Play to Earn Games Explained
Imagine just sitting in front of your PC or holding a phone and earning money…
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:
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:
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However, it’s worth mentioning that the tech used in creating BTC is outdated.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:
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.