In an age where it feels like almost anything physical is being swapped out for technology, casinos being taken over by the metaverse isn’t as strange a thought as it once was.
This blending of technology into real-world uses and hobbies can be seen with the rise of AI, which has become commonplace in many people’s day-to-day lives.
ChatGPT, for example, was reported to be on track to reach 700 million weekly active users at the beginning of August. This marks a 4x year-over-year increase in usage.
Although the emergence of artificial intelligence appeared to have happened overnight, it was a slow transition for some companies. With this in mind, could physical casinos be taken over by the metaverse if this form of technology also sees a rise in users in the future?
What is the metaverse?
The metaverse refers to the immersive digital spaces which are like virtual worlds. People can enter these areas through the use of technologies like virtual reality (VR) or augmented reality (AR.)
Currently, the most common use cases of the metaverse are for entertainment purposes, with people using VR or AR equipment (like the Meta Quest, Oculus, smart glasses, etc) to play games and join an online world.
Roblox, Minecraft, and Fortnite are all examples of popular games that can be played in the metaverse. It’s not just this category that has seen the introduction of this technology, though, as it can also be used in education, particularly when simulations for hands-on training are useful, like in medicine, engineering, or aviation.
While the industry has seen some interest in the last few years, it’s still at the start and hasn’t yet garnered the attention that AI has. As we look to the future though, this could all change if the concept becomes more understood.
Are there casinos in the metaverse currently?
While not yet mainstream, there are a number of decentralized casinos now in operation. They work in a similar fashion to a physical casino, except you’re walking up to a table or game and placing bets in the virtual world.
Typically, the virtual casinos offer a similar set-up to what you’d see in the physical world, with slots, table games, poker, and even live dealer games.
Pros and cons of metaverse casinos
With it being a case of opening a computer, putting on a headset, or wearing a pair of glasses, the metaverse could have a wide variety of players from several countries involved as no travel is needed. Some may also have a lower barrier to entry.
Although accessibility is easier, the virtual casinos may lack the physical atmosphere and experience of being in a physical location. There could be technical issues too, as you’ll need a stable internet connection and access to make these work.
Could the metaverse replace physical casinos?
The idea of metaverse casinos overtaking physical casinos is one which seems too far-fetched at the moment, but the types of businesses that operate in the digital environment could become more commonplace.
Especially as the younger generation, Gen Z, become the more prominent buyers, an attraction towards all things virtual could potentially be witnessed. Those who are aged 27 years old and younger have grown up in the ever-evolving digital age, with the use of technology being second nature to them.
According to a Deloitte report, 29% of Gen Zs and Millennials would be interested in using a VR headset to travel and explore virtually. This world has already been explored by some of them, as around 40% say they have used VR technology in some way, from gaming to attending a concert or sporting event, or for work or school.
A huge 75% of Gen Zs and Millennials class themselves as gamers too, with many playing rich, story-driven games or multiplayer combat games that offer more interactive and immersive experiences.
The love for digital platforms, and state-of-the-art video games, could be the reason why the esports industry is seeing a boom. Gen Z are five times more likely to follow esports than boomers, showing that this generation is comfortable mixing the physical with the virtual.
As technology continues to improve, and the younger generation contributes more heavily to spending/buying power, physical casinos may need to tweak their offerings to keep up – especially if the metaverse is to become popular.
Featured Image: AI-generated via Ideogram
The post Could physical casinos be taken over by the metaverse? appeared first on ReadWrite.
This articles is written by : Fady Askharoun Samy Askharoun
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