Metaverse and Lottery: A Glimpse into the Future
Introduction
As interest in Metaverse continues to surge, discussions about its applications in the lottery & gaming business also continue to attract interest from all industry stakeholders. The digitalisation of lotteries is already a proven and successful channel. Players spend hours on their smart devices despite the resurgence of brick-and-mortar stores. They have acquired digital habits and the industry needs to explore more in this direction.
Hence, this is the logical next step for operators due to shifts in changes in players' preferences, business models and technologies. Most importantly, as this space develops, businesses will have begun to explore how they can enhance their products and services to enrich connected virtual experiences for their players and ensure their presence in the metaverse
At the heart of our experience as innovators - and as business owners - is change. Let's explore the multiple facets of this emerging technology. It's about seeing a changing gaming world - often that means emerging technologies - through the lens of players and operators.
What does Metaverse Mean?
The Metaverse basically means users can enter online 3D environments, where they can visit virtual worlds with which they can interact and consume digital products. This upcoming technology focuses on virtual reality (VR) and augmented reality (AR),VR headsets, AR glasses, smartphones, among many other cutting-edge technologies.
It is also believed to be the next iteration of the internet: a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world. However, it must be noted that the metaverse is still being built, and it's too new to define what it will actually provide. Its possibilities are immense and that’s what we will be focusing on in this article.
As per research conducted by Statista, one-quarter of the world's population will spend at least one hour a day in the metaverse by 2026. This means consumers will indulge in shopping, gaming, education, social interaction, or pleasure. Of course, this will encourage businesses to provide their products & services on this platform.
Metaverse also opens up avenues for immersive, virtual interactions. In the gaming industry, this means that players would be able to interact with other players and operators without the limitations of physical boundaries. They can buy lotteries and play games in the Metaverse and explore the space using their personalized avatars. Needless to say, the idea of avatars exploring the vast virtual space is enticing for players.
WHAT WILL LOTTERIES LOOK LIKE IN THE METAVERSE?
The lottery & gaming world is increasingly favouring the omnichannel & omnigaming experience. We, at Skilrock, also offer INFINITI a proven & acclaimed platform for the industry. The 4th Generation platform addresses the infinite needs of diverse markets - games, channels, and technologies of today and is fully extensible for tomorrow. It comes with a robust set of customizable features, turnkey solutions, white-label products & services, multilanguage support, multiple currency support, advanced security, cashless gaming, and much more.
In a similar manner, Metaverse could become another channel in the overall omnichannel experience. In fact, it will raise the profile of lotteries in the digital world. We would like to stress the importance of embracing the metaverse as a channel for engagement and exploring how games and virtual worlds can help the lotteries engage with customers on a deeper more interactive level. The buzzword will be seamless - which means that there are no interruptions in the gameplay regardless of the channel.
Are You Ready for the Future?
It's no surprise that businesses - in all forms and types around the world - want to stay appealing to the young crowd. And Metaverse could become essential to attract the younger generation of players. At Skilrock, we understand the importance of being 'future-proof' and ready to embrace disruptive technologies. This is evident in many of our products such as Scan-N-Play, Cashless Gaming, Localized Games, etc.
THE BENEFITS OF METAVERSE
- Helps to get an interactive experience in comparison with the conventional gaming environments
- Convenient playtime that also fits the user's preferences.
- Convenient accessibility to a large number of digital products
- Promises a great rate of return on investment
- Provides a variety of games on one platform.
AREAS OF CONCERNS
- Player privacy may get compromised
- Still in a nascent stage
- May face high costs, implementation resistance and other bottlenecks
- Slow internet in many developing regions
Final words
Despite the limitations, Metaverse could be the next big thing in the gaming world. We can also use emerging trends as springboards for innovations - empowering us to build new products, services, and experiences that people really want. For more such innovative products, contact us.
