How to Choose the Best Metaverse Casino?
When you think about it, the iGaming industry’s growth is nothing short of amazing. Less than 30 years ago, we saw the first online casino. Live dealer games were only launched in the mid-2000s, too. You get the idea – no one knows what’s the next big thing. Still, the rise of metaverse casinos was so unprecedented.
Not only is the term ‘metaverse’ a novelty in popular culture, but there’s also the fact that no one expected the crypto and online gambling communities to merge. The result? A unique form of online gambling that provides exciting ways to win and earn.
However, that doesn’t mean you should prep your avatar and sit at the first virtual table you see. First, you need to choose the best metaverse casino. And in today’s guide, we’ll show you exactly how.
To properly tackle the search for the best venue in the metaverse, we first need to take a look at some of the characteristics of this new breed of casinos.
From a surface level, they are not all that different from land-based casinos. You go in, sit at the table, place bets and mingle with other people. However, there’s a difference – metaverse casinos are completely virtual. There’s no need to leave the comfort of your computer.
Think of it this way. If you combine the atmosphere and socializing of traditional casinos with the convenience of live dealer games, you get metaverse gambling. Even though it’s still a relatively new niche, there’s a lot of potential.
Another thing that makes these places special is that you can only use cryptocurrencies. Big metaverses, such as Decentraland, have their very own coin, which can be staked at casino tables. In addition, crypto staples such as BTC are always available, so getting started is easy.
To fully embrace this form of gambling, you need to understand how it functions. This is essential to choosing the best metaverse casino, as you’ll find it easier to pinpoint flaws in newer or lesser-known venues.
The process of creation involves a lot of hassle and technicalities, but here’s the gist of it:
This is the first step towards a virtual casino actually opening its doors. Before people can enter the metaverse, the DAO has to set the parameters and properties of the world. Since the DAO has no leader or chairperson, this new realm will be run and operated by computer programs and algorithms.
During this step, you may also encounter airdrops, giveaways and other promotional schemes. Be careful about ‘hooks’ that seem too good to be true – valuable NFTs given out for free, guaranteed returns, etc.
Operating a virtual world requires money. Aside from initial token and NFT sales, a major influx of money comes from land sales. In the metaverse, all available land is divided into equal units.
They are then sold as NFTs, giving the buyer sole ownership and control of the plot. The contract is on the blockchain, so that nobody can dispute the landowner. If you purchase a property, you can hold it, rent it or build a structure on it.
Metaverse real estate lets you handle projects of all sizes. Small units are great for building player housing and socializing, but they don’t have enough space to house metaverse casinos. That’s why several plots need to be merged to build a venue.
However, large surfaces often cost large sums of money. As a result, individual investors often group up to offset the costs of starting such ventures. Companies like Atari have done the same to secure their place under the virtual sun.
Developers code the casino
It is at this point that the advantages of virtual casinos become apparent. Since the metaverse is decentralized and unregulated, there’s no need to apply for a license, undergo a background check or pay exorbitant fees to a regulator.
Once a plan is in place, and the land is purchased, you need a team of skilled developers to code the place from the ground up. And since virtual furnishing is much cheaper, the final look of the venue can literally be anything you imagine. In addition, this step also involves picking the right casino software to handle the gameplay.
There’s no grand opening without a bit of fanfare, right? After everything has been coded, tested and prepared, the casino owners generate hype and seek to entice players to try their games out. This often involves virtual parties, NFT giveaways, lotteries and casino bonuses. Upon opening the doors, the casino becomes operational, and you can interact with other people and objects.
Keep in mind that this niche is still in its early phases. There aren’t many virtual casinos out there, and those that have been opened are mostly unfinished. This makes searching for the best venue a bit easier, but there are still some things to consider when looking for the best metaverse casinos.
Like with all technological innovations, the metaverse is a Wild West now. Since most people don’t even know how cryptos or NFTs work, digital realms have become a hotspot for scammers, rug-pullers and other nefarious individuals. That’s why there are a few things you might consider before registering and staking your coins:
As we mentioned previously, almost every metaverse has its proprietary cryptocurrency. You’ll often hear nonsense about making things easier for the player, democratization of wealth and all that. Make no mistake – the DAO is minting the coins to get their hands on even more capital.
To artificially spike the value of their coins, they urge players to use them for bets in metaverse casinos. Since there is movement in the market, the price will eventually rise and make everyone’s gambling session worthwhile.
But often, these coins are worthless and holding them could damage your portfolio. That’s why you should look for a metaverse casino that supports more widely renowned cryptos. Since most of them are on the Ethereum blockchain, ETH is accepted everywhere. Likewise, MATIC and MANA can be used in Decentraland.
Rewards are almost always paid in the metaverse’s coin. GamblingVerse would advise you to sell for safety’s sake, but if the coin is legitimate and doing well, there’s no harm in holding a smaller batch.
Even though Decentraland and other metaverses don’t demand casino owners to be licensed, the owners’ government might disagree. This is a pretty complex legal situation. On the one hand, you have complete freedom to earn and invest in the metaverse. On the other, metaverse casinos are still gambling establishments. People wager money on games and get payouts if they win. Simple, right?
Technically, yes. But it’s still a grey area since legislators are always a decade or so late regarding technological advancements. Casino owners don’t want to risk getting charged for running an unlawful gambling operation, so they get a license anyway. Most often, Curacao or another jurisdiction allows operators to accept crypto and has lax rules.
Still, that’s not the whole story. Aside from licensing, it’s a good idea to read any info about the project, as well doing a background check on the founders. If the license is in the licensor’s official registry and the team is legit, you have nothing to fear.
Back in the 19th century, outlaws used to make a living by robbing trains. In 2022, the situation is almost the same, except the outlaws are now hackers, and trains are unsafe DeFi projects. Even though this sounds alarming, it’s a normal course of action for all innovations. Remember how bad internet security was in the 1990s? Exactly.
The point is – it will take some time to refine security in virtual venues. Still, that’s no excuse for falling into a trap and getting your wallet raided. It would be best to engage with a metaverse casino that takes its security seriously.
But what does this mean? In short, the game software must be tested for RNG, and the DAO should keep third parties as far away from your data as possible. SSL encryption is also important, as is preventing social engineering and removing scammers from the platform.
This particular segment is not that different from choosing a regular online casino. Nobody likes playing just one game all the time. Sure, we all have our favorites, but there’s no better fun than switching things around. The same goes for virtual gambling, as well. Metaverse casinos should offer multiple casino games, ideally with flexible betting limits.
As of mid-2022, venues like this are still hard to find. If a casino isn’t unfinished, it most likely doesn’t have the resources to run more than one or two games simultaneously. But the best of the best have poker, blackjack, roulette, baccarat and even some dice games.
However, GamblingVerse believes that the niche with the biggest growth potential is metaverse slots. Since the separation between reality and the game is almost nonexistent, operators can create better and more immersive titles.
The Atari Casino in Decentraland is touted as the next big thing. This is mainly because Atari has over 200+ IPs, including legendary games such as Space Invaders, Pong and Pitfall! Without a doubt, there’s a lot of material to create slots.
The market is heating up as more and more metaverse casinos are opened each month. It’s not enough to exist anymore – venues have to stand out and make their customers’ visits worthwhile. Casinos are more than happy to offer lucrative bonuses, rewards, and free spins to accomplish this.
Unlike old-school online casinos, metaverse ones can offer much more than fiat currencies and a few spins. This involves lucrative art NFTs, crypto airdrops, cashback, admission to VIP events and more. It’s similar to comp points in Las Vegas casinos, but not quite.
Of course, there are common restrictions, such as wagering requirements, minimum bets and other conditions. Don’t just read the shiny numbers on the banner for the bonus – read the entire Terms & Conditions file.
This should tell you if a casino is fair and actually willing to reward its players. If the bonus is insignificant or the restrictions are too strict, you should look for other metaverse casinos.
Advertising can be both manipulative and effective. This has been the truth since the dawn of time, but it’s even more apparent in virtual world casinos. These venues are just not popular enough to attract players with word of mouth, so they resort to aggressive marketing to get their point across.
We get it, it’s a dog-eat-dog world out there, and every casino has to fight for its place under the sun. That doesn’t mean you should believe everything you see, though. Players, on the other hand, have no reason to deceive others.
For this reason, you should look for player reviews of metaverse casinos. Various forums, blogs and websites contain hundreds of personal experiences, revelations, tips and warnings. If many people say the casino is good, and the reviews seem genuine – give it a chance.
The demand for top metaverse casinos is growing at an exponential rate. While this means more choices, it also brings confusion. Always check the licensing and player reviews first to choose a proper venue to play at. Then, follow it up with some research on the bonuses and the team behind the casinos. This, along with appropriate payment options and game variety, is all you need to ensure a metaverse casino is genuine. Good luck!