Top Crypto to Use in Metaverse Casinos
Metaverse gambling is already grabbing all the headlines. It’s no surprise, as casino fans have been anxious for a new way to enjoy their favorite hobbies. At first glance, entering a virtual world and playing a few hands seems easy enough, right?
Yes, but not quite. Many players get confused when faced with cryptocurrencies and their mandatory use in metaverse casinos. While they fulfill the same role as fiat currencies, there are a plethora of extra features that make them ideal for this purpose.
And the truth is – cryptos are much simpler than they sound. That’s what we want to show you in today’s guide. We’ll take a look at how cryptos work in the metaverse space and give you a rundown of the best ones to use in 2022. Ready to take a stroll through Decentraland with us? Great, let’s enter!
The term itself has become somewhat muddied, and there are many different definitions floating around. Here’s how the whole concept works, along with some key characteristics:
- They are decentralized. As you probably know, no metaverse is under the control of a single entity or organization. Since everything is coded, developers create algorithms that ensure everything flows smoothly without the need for human interference. The same goes for casinos. Metaverse landowners come together, ‘fuse’ several plots of land and hire a team to design and build the casino. Afterward, everything that happens is in the governance of the owners and the operator in charge of the games.
- Anyone can enter. Even though online casinos are ubiquitous, more and more people are making the switch towards the metaverse because of too many regulations. You not only have to hand over all your personal information, but some sites also request document scans. It’s pretty unsettling to have to hand over your SSN and other data, right? Of course, it is. To enter metaverse casinos, you just need a crypto wallet, and that’s it. No one cares who you are – we’re all here to play.
- Big companies can also join. Remember how we said that people can join forces and start their own casino? Well, that same decentralized economy allows big brands to provide gambling services. Take Atari as an example. While most retro gamers know them from their impressive collection of arcade games, they opened a new venue in Decentraland – Atari Casino. At the moment, they’re busy developing game-themed slots and unique games. If the venture turns out to be successful, we’ll see more companies and iconic IPs merging with the metaverse.
- The games are fair and transactions are public. Under the hood, metaverse casino games aren’t different from those you see at big sites. The software is powered by an RNG mechanism, ensuring fairness and randomness. You can even see the code for some of these games, as developers are eager to prove they’re not scammers. And when it comes to transactions, it’s easy to protect yourself against scams. Every deposit is registered in the blockchain, where records can’t be altered or manipulated.
- Socialization is a part of the equation. Live casinos were always seen as the missing link between online casinos and Vegas venues. Sure, it’s nice to talk to a real person, but a chat box doesn’t come anywhere near that iconic bustle at brick-and-mortar casinos. Metaverse gambling seeks to improve things. Everyone can create their own avatar and use a microphone to communicate with other players. There’s also music, virtual drinks and shows, just like you’d expect to see in Caesar’s or somewhere else. And the best part? You can enjoy all of that without leaving the comfort of your own home.
See? It doesn’t take much time to get used to metaverse casinos. They offer the same games and variants as regular ones but in an interactive and virtual world. Due to the decentralized nature of the economy, manipulations and scams are very rare.
But how do cryptocurrencies tie into all of this?
We’ve seen many of our readers asking us a variation of ‘Wait, why can’t I use PayPal or my Visa card to deposit at metaverse casinos?’ And that’s a perfectly logical question, especially if you never played with cryptos or invested in them. The GamblingVerse team believes there are three main reasons:
- Security. As mentioned previously, cryptos exist on the blockchain, just like the metaverse world you’re playing in. This means all transactions are permanently stored on the blockchain. With banks and eWallets, tracking where the money goes is notoriously difficult. With sites like EtherScan, you can always track which wallets the coins went through. This makes it easier for authorities to arrest thieves and other criminals.
- Convenience. If you hate waiting for a card deposit for five business days, you’re not alone. Casinos in the metaverse tackle this issue head-on due to cryptos being famous for their processing speeds. A Bitcoin transaction never takes more than 30 minutes to be verified, while coins on newer blockchains reduce this waiting time to just minutes. Why should you settle for getting your money later when you can get it right away?
- Profits. Here’s where it gets tricky. Cryptos are speculative assets, and their value is therefore determined by supply and demand. If lots of people are selling, then the price will rise. If the market is in a slump, the price goes down. Simple, right? Knowing these mechanics, metaverses and metaverse casinos often create their own crypto. When people use it, the transaction volume rises, and the price goes up. Obviously, the biggest beneficiaries are the minters, but players love this system, too. If you’re converting BTC, ETH or a fiat currency into this proprietary coin, and the price rises, your portfolio goes up. It gets even better if there’s a play-to-earn (P2E) program involved.
The list below is a product of months of research, testing and having a lot of fun visiting metaverse casinos. We also talked to players and developers to acknowledge their experience and potential suggestions. If you run into a good token to gamble with, let us know! Until then, take a look at these:
The ol’ reliable. Known as the father of all cryptos, Bitcoin is still the most valuable coin on the market. This gives it a certain aura of reliability, which is the main reason why players aren’t afraid to exchange their dollars for it. Since there’s no opportunity for a pump and dump, holders remain steady.
However, it’s worth mentioning that the tech used in creating BTC is outdated. It can handle much fewer transactions than newer blockchains, and it’s much more resource-intensive. Therefore, it’s not the preferred currency at metaverse casinos, but its reliability makes it an indispensable option at most venues.
It might come off as a surprise to some, but Ethereum is by far the most popular gambling crypto. In fact, it’s not even close. Since most metaverse projects are built on the Ethereum blockchain, it’s only right that the currency itself is also used. Since smart contracts are used to verify transactions, deposits and withdrawals are lightning-fast.
From an investor’s standpoint, Ethereum is a stellar option. Unlike Bitcoin, its blockchain can be used for a whole number of different activities and processes. As such, it’s believed to be the next big thing. Even though it’s worth 20x less than BTC in mid-2022, the future potential makes ETH a good choice to play with and hold.
Ah, yes, we’re venturing into meme coin territory. Two developers took a liking to the Shiba Inu meme that was popular in 2013 and decided to turn it into a proper crypto. For the first few years, it was mostly a joke and used by only the most fervent crypto evangelists. However, 2017 saw its popularity rise.
And even though many of its meme coin contemporaries have fallen into obscurity, DOGE remains strong. The price may be lower than the peak, but metaverse casinos are happy to accept these coins. There’s even a DOGE metaverse in the making, which might make this weird crypto even more attractive to investors.
Unlike other the previous three entries, ATRI is something that’s called a utility coin. BTC, DOGE and ETH are mainly seen as investment vessels, whereas Atari Coin is used in Atari Casino. Since it has a single, predetermined use, it earns the utility moniker.
By purchasing ATRI, players can enjoy all the games at Atari Casino, along with the chance to earn prizes and actual crypto. Since it’s backed by one of the most notable game developers of all time, Atari Coin has a bit of investment potential. The casino is growing steadily, which might contribute to a price hike in the future.
Decentraland is the place to be if you’re interested in metaverse casinos. In fact, this realm has more virtual venues than all other metaverse worlds combined. Of course, decentralization means every casino can accept other cryptos, but the main coin used is MANA.
It serves both as a ticket and as money to be staked. Some casinos have also introduced P2E programs, causing a spike or two. Decentraland Coin is pretty volatile right now, but its high transaction volume gives us hope for some stability.
Now that you know which cryptos to use at metaverse casinos, we need to address the purchasing process itself. Yes, it’s slightly more complicated than making a credit card deposit, but there’s no need to be tech-savvy or to venture into the depths of the dark web. The process typically goes like this:
- Open a crypto wallet. This is an encrypted online storage unit that’s able to hold various cryptos. Before you create an account, read up on what cryptos your desired casino accepts and what blockchain they’re on. It’s important because different chains have different protocols, so they might be incompatible with some wallets. However, most solutions accept Ethereum, Polygon, Ripple and others.
- Go to a crypto exchange to purchase some coins. An exchange is where the magic happens, as people buy and sell their coins. You have to create an account and connect a fiat currency-based payment method to it. Also, connect your wallet so that all purchased coins go there automatically. Be careful about price hikes and unreasonable asks. Make sure you’re buying near or slightly above market value.
- Wait for the funds to arrive and start playing. Real users on the blockchain confirm Crypto transactions, so each verification is real and final. Once you see the funds in your wallet, register at your metaverse of choice, walk to the casino and start playing. It’s that easy!
We’ve talked about the benefits of cryptos at metaverse casinos, so it’s only right if we took a look at the other side of the coin. By far the biggest risks are proprietary metaverse coins. These cryptos aren’t traded that much on exchanges, nor do they have any use in the real world.
However, DAOs often like to force users to purchase these coins and earn them. Once enough people buy in and the price rises, the initial holders sell off their tokens in droves, causing a price crash. It’s what’s known as a ‘pump and dump’ in the crypto world. As a result, people with thousands of dollars worth of that coin get left in pennies.
How can you prevent this? Well, simply by being careful. Only use big, popular cryptos such as ETH, MANA and others, as millions of people hold them, and a rug pull is impossible. If you have to use proprietary cryptos, research the project, its creators and how the price moves.