Decentraland, a browser-based metaverse, recorded revenue of $7.5 million from their metaverse/ bitcoin casino ICE Poker. 

Decentraland

Decentraland was created in February 2020 and is governed by its users via the Decentraland Foundation. In September 2021, Decentraland pumped in investments in Decentral Games, a decentralized autonomous organization (DAO) that would offer ICE Poker, its metaverse casino, which started in October 2021. According to Miles Anthony, CEO of Decentral Games, the casino has over 6,000 daily users and can host more than 1,000 poker players “at any time. More than a third of Decentraland’s daily users come from the casino.

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Although 1,000 users represent a small number, Anthony said to CoinDesk that “When it comes to the open metaverse, this is quite significant, given that the primary issue with metaverses at the moment is their emptiness. ICE According to Anthony, poker is the Web3 equivalent of gambling. The platform does not employ conventional game mechanisms. Rather than that, it is tokenized, and users must first purchase NFT wearables in order to participate in play-to-earn. For those unaware, NFT wearables are virtual jackets, sunglasses, pants, and other accessories that may be added to your digital avatar. As with other NFTs, the value of NFT wearables can improve over time. Several are now for sale on the OpenSea marketplace for approximately 2.4 ETH ($6,500).

About Ice Poker

Once players obtain their NFTs, they are entitled to a daily allocation of Chips, which resets at 12 a.m. UTC. They can amass more ICE the more wearables they use. Chips are utilized to participate in poker games and to complete daily activities. Daily tasks range from 15 times seeing the flop to twice completing a straight. Daily challenges are randomly given, but players are assured to receive at least one easy, one medium, and one difficult assignment. Players earn ICE tokens and Experience Points (XP) for completing challenges, which are rewarded and distributed daily at 12:00 UTC. The performance of a player’s Chips on any given day influences their leader board position and is multiplied by a 0.5 to 1.5 ICE earnings multiplier.

After then, players can upgrade their NFTs by burning ICE tokens, accumulating XP, and depositing Decentraland Games ($DG) tokens. Players can upgrade to more valuable and exclusive wearables by burning ICE tokens, which entitles them to ICE bonus allocations, which makes earning more ICE easier and faster. The Sandbox, a distinct metaverse, is now raising funding to launch the Sand Vegas Casino, a metaverse-based casino. Virtue Gaming’s blockchain-based Virtue Poker was licensed by the Malta Gaming Authority as the first play-to-earn poker platform in December. It is critical to remember that this is a very early stage. Playing in an unlicensed or regulated online or metaverse casino is dangerous and should be undertaken only if you are comfortable taking that risk.