MGM Resorts International and its affiliated resort and casino properties; Mandalay Bay, Aria and Bellagio filed NFT and metaverse applications with the United States Patent and Trademark Office on July 29th.
The filing covers virtual assets such as hotels, casinos, slot machines, casino chips, concerts, shows, and all types of clothing, which could be used in the metaverse.
Earlier this year, Circa Resorts & Casino Las Vegas announced in March the debut of its NFT to the blockchain with a utility NFT art collection which will be based on the casino’s neon sign of flagship kicking cowgirl “Vegas Vicki”! This was in line with Circa’s efforts “to bring important elements from the past and merge them with what’s new…” said Stevens, who has been passionate about supporting the cryptocurrency community. According to Stevens, Circa properties were the first casinos in Vegas to begin accepting Bitcoin around 2014.
Why is the entry of Las Vegas a big deal? Well, here are some stats on the volume of money flowing through their Casinos.
- The “Average Big Strip Casino” which earns over $72 million a year reported $12.9 billion in total revenue in 2020. $4.5 billion came directly from gaming. In 2019, the same establishments reported $17.5 billion in total earnings and $6 billion in gaming revenues.
And these statistics are only covering Las Vegas. We know that any new trend in Vegas will be replicated globally, which means a larger market for NFTs. The NFT market exploded in 2021 but have since declined as of June 2022. Any new activity coming from the Casino market only helps the ecosystem.
Other Players Who Have Geared up for the Metaverse
Gambling operator, besides MGM and Circa Resorts & Casinos, that has recently invested in NFTs is DraftKings Casino! Visit DraftKings Marketplace, a digital collectibles ecosystem that offers curated NFT drops and supports secondary-market transactions. You can get NFTs of the biggest icons in sports with new collectibles weekly.
Another major move by the industry came in June when a partnership was announced between SCCG Management, a Gaming and sports betting consultancy firm and consulting firm J2M, who will provide consulting services in the areas of games, esports, and metaverse to the casino gaming industry and its B2B suppliers. A partner at J2M said “This partnership combines our expertise in video games, esports, and Metaverse with SCCG’s leadership in sports betting, gambling and games of chance”.