Web 3.0, also termed Web3, is the third general internet browsing facility. Web 3.0 is the new W3C technology that can give the result with more realistic data incorporated with finely tuned graphics. Now, if we correlate it with the gambling industry or the iGaming industry, Web 3.0 is going to be a revolution to experience betting or casinos as real as the people enjoy close gambling close to reality.

In 2021, the gambling industry recorded a revenue generation of around $160 billion. Now in the coming year, it is expected to hit $200 billion of revenue by adapting Web 3.0 and other innovative techniques by the gambling industry.

Limitations in Web 2.0 Gambling

As per the current scenario, gamblers are investing a huge amount every day to purchase premium subscriptions to their favorite online casinos. They are playing hard to bit the level and investing money to buy the in-game elements. 

In the end, if someone is no longer operating the gambling app, their all hard-earned points, premium levels, and other gambling elements go in vain. They can neither sell those assets, nor can they rent them out to cash out their investment. The whole accessibility is in the hand of the game owners or game developers. This centralized system is the biggest problem for players in Web 2.0.

To overcome such complications, web 3.0 can create a smart opportunity for gamers. They can play to earn money; they can sell or transfer their valuable assets, and so on.

How Be 3.0 Will Helpful To The Gambling Industry?

Gambling has been played in several countries in the world since ancient ages. We have seen the era where people were gathering together to try their luck for multiplying their money in a short time. After several years of running physical casinos and other gambling activities, the era recently took a new turn in Web 2.0. In the second phase, most of the casinos hoist online gambling with enough accessibility for the players.

The revolution didn’t stop here because we are going to see the next level of gambling over the internet in the Web 3 version. In the virtual world, casino game developers are fastly adopting cutting-edge technologies to provide easy gambling options online. Gclub casino started experimenting with VR in their online slot games.

In Web 3.0, blockchain, Artificial Intelligence (AI), Metaverse, Virtual Reality (VR), and CryptoCurrency would play a major role in changing the way of gambling online. The combination of advanced technologies will thrive the gamblers a feeling as if they are enjoying it in the physical casinos like the traditional way.

What’s Special In Web 3.0 For The Gambling Industry?

Assets Ownership

Currently, if a user is buying any in-game assets, they do not have ownership. In Web 3.0, the gambling operators will have to give ownership of their assets to the in-game buyers. Further, the buyer can sell it to someone within the platform, or they can keep it with them outside of the game to sell or rent out to the needful people.

 

Anonymous Transactions

The countries where gambling transactions aren’t legal, cryptocurrencies will help them play the casino games. There won’t be any tracking by the government or any organization if the people will make payments or withdraw the winning amount in cryptocurrency like Bitcoin, Ethereum, Altcoins, etc.

Big Opportunity to Increase Earning

Web 3.0 will be beneficial to increase revenue for both; the gamblers and the operators. In Web 2.0, where a person can play and only save the amount after winning, 3.0 will allow them to rent out their in-game elements like characters, clothes, and other accessories. 

That means, at a time, a user can earn money by playing and simultaneously get revenue from the other activities inside the game. The whole mechanism will increase the revenue of the gambling owners as well due to the flexibility and increasing the user’s activities.

Selling Game NFTs

NFT is a non-fungible token used to secure digital assets. An NFT is a unique token created by following blockchain technology that can neither be copied nor broken. It is a highly secured and unhackable digital token that can be used for several purposes. In Web 3.0, the casino game operators can create their NFTs and auction them for making money.

Rent & Earn

It is going to be an ultimate feature for gamblers in Web 3.0, where they can buy as many assets as they want. Once they have enough collections, the players can earn rentals on it. This way, if you are afraid of losing casino games, you can still open the door to making consistent income without the fear of losing money.

Interlinked with other platforms

Web 3.0 gambling will give an interoperability platform where a user can access another application within the game. For instance, if you want to sell your NFTs in the form of weapons, characters, accessories, avatars, wallpapers, etc., you can directly access them from the current interface that you are operating. 

Similarly, Web 3.0 will allow the users to use one game’s elements in another game and even switch the platform with a snap of a finger.

Metaverse – The New Universe

Perhaps, you have heard about the Metaverse project that is being tested by Mera (the Facebook company). They are all into providing the virtual 3D world to experience gambling with your friends at a place. 

Many casino game developers have already created their Metaverse application. Most of the popular gaming companies are still on the way to releasing their gambling applications on the Meta universe. Soon, their vision will take place in a reality where gamblers can see the opponents in front of their table. Then the players can make their moves based on the expressions of the people who have joined the game.

Wrap Up

Web 3.0 is nothing but a most demanded new era of internet accessibility where Artificial Intelligence will replace human efforts, and Machine Learning will provide more customized results. Metaverse, Web 3.0, and blockchain, all these technologies together, will make a revolution in the gambling industry. It will be a win-win situation for the gamblers and the casino operators too to enjoy the experience by easily managing the internet transactions and on-demand features.