Poker fans in the US are now able to access the global poker market after a 15-year streak from the Department of Justice (DOJ). This happens as Virtue Gaming introduces the first P2E (Play-to-earn) offering in the country.
The Play-To-Earn business model relies on blockchain technology. Some of the most successful titles have amounted to record-breaking valuations of over $2 billion, like the famous Pokemon-inspired, blockchain-based Axie Infinity.
Now Virtue Gaming plans to revive the poker market in the US by connecting players to the rest of the world through a legal player pool using the P2E model. Players will be able to make real money in licensed jurisdictions, putting an end to the infamous Black Friday streak, when the DOJ took offline the three top poker operators — Ultimate Bet, Pokerstars, and Absolute Poker.
As a result, only overseas poker websites continued their operations in the US, but larger regulators left the country, resulting in a steep online poker market decline worldwide. Virtue Gaming plans to bring momentum to the global online poker market with its patent-pending approach through P2E gaming.
Virtue Gaming uses a set of Ethereum-based smart contracts to operate beside a Virtue Poker deployed sidechain, turning it into a decentralized peer-to-peer online poker site. Some of its features are cash games with multi-token wagering — giving users access to a myriad of ERC-20 tokens for wagering and full control of their money thanks to smart contracts.
The P2E model will bring users access to 500 Virtual Player Points, or VPP, worth around $147.30, which are given to them upon signup.
“Virtue Poker is at the forefront of the play-to-earn economy. By connecting the US market to the rest of the world, the opportunities for the first legally authorized global player pool are near limitless” — said Consensys Founder Joe Lubin.
Founded in 2016, Virtue Gaming is backed by blockchain software firm Consensys, founded by Ethereum co-founder Joe Lubin. It’s also backed by stakeholders and professional players Phil Ivey, Dan Colman, and Brian Rast.