Virtual Casino Game – Players are flocking to virtual casinos on the Metaverse app. Players play in Decentraland to strike cryptocurrency riches

Metaverse tourists now send their gambling selves to virtual poker rooms to bet on cryptocurrency fortunes.

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In Decentraland, a virtual space accessible through a web browser, visitors can choose an avatar to visit different destinations, Bloomberg reported. But the most hyped virtual hangout is the ICE Poker casino.

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Inside, hundreds of cartoon people in street clothes and sunglasses float near the poker tables at the sound of a winning hand — a cash register or a pile of clapping emoticons.

To play, online guests must borrow or buy a virtual fake piece sold by the casino — a hat, sunglasses, shirt, cigar — that can later be sold for cryptocurrency, Bloomberg reported. Poker chips can be used to upgrade items and increase their value.

In Decentraland, the poker rooms known as ICE Poker are operated by Decentral Games, a pioneer in gaming for money, founded in 2019 and based in Virgin, Utah, according to Crunchbase. The company doesn’t have a US gaming license and claims it doesn’t need one because players don’t cash out chips directly after the game.

According to Bloomberg, Decentraland is an amalgamation of two topics in demand for tech investors: Metaverse and Web3, a decentralized online ecosystem based on blockchain.

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People buy and sell the app’s custom currency, MANA, which has a market cap of $4.7 billion. According to its creative director, about 600,000 people use the app every month.

Financial speculators spent more than $500 million last year buying virtual real estate in Decentraland and three other metaverses, according to data from MetaMetric Solutions reported by CNBC.

“The biggest problem with the metaverse right now, even at the beginning of ICE Poker, is that it’s empty,” Decentral Games founder Miles Anthony told Bloomberg. “So we’re trying to populate Metaverse, basically, with this, and it seems to be working so far.”

Anyone can play poker in Decentraland as long as their characters have digital swag called ICE Wearables. Decentral Games sells them on their website for around $5,000. Each is a non-fungible token (NFT), meaning it is unique and can be resold on marketplaces like OpenSea.

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Decentral Games has paid out $15.4 million to players, CEO Ryan D’Taboada said. One day in February, approximately 10,000 people played poker at Decentraland. Of these, only about 11% had NFTs used to log in. The others borrowed one.

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