Recently Facebook announced Meta — Facebook’s new name. Meta is helping to build the metaverse, a place where you’ll play and connect in 3D. Tipped to be the next chapter of social connection, the Metaverse has been, and will be, discussed a lot. The metaverse, in its broadest meaning, may refer to anything on the Internet, including AI offerings - so we are talking big picture.
The VR real money gambling industry is developing dynamically and we observe a growing interest in real money casinos in the metaverse. From the UK and Europe to Asia and the US regulation is the word on everyone’s lips.
Real money casinos in the metaverse could be a huge opportunity for the gambling industry. In an open, decentralized virtual reality world online casinos could gain even more gamblers.
Facebook has just announced it’s going to hire 10,000 people in Europe to develop metaverse products. Zuckerberg’s vision is that a billion people will be metaverse connected in the next decade. All this can only be good news for VR casino and slots players in the UK and other countries embracing VR technology. In this article we go deeper into the metaverse in search of answers.
What is the metaverse all about?
Facebook believes the metaverse will be the next evolution in the way we use the internet.
In this future, you will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parents’ living room to catch up. CEO Zuckerberg wrote.
Instead of being on a PC or mobile device, in the metaverse, you might use a headset to enter a VR world connecting all sorts of digital environments seamlessly.
Today’s VR is a gamers paradise but this new virtual world could be used for practically anything - work, play, gigs, cinema, gambling, or chatting and hanging out.
Most people bet on you having a 3D avatar - a representation of yourself - as you explore the metaverse virtual world with your headset.
But because the metaverse is an idea, there’s no single agreed definition of the metaverse is. To those new to VR, it might just look like the next version of Virtual Reality (VR). An updated Second Life if you like. It does seem to remind experts of previous virtual worlds, but some people think the metaverse could be the future of the internet. This is clearly what Facebook or ‘Meta’ wants.
Augmented reality glasses to stay present in the physical world, virtual reality to be fully immersed, and phones and computers to jump in from existing platforms. Facebook/Meta
Meta then, as the name suggests is about the future. Zuckerberg’s VR application of these VR and AI reality technologies could supersede smartphone technology.
A social, 3D virtual space where you can share immersive experiences with other people, even when you can’t be together in person - and do things together you couldn’t do in the physical world. Facebook/Meta
Why Meta now from Facebook?
The Facebook metamorphosis of sorts is about pushing beyond smartphones and technology for gambling, gaming, and shopping we embrace now. The destination is the metaverse and the hype in the UK about AI and new digital worlds and pops up every now and again but usually fades faster than Tottenham’s premier league title hopes.
But for the first time, VR technology is ready, with advancements in VR gaming and connectivity coming close to what might be needed to create a meaningful virtual universe. Three times resident advisor number 1 DJ Dixon recently showcased AI and VR technology at his Transmoderna show at Printworks in London. Dixon’s sell-out Transmoderna event which was attended by 6000 people demonstrates that VR technology is being embraced and there is a huge amount of excitement post-pandemic about where virtual entertainment can go.
Investors into VR include established artists, gaming companies, and big tech firms, and if the Metaverse kicks off and does turn out to be the future of the internet then it will be all hands on deck for a slice of the action.
To date, Meta has already launched experimental versions of two metaverse projects in 2020 - Horizon World, which lets friends meet virtually, and Horizon Workrooms, which enables virtual work meetings.
Why Facebook VR is Meta’s focus
Facebook’s metaverse is its number 1 priority. Zuckerberg has invested heavily in VR headsets through Oculus technology. Meta is developing social and workplace Apps with VR technology. Including VR Apps which interact with the real world connecting users in harmony with everyday life.
Metaverse won’t be built overnight by a single company. Facebook/Meta
In a similar fashion to Tesla’s open-source approach, Meta has promised to collaborate with fellow VR visionaries. Recently Facebook invested £36.3m in funding non-profit groups to help build the metaverse responsibly setting out its sustainable vision for the future of virtual reality.
Perhaps the reality is that a truly meaningful metaverse will take another 10 to 20 years to get to beta stage.
Is Metaverse all about gaming?
Metaverse ideas range far and wide but most visions see social human interaction as Meta’s core and this could breathe new life into VR slots and casino gaming. Facebook’s VR meetings app called Workplace, and a social space called Horizons, both use virtual avatar systems similar to Pokerstars virtual reality casino.
Another Facebook/Meta VR app, VRChat, lets you hang out online and chat - you can explore environments and meet new people with no emphasis on gaming environments.
For other new applications, the technology is out there, and the path is ready to be discovered. Perhaps when gambling in the metaverse, you’ll try digital clothes on, and then order items to arrive in the real world.
About Metaverse cryptocurrency
Talk of assets and items in the Metaverse is on the rise. It is true that Metaverse tokens might be the next bitcoin, although most people don’t where to begin. Metaverse crypto started trending when Zuckerburg announced that Facebook is moving to “Meta”.
Since Facebook’s rebrand, companies like Nike and Microsoft have been clamoring to be first in the metaverse. Nike signaled its move towards meta with sneakers that are wearable in VR.
Axie Infinity an NFT based “play to earn” game has seen its market capitalisation skyrocket. Blockchain technology has been evolving and changing NFT games into mainstream video games. Decentraland (MANA) is a virtual reality platform powered by the Ethereum (ETH) blockchain rocketed 44% after Facebook’s Meta announcement.
Although Facebook’s Meta rebrand might seem to be the catalyst for change, long-time blockchain-based virtual world proponents will tell you Zuckerburg was just the icing on the cake. Just like trading altcoins, Metaverse crypto projects will be a lot to keep up with even for the savviest crypto traders.
Is the technology future or fantasy?
VR has come a long way in recent years, with high-end headsets which can trick you into seeing 3D slots in a virtual world. In 2021 VR has become more mainstream and welcomed into family homes. The latest Oculus Quest 2 VR gaming headsets demonstrate this and look set to be as popular this Christmas they were last Christmas - when they were the most popular Christmas gift by a long chalk!
At the latest Facebook Connect Zuckerberg’s Meta hinted at a new high-end headset Project Cambria which could be the future of headsets in the metaverse. Project Cambria and more new future VR gear built to support more advanced digital worlds will need better mobile connectivity - something that might be solved with the rollout of 5G and fibre broadband packages in the UK.
The way the UK, US, and the world have taken to NFTs, which may provide a way to reliably track ownership of digital goods, could point to how virtual economies might work. NFTs stability will be vital to secure the metaverse as a trustworthy identity going forward.
One thing is for sure and that is that the Metaverse is in early stages but out of small ideas do acorns grow. The metaverse evolution, in the same vein as esports betting, will be a clash of the titans for the best part of this decade if not longer.