A metaverse casino is different from a traditional online casino because of the experience. In the metaverse, people control characters that can walk in a virtual world.
Today, we will look at some of the differences between the two types of casinos. In the end, you can choose which one you prefer.
1. The Metaverse Has a Virtual World
An online casino offers live dealer games. It is a live streaming event where you can bet against a real dealer running the tables or games from another country.
In the metaverse, there is a huge world that you can explore. Think of games like Skyrim or GTA, and you will get the idea. In a virtual world, you can walk, run, and go to many places, including casinos.
The nice thing about the metaverse is that your character can interact with objects. What it means is that you will see the slot cabinets and virtual table games. If you want to play the games, approach them and use your controls to activate them.
2. You Do Not Win Cash in a Metaverse Casino
The metaverse works on blockchain technology. As such, you cannot bet fiat money in the games. Instead, you will be using cryptocurrency. Different metaverse platforms use different types of cryptocurrencies. For example, Decentraland uses what they call MANA. Some use ETH, and some use Bitcoins.
Because of this, you will not win cash. Instead, you will win cryptocurrency—the same type you wagered in the games. After winning, the cryptocurrency immediately gets deposited into your crypto wallet. Whether or not you want to sell it for fiat money is now your option.
3. The Metaverse is Decentralized
Since the metaverse is sitting on blockchain technology, there is no governing body here. Therefore, central banks have no control over the transactions. Since it is decentralized, you can expect more security and anonymity. You will also not come across problems like your bank denying your deposit.
Remember that to be able to play, you must come first buy cryptocurrency from an exchange. Then, you will use this cryptocurrency to wager in the games in the metaverse.
4. You Need a Crypto Account to Play in the Metaverse
You need a crypto wallet before you can join the metaverse. The thing is that not all crypto wallets work in the metaverse. For example, Decentraland accepts MetaMask. MetaMask is a crypto wallet designed primarily to work in the metaverse. What it means is that you must have a crypto wallet that the metaverse accepts.
If you already have a crypto wallet, but the metaverse platform you selected, such as The Sandbox and Decentraland, does not accept it, you need to create a new one. The beauty of crypto wallets is that you can use them in any exchange. So, here is an example of how it works:
- You create a MetaMask crypto wallet account and sign up for a Decentraland account.
- You go to crypto exchanges like Coinbase.
- You buy digital currency like MANA from Coinbase using your credit card.
- Once you have the MANA, you transfer that to your MetaMask wallet.
Once you log in to your Decentraland account, you will see that the MANA is already reflected in the same account. From here, you can visit the metaverse casinos in Decentraland. Since your MetaMask account and Decentraland metaverse accounts are integrated, the system already knows where to take cryptocurrency to fund your bets.
All winnings will go to the same MetaMask account, which you can then transfer to your Coinbase account. From Coinbase, you can sell your digital assets once the value goes up and then transfer your fiat money to your local bank account.
5. People Can Have a Passive Income in the Metaverse
Those who own real estate in the Metaverse can work out a deal with metaverse casinos. The casinos will rent your land like they would in the real world.
The big difference is that many metaverse casinos do not really pay you rent. Instead, they will give you roughly 20% or 30% share of the net profits of the casino. Not all metaverse casinos do this. Some big ones buy their real estate as they do not want to rent. They know that in time, they can sell the real estate if they do not want to operate the casino anymore.
6. NFTs and Mining
Some casinos allow you to mine NFTs if you play in the metaverse. All you must do is play the game daily. You can win NFTs, too. On some occasions, you do not even have to use cryptocurrency. You can play for free and win NFTs.
7. Your Assets Are Safer in the Metaverse
In an online casino, you may lose your funds if the casino decides to shut down and you have a balance left. This cannot happen in the metaverse.
In the metaverse, your cryptocurrency assets are not in the casino but in your metaverse crypto wallet account. Therefore, even if the casino shuts down, they have no control over your cryptocurrency balances. As such, there is no likelihood of losing your assets.