The Gambling Revolution is Taking Place in Decentraland
The poker tables in Decentraland’s ICE Poker virtual casino have never been more crowded, Despite the Metaverse‘s reputation for being sparse of diversions to do, there are several intriguing events and activities available. With more than 30% of Decentraland’s daily users congregating on the play-to-earn poker platform from Decentral Games, it’s safe to say that the company knows how to develop a successful game.According to Decentral Games’ Miles Anthony, the game has generated more than $7.5 million in revenue in the previous three months due to its various revenue streams.
Although the amount of attention “Web 3” is receiving might suggest otherwise, it’s critical to remember that it’s still quite early. According to DappRadar, the number of wallets (pseudonymous, but not roundabout measures of real people interacting with Ethereum-based smart contracts) that touch OpenSea on a regular basis is just 50,000.The non-fungible token (NFT) market was worth $13.3 billion in a funding round last month, according to reports.
When Decentral Games began buying virtual real estate in the Metaverse a year and a half ago, it made an enormous wager on the Metaverse. The decentralized autonomous organization (DAO) claims to have acquired more than 1,000 of the game’s parcels to date. In September, the company confirmed that it had received an investment from Decentraland. The success of Decentral Games’ ICE Poker should come as no surprise to anyone who has ever played at an online gambling site, which has been a favorite among virtual communities for decades.
The company’s Anthony Diiorio claims that the platform sees itself as the genre’s Web 3 version, with users required to purchase one of its NFT devices in order to win genuine money. To create a Vegas-esque ecosystem, the casino created two separate tokens: ICE and DG. The smartwatches have a floor price of 2.46 ETH (around $6,500) on secondary marketplaces like OpenSea, and they already sell for significant sums on the platform’s drops in limited supply.
Guilds have become an essential component of the game’s ecosystem as a result of their high-priced entrance, according to Anthony. He claims that the game has intentionally avoided depending on mega guilds like YGG for accessibility. In the gaming industry, cryptocurrency collectives usually rent out key crypto assets in exchange for a portion of future earnings from consumer usage.
With a built-in delegation system, the platform solves this issue by allowing users to lend an NFT wearable to another player in exchange for a 60% share of any profits generated with it. The majority of the platform’s lenders are users who delegate just a single NFT. Despite the enormous interest in the Metaverse’s potential in recent months, few poker sites have been able to successfully enter the market, in part due to legislation. At the end of 2017, Virtue Gaming became the first play-to-earn poker platform to obtain a Malta Gaming Authority license, although it differs from ICE Poker in that it makes money through conventional casino mechanisms rather than tokenization. Decentral Games is developing a mobile version of ICE Poker, according to Anthony.