What is the Metaverse?
It's highly advisable to explain what we mean by the term "Metaverse" before moving on. The first time I heard the phrase was in Neal Stephenson's 1992 novel Snow Crash. He referred to it as the internet's virtual reality successor. Unlike in The Matrix, users of a metaverse can interact in the metaverse while remaining fully cognizant of the actual world.
MMORPGs like World of Warcraft have utilized metaverses to great effect. Facebook plans to build a metaverse in 2021 when that year comes around. In 10 to 15 years, that'll be a reality, thanks to Facebook's $50 million investment in research. People can engage with friends, spend money, make games, and play them in an atmosphere where the idea can be responsibly developed.
Betting in the Metaverse
Cryptocurrencies and blockchain technology provide up a world of betting previously unimaginable possibilities. As virtual sports have grown in popularity, it's become clear that offering wagering opportunities on cybersports may pay off for bookmakers. While metaverses have gotten increasingly popular, esports betting has grown in popularity over the past few years.
Despite its drawbacks, crypto CSGO betting sites still use the skin betting premise. Players from CSGO and other esports games could place skin bets on actual esports competitions. The skins could only be used in CSGO, but they could be sold for real money. This was a foreshadowing of the future intersection of betting and metaverses.
Virtual Sports and the Metaverse
People who understand the metaverse concept well may have already realized how significant it is for virtual sports betting. Cybersport is a term used to describe competitions that take place solely over the internet. Teams and racers are assigned attributes based on their skills and other variables, and a Random Number Generator uses those attributes to generate the outcomes.
Sports bettors like to watch the games unfold live while they make wagers on virtual sports. Bettors can place more bets because the games and races are shorter in duration than their real-life counterparts. As a result, a full racing or sporting season might be squeezed into a single afternoon.
Virtual football, horse racing, greyhound racing, motor racing, trotting, basketball, and ice hockey are all popular with bettors since they allow you to wager on a virtual version of the event. The number of virtual sports available for wagering is constantly expanding, so punters may expect to see even more choices in the future.
A metaverse with virtual sports
Grand Theft Auto V's casino and racetrack environments are good examples of a quasi-metaverse. Grand Theft Auto V players will recognize this casino from its inclusion in the game, which includes horse races and interactive betting games on which to wager. Online casinos and bookmakers are likely to offer some variation of a metaverse-like experience as the concept gains traction in the betting industry. This isn't a real metaverse, but it'll give you an idea of how it works in general.
Obviously, the growth of digital currencies and blockchain technology increases the viability and accessibility of the entire proposition.
ZED Run is an example of what virtual sports betting may look like in the future. Australian company, Virtually Human Studio, has developed a concept in which virtual horses are used as living, breathing, Non-Fungible Tokens. All of the things owners and trainers can accomplish in real life are available to players. Because of a collaboration with Unikrn, it's now possible to wager on these horses live during the race.
When you look at the prices of the horses, you can see how quickly the concept of a metaverse like this is spreading in crypto betting circles. Horses were being sold for as cheap as $30 when the concept was born in early 2019. People were paying up to $150,000 for a horse by June 2021, and stables were selling for as much as $225,000.
Unikrn believes it can bring together esports and horse racing fans in ZED Run to create a whole new market for virtual horse racing. ZED Run makes use of the Ethereum blockchain, while Unikrn debuted cryptocurrency betting in 2019. One gets the impression that virtual environment crypto betting is just getting started.
One of the most important characteristics of a real Metaverse is the presence of the following traits:
Persistent - There will never be a time when the metaverse is turned off or restarted. As a result, infrastructure will have to be built that much exceeds current industry standards. Nothing in the Metaverse will ever be turned off or restarted. As a result, infrastructure will have to be built that much exceeds current industry standards.
Synchronous - In the Metaverse, everyone will be able to interact with each other at the same time, in real-time. Of course, things will happen as planned. But just like in the physical world, things will emerge spontaneously and based on environmental conditions that include the observer.
A trend that has emerged in the game business in recent years is the creation of metaverses. This is one of the most fun advancements in the industry. However, while the full extent of the potential has yet to be found, the capacity to 'breed' and race virtual horses is surely only the beginning of what is possible. Soon, online bettors will be allowed to construct virtual soccer clubs on which other gamblers can place bets, according to reports. This is not too far off in the future. The future appears to be promising for those who participate in the metaverse.