According to a recent report, 59% of industry experts believe gaming will dominate virtual reality (VR)-related projects in the next few years.
If you enjoy gaming, you know that Metaverse and gaming are closely linked. Blockchain and cloud-based gaming businesses have already constructed an early version of the Metaverse as first movers, and their role as early adopters is well-known across sectors. Many industry observers anticipate that the gaming sector will play a significant role.
According to an Ernst & Young study, 97% of respondents believe the gaming business is today’s epicenter of the Metaverse. The respondents expect companies from all industries to develop a metaverse presence shortly.
The paper titled “What’s feasible for the gaming business in the next dimension?” emphasizes that gaming firms are entering a new dimension, the Metaverse, where they are no longer limited by place, time, or physical reality.
Growth of gaming and Metaverse
The gaming business is enormous. In 2021, when worldwide sales for the business hit $193 billion, a projected 2.9 billion people — more than one-third of the global population — played a video game. Furthermore, gaming expanded at a compound annual growth rate of 15.6% between 2016 and 2021.
Similarly, the idea of a new digital universe is becoming a reality. Multiple game companies like the Decentraland and Sandbox are already huge in the Metaverse. These games have delicately integrated decentralized economies providing many players a real source of income.
But how large will the Metaverse’s economic opportunities be? According to one forecast, the worldwide metaverse business would be worth $280 billion by 2025. In another report, Metaverse Industry Report 2022 by Gamespad, the potential metaverse market is projected to reach a whopping $13 trillion by 2030.
A few crucial factors will shape the way for the Metaverse to become more entertaining, interactive, and economically robust.
The role of gaming
59% of industry experts believe gaming will dominate virtual reality (VR)-related investments in the next few years. Esports, often known as electronic sports, include individual players or teams participating in an organized multiplayer video game and completing specified predetermined goals. Dota 2, Counter-Strike, and Rocket League are other prominent Esports games.
With immersive digital experiences, metaverse technology has the potential to “totally revolutionize the esports sector.” The transition to an immersive hybrid approach would significantly increase esports audience engagement.
According to the Gamespad report, the increase in desire for interactive entertainment is part of a decade-plus-long generational change fuelled by the pandemic. “Traditionally, gamers have participated in immersive gaming experiences for the content, whether it be esports, events, or others.”
However, the survey stated that the gaming business has evolved in the previous 20 years, including how customers engage or play a game. They are looking for new experiences and more than just entertainment. Meta verse delivers just that in terms of the following:
Immersive Experience
Instead of spectating from the player’s screen perspective, customers may envision themselves within the game, with the ability to walk about.”
“The Metaverse allows you to virtualize a complete tournament, making the experience much more enjoyable.”
According to the Gamepad research, gaming is an important aspect of virtual reality since it provides customers with an engaging experience. According to the report, “developing metaverse elements like 3D avatars, world-building, and observation gameplay will drive the future gaming route.”
As per the research, game producers such as Epic Games, the inventor of the fight game Fortnite, and organizations such as Meta (previously Facebook) are attempting to establish “a linked world of virtual realities,” and the gaming industry may continue to expand alongside Metaverse.
Economic Incentives
Game developers nowadays focus on economic incentives in a non-fungible token (NFT)-based metaverse game. These NFT-based games are rapidly becoming the most crucial aspect of metaverse gaming projects. The ability to monetize games keeps players engaged and involved, making it feasible via decentralized finance (DeFi).
Ease of use
The fundamental advantage of cloud-based games is that consumers do not need to purchase expensive gear, consoles, or gadgets to play them. The game is loaded and broadcast directly to the users’ devices from a distant server.
“Metaverse gaming is a key component of cloud-based gaming,” according to Gamespad. Some dedicated gaming organizations assist gamers in earning money through cloud-based metaverse games.
Future of Gaming
The release of the Oculus Rift VR headset in 2020 offered users a new immersive gaming experience. Metaverse intends to harness VR and other related technology as its progress continues. Future gaming metaverses may decentralize gameplay, allowing players to influence how the game evolves.
Users can vote on how the tale progresses, how a game asset should be valued in the market and even the design of gaming NFTs in decentralized gaming organizations. In addition, individuals who get an original NFT in the game can earn a continual royalty on that NFT in the open market.”
