How will the world of Metaverse change the gambling and money sector?

Metaverse technology is one of the latest technological technologies that is expected to conquer the world soon and change the gambling and money sector significantly. This change will require many rules and regulatory and legislative laws to take advantage of this new system with an emphasis on information security and data privacy.

In 2021, Mark Zuckerberg announced the resale of the popular social networking platform to a new brand name, Meta, with the launch of the new social networking system, Metaverse, which represents a breakthrough in the world of online communication. Through this system you will be able to interact interactively in virtual reality with friends and family where you see and talk to anyone. Not only that, but you will be able to attend parties, matches, enjoy lots of games and do other activities virtually from the comfort of your home.

Some international experts have confirmed that the new virtual world will make a huge difference in the world of gaming and online financial transactions, whether locally or internationally. The world must prepare to take advantage of this technology

How it will change the world of Metaverse in the gambling sector

The online gaming sector is one of the sectors most affected by the new metaverse technology. This technology gives players a lot of virtual environments for games that perfectly simulate reality. The trend of players towards these types of games will boost the growth of the online gaming economy over the next few years.

Many online game experts have indicated that this modern technology will take the gaming world to a higher level where the games will be mostly decentralized, offering a lot of convenience in the freedom of quick access to many online games.

There will be many changes in the world of metaverse games, as a senior specialist said that the new virtual world games will include many additional features for players, namely:

  • The shape of the game characters in metaverse technology will represent the actual appearance of each player. You do not have to choose a character that looks like you, but you will have an exact copy of your actual appearance, and you will also interact with all the characters in a completely simulated environment.

  • The new virtual world games are based on the term real money games where players can earn real money from games.

  • The world of Metaverse allows you to buy and sell virtual items within the game for real money.

  • The ability to invite a player to his friends on social networking sites to join a specific game and have fun together in real time.

  • The provision of simulated reality games as Metaverse games is based on VR technology that relies on projecting real things in a virtual world and AR technology that projects virtual things into the real player’s reality.

On this basis, there will be a boom in the gaming world thanks to the benefits that the new virtual reality world offers us. These benefits will also apply to eSports and eSports Tournaments where you can attend and participate in these events from gaming platforms without leaving your home.

International gambling companies enter the Metaverse game race

Global gaming companies will not allow Meta (formerly Facebook) to dominate the metaverse gaming space. With Meta Corporation allocating billions of dollars to the technology of the new virtual world games, large and international companies are entering this field, including Microsoft, in collaboration with corporate metaverse.

For example, at its annual conference for professionals in 2021, Microsoft announced the launch of the new MS Mesh feature. This feature will give users a real avatar that perfectly matches the user’s appearance. Regarding this, Alex Kipman, who is responsible for the Microsoft Mesh platform, said that the main goal of mixed reality technology (the fusion of virtual reality and augmented reality) is the ability to be present anywhere with the barriers of time and space so the user gets the same feeling for the actual actual interview. Through special glasses, users can see the people around them in avatars and talk directly while performing various activities.

In turn, Nvidia, a company specializing in the manufacture of electronic device processors, has launched its own platform called “Omniverse”, which is a scalable, real-time reference development platform with multigraphic processors to provide 3D simulation in design. This will help Nevada to advance in the field of online simulation game design.

In addition, well-known video games such as ROBLOX, Fortnite, and Minecraft began to take advantage of metaverse technology, expanding to be more than just video games, but rather entertainment platforms that enable players to enjoy a parallel social life through enhanced reality. Epic Games, the developer of the game Fortnite, announced that it has raised $ 1 billion from investors in 2021 to allocate it to the development of this field.

Money sector and the world of Metaverse

Some specialists have also emphasized that the metaverse will dramatically change the money sector and the payment system over the next few years. There will be an increase in the number of initiatives and programs that seek to explore promising opportunities in this digital world, and specialists have pointed out that some Arab countries, such as the UAE, play a major role and make an effective contribution to the benefit from this modern technology as they have the infrastructure that helps them to do so. .

The biggest proof of this is the UAE’s launch of many targeted programs and initiatives that enhance the UAE’s position in this virtual world. This is shown by the announcement by the Emirate of Dili to increase its total contributions in the metavir sector to $ 4 billion by 2030, a large amount that will definitely help the UAE control this technology in the Arab region.

Metaverse technology will also generate and create new currencies that will be handled in virtual space, according to some money experts. It is highly likely that these are virtual currencies used for purchases in metaverse stores. Meta has announced its intention to create digital stores that specialize in selling virtual clothes, virtual accessories and more to users where you can wear these clothes while using technology and virtual reality glasses. Purchases through these virtual stores will require a new kind of currency that makes it easier for stores and users to make purchases.

The CEO and founding member of the Association for Financial Technology in the Middle East and North Africa, Namir Khan, said that the virtual world will accelerate the growth of the financial sector in the coming period, pointing out that there is a strong absorption of the financial services is. sector and its willingness to create new currencies and financial signs that contribute to the development of this field. Khan added that the work of the Technology Association in the coming years will focus on discussing topics of interest in the development of the financial technology sector and the future of financial transactions in the new virtual world, Metaverse. This will include methods of proving digital assets, open banking, payments and regulatory frameworks for these transactions.

Director of Merchant Payments Receiving at the Financial Payments Company (TAPP), Jamie Verheg, said the financial sector and payment systems will see a lot of growth in terms of the new virtual reality, especially in the coming years when the vision for this new technology becomes clear and the number of users is increasing. He also added that there are some challenges facing the payment system and the money sector in Metaverse, in addition to maintaining security, privacy and data confidentiality, and that adequate preparation for these challenges will help overcome these challenges.

In terms of the ratio of digital currencies and metaverse, it is possible to take advantage of these digital currencies like Bitcoin and Ethereum in financial transactions in the new virtual world. The global financial sector is well acquainted with these currencies and has a high degree of confidence in their security and ease of transactions. The market for cryptocurrencies is constantly flourishing and the areas of use are expanding dramatically. Until the emergence of new digital currencies and financial tokens, digital currencies will receive more attention, and some Arab countries may work to legalize their handling.

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