Gaming is set to transform with the metaverse

Since the first major crypto boom of 2017, the world has seen public access and mainstream news cycles grow exponentially for cryptocurrency, NFT and electronic gaming. In the background, the development of Web 3.0 and the growth of the metaverse has been ongoing.

Now, it’s close to ready and we’re seeing a range of first movers in this industry taking on the first adopters publicly into these environments. From the land auctions of Bored Ape Yacht Club to the minting and sale of fashion NFTs, the reality is becoming clearer. These online worlds with virtual experience are set to become a living, breathing part of people’s online lives.

A big segment of these virtual worlds is set to be the sportsbook and casino operators. These platforms already provide a sizable segment of online entertainment for the igaming and crypto community. Whether it is one of the current worlds of the metaverse including Decentraland or Sandbox or the upcoming Human Park and Otherside, there is a huge opportunity for early adopters in this industry to become the first point of call for virtual real-money entertainment. The key to having any of these metaverses taking a significant market share will be wider adoption by industry to inject value, with gaming being one of the key industries.

Early adopters need to be innovative and make a difference. We envision technologies such as a stable coin casino operation and VIP programmes will expand beyond our environment and become a staple of the igaming community. Players will have access to numerous benefits because of their interaction with these technologies.

The stable coin, Global Rakeback (GRB), will look to provide a passive rakeback system for coin holders as well as a direct fiat conversion via stable backing of a real-life currency (planned to be USD). This will be provided as a percentage of all site actions and allow entertainment providers to reward players more regularly and efficiently.

Linking up

Partnership opportunities exist with forward-thinking operators like Fanz.com to use asset-backed NFTs to legitimise the space and to ensure credibility. From simple team/brand sponsorship all the way to fully fledged sportsbook partners, these virtual opportunities mirror real-life realities and are just the first adoption of virtual integration. It is partnerships like this which will provide VIP players from every operator with unparalleled entertainment.

The expansiveness of this entertainment will be a direct result of the ingenuity and uniqueness of early adopters in ensuring that citizens of the metaverse are shown the true power of the virtual world. Success will be dependent on harnessing every possible opportunity that virtual technology offers. The convergence of physical gaming into igaming and now into the metaverse is a truly unique opportunity of our lifetime.

It is imperative that the right steps are made to integrate and build technology in a way that attracts the mainstream. These virtual landscapes are a living, breathing world that is powered by the citizens of the internet. Web 3.0 is their world and technology partners will be the ones adapting their needs and wants.

We look forward to seeing the industry evolve and witnessing the factors that will lift the game.

Luke Coward is an innovator in the online gaming space, having launched his metaverse-meets-gambling platforms GlobalOdds and EightStorm earlier this year. With over 15 years of experience in the gaming industry, he has succeeded in a number of organisations in the gambling marketplace, both domestically in his home country of Australia and internationally. He and his team are dedicated to paving the way for the convergence of the blockchain and gaming and exploring the new possibilities that this space will offer.