seems like only a matter of time before we are all throwing on a pair of VR goggles to attend sporting events and place our wagers.
We are right on the cusp of seeing technologies, like online video games and gambling, evolve from commodities that were once an escape from our everyday lives into a new universe where you can buy goods, purchase services, and meet new friends in a persistent world that runs parallel to our own.
In the 1970s, no one could have imagined the extreme shifts and changes the world was about to embark on while the foundations of the internet we know today were being put into place. Tomorrow, it could be the Metaverse that sends us down the path to a new reality we did not think was possible.
What is the Metaverse?
The Metaverse is a term that is used to describe a digital universe that never stops running even when the user signs off. A world where you can purchase things at virtual shopping malls, attend virtual concerts, and even own land. You can interact with your friends and host parties in your virtual homes.
The best part is, the Metaverse can be accessed universally using any hardware you want! So, you don’t have to buy an Xbox because all of your friends have one. You can tap into this virtual world using computers, game consoles, VR goggles, and even mobile devices. Wearable technology like headsets, bodysuits and 360-degree treadmills will advance into everyday household appliances. When navigating between different games and platforms, the avatar you create will not change from game to game, and the number of users who can join is unlimited.
The potential impact this could have on our society is difficult to imagine, even for the sports betting and casino communities. Through the Metaverse, players can have a full-on interactive experience visiting social casinos, playing fantasy sports, and betting on traditional sports, esports, and igaming.
Betting with Metaverse Sportsbook
Imagine attending a live, real-time NFL game through a virtual headset or sitting down at a Premier League match from across the world. The sports betting Metaverse will bring an indescribable dynamic to sports betting and its interaction with live sports.
Bettors will have the ability to choose a Metaverse sportsbook, place bets, and then collect winnings instantly. You will be able to enjoy the ease of online betting while simultaneously getting the experience and atmosphere of attending any event you want in person.
You will have the ability to walk into a real casino, sit down at a real table, gamble with real currency, and when you’re done, switch it off and go to bed! All from the comfort of your own home! The craziest thing about it is Metaverse casinos are already online and operating.
The game Decentraland, for example, has already hired real-life staff to work in its Tominoya Casino offering digital blackjack, slots, and roulette. Atari has also recently announced that it would be launching an interactive casino in Decentralands “Vegas City” where players will have the opportunity to enjoy the blockchain-based casino and lottery games.
With so many companies jumping on board and contributing to the development and future of the industry, it’s only a matter of time before a Metaverse sportsbook is live and open for business. There are, however, a few roadblocks that need to be sorted, like laws, regulations, and how to keep it safe and secure. But it seems inevitable that this is the future of betting and gambling, with predictions of this reality hitting us within the decade.
Cryptocurrencies in the Metaverse
There is no doubt that the emergence of the Metaverse is and will be heavily intertwined with cryptocurrencies. In fact, a few of the best performing cryptocurrencies of the year were Metaverse tokens. This growth, paired with popular online casinos already allowing players to deposit and withdraw cryptocurrency, leaves no question about its future in online gambling.
In theory, the Metaverse sportsbook will have its own fully functioning economy and require systems to track payments, make exchanges, and purchase digital goods. With so many people already using cryptocurrency to bet on sports and gamble online, the odds of this carrying over to the sports betting Metaverse is very likely.
As cryptocurrency is trending towards the payment of choice for the Metaverse and online gambling, here are some of the most significant tokens to keep your eye on today.
Non-Fungible Tokens (NFTs)
If you have been following the rise of the Metaverse or cryptocurrencies, then you have probably noticed the rise of NFTs or Non-Fungible Tokens. NFTs are tokens that represent Ethereum-based assets that are unique. No two NFTs are alike, and they give creators power they never had before as they can sell their creations. Some examples of NFTs are:
- In-game Items
- Digital Sneakers
- And more!
In short, anything that can be supported on a digital platform can be an NFT, and they run on the same blockchain technology
supports the cryptocurrency industry.
Where is the Metaverse at Today?
Currently, the pioneers of the Metaverse are hands-down the gaming industry. But with all your usual suspects working in collaboration such as Microsoft, Google, Samsung, and Facebook, it won’t be long before giant strides are made to the growth of this technology. On the gambling side, you can expect a Metaverse sportsbook or two in the not-too-distant future, and likely many more to follow.
There are already plenty of real-life examples of the Metaverse in the online gaming industry with crypto-based online casinos. Decentraland, Axie Games, and Sandbox are just three of the numerous games available today.
Future of the Metaverse
At this very moment, major corporations are not just running but sprinting into the Metaverse. Major brands like Nike have already started selling digital shoes and other apparel in games like Fortnite, Decentraland, and Roblox. They have already acquired a company specializing in NFT projects to help develop their digital sneakers. Shopping in the Metaverse is getting more lavish and abundant by the day, with opportunities to buy designer clothing and even homes next door to celebrities.
We are in the early phases of a breakthrough nobody can predict. In the future, like the internet, the Metaverse might not be something people want to have but NEED to have to survive. The opportunities this will likely provide with the surge of remote work can revolutionize where we work from and how we do it. Think about what Metaverse casinos or sports stadiums could look like when left to a designer’s imagination.
With the rise of the Metaverse, our online world is in for a significant shift. But what this will mean and the opportunities that will come from it for live sports and sports betting will be exciting to see.