While it might currently be easy to write off “the metaverse” as the latest fanciful tech fad, those in the know would advise against it. Just like the rise of cryptocurrency led to a paradigm shift in the way we think of finance and how we transact both online and in the real world, Web 3.0 and the metaverse are set to bring about a similar shift in the way we live our lives — quite literally.
What is Web 3.0?
Web 2.0 is the current “version” of the web as we know it while Web 3.0 represents its next major phase—a more open space defined by technological breakthroughs in virtual reality, the blockchain, edge computing, artificial intelligence, and metaverse worlds.
While Web 3.0 (or Web3) is still an emerging space that is open to interpretation so far as what it is, thought leaders have generally accepted that Web3 will be built on peer-to-peer foundations, cryptocurrency, and decentralization, which themselves are the building blocks of blockchain technology, and bring with it new ways to connect with one another, share experiences, and manage assets.
What is the Metaverse?
The metaverse is a network of three-dimensional virtual worlds that are focused on social connections and everything that comes with them. Attending classes, playing sports, drinking with friends, and even buying land. Anything that is possible in the real world is possible in the metaverse, the hypothetical iteration of the Internet as a single, universal world.
One area that’s set to experience significant growth alongside the rise of the metaverse is gambling. Since the inception of the Internet, gamblers have turned to virtual platforms to wager their money in the hopes of landing a winning hand. Given that its annual moneymaking potential is estimated to be in the trillions, it should come as no surprise that metaverse gambling is set to become one of its top activities.
Metaverse casinos are essentially an extension of regular online casinos and other betting platforms. The key difference, however, is that transactions are processed in cryptocurrency and or tokens, thus making gambling in the metaverse decentralized.
This brings with it several benefits, chief among which is that decentralized crypto gambling leads to an inherently more secure, private, and transparent experience. In a metaverse casino, it’s impossible for bets to be rigged in favour of the house, nor can casino cheats pull off tricks such as counting or marking cards. In addition, bets and winnings are recorded on the blockchain.
As for regulation and taxation, this is still a grey area. While the crypto industry has captured the attention of regulatory bodies and is beginning to become the subject of scrutiny, very little has been done yet.
While regulations are surely coming, it cannot be said for certain exactly what approach regulators will take. According to Roger Marris, the former CEO of The Ritz Club, there are a lot of parallels between the path to regulation of Web 3.0 and the regulatuion of Web 2.0 online gambling.
As the man responsible for growing The Ritz Club to one of London’s best casinos, he is now consulting on setting up gaming propositions in the metaverse and Web 3.0, which is facing the prospect of needing regulation so that decentralized finance and gambling can prosper. Marris says that there is likely to be a similar path to regulation for finance and gambling in the metaverse as that which the regulation of online gambling and banking went down in the late 1990s and the early 2000s. This means that he is uniquely placed to advise firms with his expertise.
Who is Roger Marris?
Roger Marris is an experienced leader in the online and retail gaming sector in the U.S. and European markets.
Marris has more recently served as COO and CEO of the world-renowned Ritz Club and Ritz Club Online and is responsible for successfully steering the business to attract new global customers, including high net worth players, whilst maintaining the highest levels of professionalism and the Club’s reputation.