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Canadian entertainment behemoth Kings Entertainment has shown a strong interest in the metaverse casinos, according to a recent report. In the words of the corporation, it is looking for “the next frontier of online gaming” and believes that the solution may be found in the virtual realm.
As part of this move, Kings Entertainment has signed a partnership with a consulting firm that specializes in digital asset investment to get a better feel for the emerging market of Web3 and make a smoother and more impactful entry.
Kings is now negotiating the purchase of the Vegas City region in the Decentraland metaverse (a browser-based 3D virtual world), which is currently under construction. By establishing a foothold in the metaverse, the company hopes to usher in the age of new online casino gambling.
Of course, Kings is not the only company to notice the potential of the metaverse, and will have to deal with fierce competition in this very new space. Because of Las Vegas’ notoriety and association with gambling, a number of other significant operators have expressed an interest in the metaverse version as well. Decentraland’s Vegas City region is also one of the largest on the 3D platform, providing several prospects for bookies who seek to expand their operations into the metaverse.
In the domain of metaverses powered by Web3 technology, Decentraland is the one that has caught the most industry attention. The virtual real estate system in Decentraland revolves around a system of NFTs or Non-Fungible Tokens, which assigns an individually unique identifier to each plot of (virtual) land in the metaverse. Because plots of land are non-transferable, once someone acquires a spot in Decentraland, they retain ownership of that site as long as they have the token.
Kings Entertainment CEO Steve Budin spoke about the company’s commitment to technological innovation. In this statement, Budin emphasized that Kings Entertainment is constantly looking for new ways to innovate on its core products and services to provide its players with the best casino online and a betting experience that they won’t find anywhere else.
For instance, Kings Entertainment was one of the first gaming companies to develop products for the then-nascent World Wide Web during a time when most wagers were placed over the phone. The next phase of the company’s innovation, Budin added, would be to blaze a similarly new trail in the metaverse.