You are reading the article How To Figure Out The Winning Web3 Startup And Invest In Them? updated in December 2023 on the website Daihoichemgio.com. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested January 2024 How To Figure Out The Winning Web3 Startup And Invest In Them?Crypto and Web3 startups have already—in the six months of 2023—raised more than US$1 billion in funding across 43 deals.
The web3 community in India has risen significantly in response to the desire to bring Cryptocurrencies into the mainstream last year. India has an inflow of developers interested in establishing a wide range of decentralized services, which is among the intriguing array of projects involving Cryptocurrency and other connected sectors. These initiatives piqued the general public’s interest in 2023, but this year might be the year of stabilization. As the markets face turbulence, investor perception over Web3 investments tends to be lukewarm, with most becoming skeptical about their ability to weather the crisis. In the case of Bitcoin, for example, some thought it was doing well as it reached an all-time high while the crypto market, in general, shrank from US$3 trillion in November 2023 to US$1 trillion as we begin the second half of 2023.
Crypto and Web3 startups have already—in the six months of 2023—raised more than US$1 billion in funding across 43 deals. In 2023, by comparison, the space attracted US$536 million across 39 deals, according to data provider Venture Intelligence. Top deals include Polygon’s US$450 million fundraise by SoftBank, Tiger Global, and Sequoia India in February, cryptocurrency exchange CoinDCX’s US$136 million fundraise in April, and treasury management platform Coinshift’s US$15 million fund raise in May, even as TerraUSD, the so-called stable coin which promised to match the value of the US dollar, collapsed, wiping out investors of more than US$40 billion.
Considering everything, experts believe that it is high time investors to think about putting their hard-earned cash into Web3 startups because these startups are the future.Top 7 Web3 startups that are making a revolution in 2023 Vayupankh
This firm was established in 2023 with its headquarters in Chattisgarh. The Bengaluru-based company chúng tôi provides a technological platform that lets companies create their own chains, build NFT markets, and generate tokens and swaps to utilize with their other systems. Dapps for gaming will be available on the platform soon.Polygon
2023 has been an incredible year for Polygon, India’s largest Cryptocurrency, and blockchain venture. Polygon was founded by Indian businessmen Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun. It is based on Ethereum blockchain technology but seeks to address various fundamental concerns. The blockchain technology and architecture enable developers to create decentralized apps and services on it by utilizing Ethereum, which eliminates the high fees and transaction delays associated with the latter.StaTwig
It was established in 2023 and is based in Hyderabad. StaTwig helps companies combat supply chain problems, such as forgery, black-marketing, and excess inventory, by tracking the movement of every product in the supply chain during its travel. Sid Chakravarthy started this company, which has collaborated with AWS, Tech Mahindra, Twilio, Intel, and UNICEF. Its core product is a VaccineLedger, which assists numerous health agencies with the Covid-19 vaccinations.Biconomy
Biconomy, which provides a cross-chain transaction protocol, was invented by Ankit Jindal, Ahmed Al-Balaghi, and Sachin Tomar. The latter functions over many blockchains, with the ultimate objective of providing a simple API for services to incorporate a decentralized payment gateway. Biconomy’s goal is to make blockchain-based payments accessible to the general public. It secured $9 million in investment last year in anticipation of the debut of its native token, Bico.PredictRAM
It was established in 2023 and is headquartered in Delhi, NCR. DeFi technology called PredictRAM manages risk using a blockchain-based artificial platform. The firm tokenizes customers’ IT assets and develops artificial tokens that enable decentralized derivatives’ creation, configuration, and trading.3bewte
It was established in 2023 and is headquartered in Bengaluru. In 3bewte, users can create communities to form a decentralized, autonomous community built on web3 technology. The firm, founded by Krishna K V and Vighnesh Velayudhan, allows users to create their own communities and earn $BEW, the startup’s token, for follower involvement. Customers may then utilize the $BEW to make in-platform transactions.KoineArth
MG Motors India, a Chinese-owned British vehicle company, partnered with KoineArth, an Indian platform aiming for organizations with web3 services, in 2023 to make it more popular. The latter collaborated with KoineArth to provide consumers with a decentralized driving data platform via blockchain. This data, which may only be transmitted with the user’s express agreement, can subsequently be used to aid launch insurance claims and other duties.More Trending Stories
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Here is how to invest in metaverse
“Snow Crash,” Neal Stephenson’s third book, was published in 1992. In it, Stephenson’s protagonists interact in a wholly digital world where looks may be modified on the fly and digital real estate is just as valuable as its physical equivalent. The Metaverse is the name Stephenson gave to his computer universe. Twenty-eight years later, public corporations such as Meta, previously known as Facebook, and decentralised autonomous organisations (DAOs) such as the Decentraland Foundation are attempting to make the metaverse a financial reality. Retail investors, gamers, digital collectors, and developers all have access to whole new income streams. However, it should be noted that the metaverse is still in its infancy, and its value proposition has yet to be validated. Any investment in the metaverse should be regarded as very speculative and dangerous.The Cryptocurrency Metaverse
Metaverse initiatives on blockchain networks are fuelled by fungible tokens, which are divisible and may be swapped for one another. These tokens are used to acquire digital goods such as virtual land or avatar clothes. They may also be exchanged for other crypto or fiat currencies. Certain metaverse coins also enable their owners to vote on metaverse platform choices such as where money should be invested or which new features should be released first. In theory, if the value of digital assets rises, so would the value of the tokens connected with them. Furthermore, certain metaverse platforms, such as Decentraland, burn all MANA tokens used to acquire digital assets, removing them from circulation forever and enhancing the value of the remaining tokens. Here is a list of some of the most prominent Metaverse Cryptocurrencies in descending order. These choices are inherently hazardous and should be seen as speculative. As a general guideline, you should never invest more money than you are prepared to lose.
Decentraland – Decentraland’s MANA token drives the Decentraland metaverse and is utilised as a means of exchange on the platform’s marketplace, with a market valuation of around $6 billion.
Axie Infinity – Unlike Decentraland’s MANA, which is used to buy digital products and services, Axie Infinity’s AXS token is utilised for governance. Owners of AXS will be able to vote on proposed choices affecting the Axie Infinity ecosystem, such as how monies in the community treasury are allocated. There are plans to change the AXS token in the future so that it may be used to buy digital products and services on Axie Infinity.
The Sandbox – Like Roblox the Sandbox’s SAND token is centred on a metaverse of user-generated content. Individuals who participated in The Sandbox’s alpha user testing got the SAND token chúng tôi tokens are also available for purchase on digital chúng tôi is a token that may be used for utility, governance, and staking.
SAND owners may use their SAND to buy digital products and services, vote on proposed projects inside The Sandbox, and stake their SAND to receive further incentives.
HUH Token– Unlike the other possibilities, HUH Token is in the process of developing a metaverse product. This cryptocurrency was introduced on December 6th and has had a lot of success, with price growth of almost 6000 percent. Their contribution to the ecosystem is the development of a social media platform named chúng tôi intends to monetize sentiment analysis with the combination of NFT generation. They have a powerful marketing staff, and they have said that hundreds of well-known Instagram and Twitter influencers will post about the Token towards the end of this month.The Metaverse Future
Companies highly involved in theLearn More About HUH Token Here:
Have you ever felt you missed out on the incredible surges of Bitcoin (BTC) and Dogecoin (DOGE)? Don’t worry; July 2023 brings an exciting opportunity to invest in: VC Spectra (SPCT), a decentralized hedge fund that could pave your way to lucrative returns.
While BTC and DOGE have already witnessed their meteoric rises, SPCT offers a fresh opportunity to enter the market and capitalize on a truly transformative investment.Bitcoin (BTC) At A Discount at Binance US
Bitcoin (BTC) has attracted a massive following and institutional interest. Bitcoin’s value has experienced substantial growth over the years, making early investors millionaires and even billionaires.
BTC has emerged as a reliable store of value and a hedge against traditional financial systems. Currently, it is being sold at a substantial discount of $3,000 on Binance US. However, this discount is applicable only when trading BTC against fiat USD.
The limitation arises from the suspension of USD deposits, which means only existing funds can be utilized. Users are also expressing concerns about potential USD withdrawal suspensions, which may lead to trades below the market value.
Bitcoin (BTC) is priced at $30,068 in the global market, reflecting a 0.67% decline over the past 24 hours. However, during this same period, the Bitcoin (BTC) trading volume surged by 16.16%. Looking at the larger time frame, Bitcoin (BTC) has experienced remarkable growth of 17.63% in the past 30 days and an impressive 41.19% over the past 365 days.Binance Holds 11.6 Billion Dogecoin (DOGE)
Dogecoin (DOGE) has surged to prominence in the crypto market. Community engagement, celebrity endorsements, and a meteoric rise in value fuel Dogecoin (DOGE) hype.
Binance has disclosed its Dogecoin (DOGE) holdings with figures of 11.6 billion DOGE. The report highlights BTC and ETH holdings have decreased while USDT holdings have considerably increased.
However, it is essential to note that Dogecoin’s long-term viability and stability remain uncertain. Due to its speculative nature, investing in DOGE carries more risk compared to established cryptocurrencies like Bitcoin.
Dogecoin (DOGE) is priced at $0.06456, a 1.81% decline in the last 24 hours. However, the trading volume for Dogecoin (DOGE) has increased by 20.76% during this period. Furthermore, Dogecoin (DOGE) has grown 8% over the past 30 days.VC Spectra (SPCT) Is on Fire This July
VC Spectra (SPCT) has successfully raised $2.4 million in its private seed sale, demonstrating strong investor interest in its unique platform. With this initial funding secured, VC Spectra (SPCT) is now gearing up for Stage 2 of its public presale, where the SPCT price will increase to $0.011, marking a significant 37.5% surge. Investors are eagerly anticipating the opportunity to be a part of VC Spectra in July.
The VC Spectra token (SPCT) operates on the Bitcoin blockchain as a BRC-20 standard token. Notably, SPCT token holders can enjoy quarterly dividends and participate in buybacks, sharing the profits generated by the hedge fund’s investments.
One of the standout features of VC Spectra (SPCT) its ability to grant users access to promising ICOs during seed and private sale phases. Additionally, token holders have voting rights, enabling them to shape the direction of the fund.
With a target price of $0.08, representing a remarkable 900% surge, VC Spectra (SPCT) holds promise for those seeking opportunities in the crypto space. Thus, July is a significant month for VC Spectra (SPCT), with high anticipation among investors.Learn more about the VC Spectra (SPCT) presale:
If you have watched that one scene from the popular web series Decoupled, where the know-it-all son-in-law comes to his docile mother-in-law’s rescue and tries explaining to his septuagenarian father-in-law what safe sex is and how one can avoid UTIs, it will be pretty much easier for you to understand what we are trying to explain here. Urinary tract infections, commonly referred to as UTIs, are a very common health concern that affects millions of people annually, particularly women.
A UTI is an infection that occurs in any part of the urinary system, including the kidneys, bladder, urethra, and ureters. The symptoms of UTIs can be quite uncomfortable −
Pain and burning during urination
Urine with a strong smell or appearance
Lower back pain
One of the most common questions related to UTIs is the link between these types of infections and the sexual activity one indulges in, which we will explore in our subsequent sections.Causes of UTIs and Sex
Women often tend to experience fluctuations in body chemistry and hormonal changes during sexual activity, and more so after sexual intercourse. This increases the chances of them contracting UTIs.
Sexual activity can cause the spread of bacteria, particularly from the anus, to the urinary tract.
The anatomy of women, specifically the short length of the urethra in women, makes it easier for bacteria to travel from the skin and vagina to the bladder, and eventually to the kidneys.
Additionally, sexual activity may cause irritation or trauma to the urethra, making it more prone to bacterial infection.
Discomfort, and tissue abrasions in the vaginal area, also provide a way for bacteria and other infection-causing microbes to enter the urinary tract.
Most importantly, certain birth control methods such as a diaphragm, at times, may cause bacteria build-up which can increase the risk of UTIs.How to Prevent UTIs from Sex
By now, it is pretty clear UTIs can be unpleasant and uncomfortable; but we have some respite here. UTIs can be easily prevented. Here are some simple strategies and all-the-more simple preventive measures you can take to reduce the risk of UTI infections resulting from sexual activity −Stay Hydrated
The one solution to so many ailments! Drinking water can help flush bacteria from the urinary system and decrease the risk of UTIs. Urinating after sexual activity can also help flush out any bacteria that may have entered the urethra during sexual activity.Good Hygiene Habits
Good hygiene can significantly reduce the likelihood of UTIs, particularly after sexual activity. After sex, a shower or a quick rinse can help remove and flush any external bacteria and prevent the growth of bacteria in the genital area.Urinating Before and After Sexual Activity
Emptying the bladder before and after sexual activity can decrease the risk of bacterial infection. Urinating before sex helps flush out any bacteria present in the area while urinating after sex reduces the bacteria count in the urethra.Wiping Properly
To avoid the spread of bacteria from the anus to the urinary tract, it is important to wipe the vulva thoroughly from front to back. This action helps reduce the risk of bacteria spreading into the urethra.Conclusion
The chances of contracting UTIs through sexual activity can be significantly reduced through simple preventive measures. UTI infection symptoms may vary, and early treatment is critical to avoid further complications.
If you are experiencing symptoms of UTIs or have frequent UTIs, consult a healthcare expert or your gynaecologist for timely intervention, diagnosis, and treatment. Maintaining hygiene above all is most important to lower the chances of becoming infected.
Business has not been “as usual” for the past few years now. The pandemic drastically changed the way many of us participate in our workplaces and has effectively reshaped the entire U.S. job market. The fact is, the vast majority of employees who can do their jobs from home are doing so. And in lew of face-to-face meetings, virtual offices are quickly gaining popularity.
But we’re not just talking about video calls and Zoom happy hours. Metaverse jobs are here – from software engineering roles to making sandwiches at a metaverse Subway. Even established, non-digitally native businesses are looking to become involved in the Web3 ecosystem and onboard their employees along the way.
The metaverse isn’t just a game anymore. Here’s why.
An example of a Horizon Workroom. Credit: MetaThe metaverse is more than NFTs and VR games
Right now, it seems like everyone is talking about the metaverse. The term skyrocketed in popularity last fall when Facebook changed its name to Meta. Since then, many have taken an interest in what the “metaverse” actually entails. Some are even finding it within their interests to secure a bit of virtual real estate.
The concept of the metaverse has been around for decades, but its recent resurgence is no random event. Just as blockchain tech (especially NFTs) has taken off over the past year, so too has the contemporary idea of living a fully digitized life.
Currently, the most established use-cases of metaverse technology are centered around either NFTs or gaming. Platforms like Decentraland, Cryptovoxels, and The Sandbox continue to incentivize users to build virtual dwellings, display and trade NFTs, and just generally engage in their gamified ecosystems.
Google’s Tilt Brush is a perfect example of how metaverse tech has helped expand the NFT ecosystem. Created to be a virtual version of a fully equipped painter’s studio, Tilt has become the livelihood of artists like Anna Zhilyaeva and Aimi Sekiguchi — who use the software to create immersive NFTs that often fetch a hefty sum.
We’ve even seen a multitude of NFT art galleries built in the metaverse, with Sotheby’s possibly taking the cake for the virtual version of their London headquarters. And institutions arent the only ones being incentivized to create galleries, as companies like OnCyber are making it easy for collectors of all levels to showcase their NFTs in the metaverse.
Sotheby’s Decentraland Gallery. Credit: Decentraland
But what is the real utility of blockchain-based gaming? Is that all there is to the metaverse? Of course not. While these games are fun (no seriously, go mess around on Decentraland, it’s great), the real incentive of entering the metaverse is that it opens up a new avenue for interpersonal connections.
With open-world metaverse games, we’re able to meet a wide variety of people from the comfort of our homes. And these interactions have evolved far past the days of chat rooms and Omegle. With platforms like VR Chat and Meta’s Horizon Worlds, users can come face-to-face with people from all over the world.
Thanks to the early adopters of these virtual technologies, and the developers that have iterated on them, non-digitally native businesses can easily get involved in the metaverse.Even your team could have meetings in the metaverse
It shouldn’t be surprising that there’s a market for enterprise-level solutions for organizational culture. I mean, we’ve all been begrudgingly hosting our meetings via Zoom or Google Meet since 2023. The need to improve upon these tools, and use technology to make remote work less isolating is evident.
Companies like Microsoft, Meta, and more are aiming to lead the pack when it comes to these solutions. Especially when it comes to taking aspects of the metaverse – open-world games, custom avatar creation, and VR capability – and adapting them for business
In the coming years, platforms like Meta’s Horizon Workrooms and Microsoft Mesh could make switching to a fully-remote work model more appealing to both employers and employees. Other companies aren’t far behind in their efforts to provide an alternative to the many developing Fortune 500 tech company-led solutions.
Rove, for one, is possibly one of the best business-focused metaverse platforms currently available. Aimed at expanding what’s possible in the metaverse, this new free-to-access metaverse project is providing use-cases that place importance on that aforementioned interpersonal connection.
With Rove, the metaverse can feel like a happy medium between fun and utilitarian. For artists wanting to create a 3D website/storefront for their products, users hoping to customize a virtual hangout space, and of course businesses looking for a more casual Web3 way to hold meetings, Rove has solutions.
The range of spaces users can create in Rove. Credit: Rove
Imagine, instead of staring at name cards and frozen screens in a 10+ person video meeting, your entire team can don their own custom avatars, show up to a lounge area and flip on a virtual projector for a presentation. In Rove, all of this is possible. Users can even dress the office walls with the latest NFTs they’ve picked up – no coding skills necessary.
This line between the corporate and casual metaverse may very well be the gateway for businesses to become interested in fostering a Web3 organizational culture. And it seems even the newer players entering into the metaverse race understand this: that the interactive and accessible components of the metaverse are likely its biggest selling points.
Functionality that inspires creativity and vice versa. This seems to be the goal of many metaverse companies, possibly best exemplified by vSpace — an extended reality platform that features 3D video conferencing with a sort of plug-and-play nature. With Twitch, Vimeo, and YouTube integration all in one, the business tool focused on interpersonal connection almost feels like a game.The metaverse is anything but static
With each passing month, facets of everyday life are being integrated into the metaverse. Use-cases are growing rapidly, and just as quickly as gaming led to businesses getting involved, so too will Microsoft, Meta, Rove and the like help open the doors to the next big iteration.
The metaverse should be for everyone. Sure, it can be confusing, but the metaverse is here and it doesn’t just have to be an individualized experience anymore.
It’s unlikely that we’ll see companies begin to incentivize their entire workforces to show up virtually for a full 40-hour workweek anytime soon (well…unless you’re ZOAN). But now, onboarding your team into the metaverse can be as easy as scheduling a meeting.
Online gambling has been a staple of internet gaming for decades. That, or a thorn in the side of regulators unequipped to hold operators to the standards of ever-changing legal parameters. A $52-billion industry (in 2023) that seemingly exists in the ether, Web3 communities are getting excited about the prospect of high-stakes virtual games.
But times have changed significantly since the poker boom of the early 2000s. While online gambling has been put through the wringer of the legal system, it has emerged on the other side as a robust, if not relatively niche, ecosystem. Yet, the days of internet casinos are changing still, and now, virtual gambling is happening on the blockchain and in the metaverse.
From virtual poker to skill game contests, the line between viability and legality for Web3 gambling seems quite thin. Considering the distrust created in the NFT space via scams and rug pulls, users are understandably apprehensive about engaging with any metaverse betting platforms. But is the skepticism truly warranted? Is there really so much at stake for those wanting to engage in metaverse gambling?The legality of online gambling
Before delving into the forms of NFT betting in the metaverse, it’s important to understand the legal status of online gambling in the United States. Without going too deep into the vast and odd history of the industry, in 2023, gambling regulation is both quite strict and varies state by state.
In turn, the Federal Wire Act also affects Web3. Because while in 2011, the Obama administration’s Department of Justice (DOJ) concluded that the Wire Act may only apply to sports betting, years later, in 2023, the Trump administration’s DOJ reversed the previous interpretation, saying that the law extends to all forms of cross-state gaming. This effectively threatened the legality of online lotteries, poker, etc, and left it to the discretion of the individual states to regulate.
But the Wire Act isn’t the only force restricting online gambling, since the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) made it illegal to operate an online gambling website from U.S. soil. Yet, since operators of most online gambling sites moved overseas, their U.S-based users retained the ability to continue legally placing bets on said platforms from home, so the act gave leeway to users. While this offered more accessibility to online gamblers, the 2023 interpretation of the Wire Act restricted online gambling as a whole, meaning that even offshore casinos were off-limits to those in states with harsh regulations.
Currently, online gambling is only legal in seven U.S. states — Nevada, Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia. But there’s a bit of a catch: In Connecticut, online poker is illegal, and in Nevada, online casinos are illegal. Beyond that, each state differs in regulation of lotteries and sports betting, with some having introduced general gambling bills that await further review.
A map of the U.S. showing the states where online poker is legal and regulated. Source: USBets
Gambling in the conventional sense can be defined as the act of playing games of chance for money. Obviously, the money part is significant, since regulators are only on the lookout for games with stakes — like money, valuables, and assets (which could include crypto and NFTs, by some definitions). However, sometimes games of skill are also placed under the same umbrella as gambling, despite subtle differences.
Skill games are any game, contest, or amusement whose outcome is determined by the judgment, skill, dexterity, or physical ability of the participant, rather than by chance. Think of this distinction as the difference between a slot machine and poker. Slot machines present randomized pairings with varying chances of winning, while a poker win depends on the skill and knowledge of a player (and some chance).
While legal jargon and compartmentalization might seem unnecessary, it’s unavoidable, and part of the inherent framework of Web3 gambling. Truly, when looked at holistically, gambling is not all the same, with some forms differing significantly. But if broken down by part, we can answer the most pressing questions surrounding metaverse betting:
Who can engage in metaverse gambling? Anyone can engage in metaverse gambling, as long as there is no real monetary gain or loss at stake. This means anyone can play online casino games for fun, but only those in the aforementioned specific states can engage in online and metaverse gambling for money.
How does metaverse gambling work? Games of skill seem to be the only truly viable way to host metaverse gambling. Chance cannot be a significant factor. While skill games are considered more akin to contests rather than gambling, they often fall into the same category, culturally speaking.
Where does metaverse gambling happen? Read on to find out.The state of gambling in the metaverse
One of the most robust use cases for metaverse gambling may not actually be gambling, per se. More of a Web3 gameshow, Internet Game pits users against each other in a battle royale mini-game that nearly anyone can join. Built around the power of blockchain technology, the game allows NFT enthusiasts to compete in several online games for a chance to win prizes worth hundreds of thousands of dollars.
At face value, some might consider the platform itself a gamble. After all, to participate in Internet Game, you must purchase a Game Token NFT, and the proceeds from the sale of Game Tokens are used, in part, to purchase the game prizes. But this doesn’t make the game a raffle or lottery — it’s more of a contest because prize winnings aren’t left up to chance. Instead, they’re up to your ability to succeed in skill games (there’s that term again). However, not all skill games are created equal, as Internet Game’s Co-Creator Jordan Lejuwaan knows well.
“If you have games that are too heavy on the skill side, like if they are 100 percent skill-based, then you will have players that absolutely dominate,” Lejuwaan said in an interview with nft now. “But you can’t have too much luck, because then it’s considered gambling. Internet Game only runs skill games. It’s a contest that doesn’t count as gambling because users are in control of their own destinies.”
An explanation of how Internet Game works.
For now, it seems that skill games are the only viable way to host metaverse gambling. But perhaps this isn’t gambling at all. Although the term “metaverse casinos” present the connotation of gambling, they often offer up skill games like poker, blackjack, and backgammon, rather than slots, roulette, dice, and other games of chance. So maybe metaverse gambling deserves to be its own term, separate from the traditional gambling definition.
But regardless, skill games labeled with buzzwords like “metaverse gambling” have begun to take off, with videos of users playing poker in the metaverse even going viral. Through platforms like Meta’s Pokerstars VR and Decentraland’s ICE Poker, users are finding a newfound love for online gambling. But there’s a catch: you can’t really make any money from metaverse poker, because poker and virtual casinos are so harshly regulated. Although ICE Poker does seem to somewhat skirt regulation by allowing users to earn game-native crypto tokens, which do actually have some blockchain value.
Yet, ICE Poker is more of a play-to-earn than it is metaverse gambling. While poker itself begs for a “gambling” label, accruing small profits through skill games over time is definite P2E. Of course, some would say that investing in a P2E project is, in and of itself, making a bet on that project to do well long term. But the argument stands that decentralized or Web3-leaning P2E gaming is simply a variation of the real-money gaming business model popularized by esports — with games like Axie Infinity supplanting League of Legends.Do Web3 and NFT gambling have a future?
Unless you reside in a country that has laxer gambling laws than the U.S., don’t expect to earn beaucoup bucks from metaverse casinos anytime soon. Unless those winnings are akin to Fortnite V-Bucks and can’t be cashed out for real money. Also, don’t expect to use a VPN to join offshore virtual casinos, because, while the prospect of earning untraceable coins is tantalizing, the U.S. requires that all NFT and crypto gains be reported as taxable income.
This is precisely why projects like Gambling Apes have country-specific blocking enabled on their landing pages, in hopes of deterring potentially illegal activity, if only by a degree.
Gambling Apes’ region blocker message. Source: GamblingApes
For now, it perusing metaverse casinos for fun seems the wisest path of action. That, or find a good skill game (like Internet Game) that operates within the scope of the law. After all, those aiming to capitalize on metaverse gambling without doing their due diligence are likely to get burned. This is exactly what happened with Slotie NFT, a metaverse casino that was accused of selling NFTs that violated securities laws.
Similar to crypto regulation at large, metaverse gambling feels like a “wait and see” scenario. Currently, it’s still relatively unclear how, if, and to what extent existing regulations apply to metaverse gaming, regardless of the interpretations we can derive from things like the Wire Act and UIGEA, so airing on the side of caution is likely a smart path for developers and users. Surely, if an entertainment-centric metaverse is to become sustainable, as Zuckerberg’s Meta undoubtedly hopes, regulators and Web3 communities should keep an eye on metaverse gambling.
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