Unless you’ve been living under a rock, you’ve probably heard about the metaverse’s buzz.
It truly has the ability to usher in a new era of technology following the desktop and the internet. For a long time, the concept of a “digital universe” sounded like a science fiction concept – think Ready Player One and Snow Crash.
It’s evident that the metaverse will have an impact on all industries, but what effect will it have on the gaming industry? Let’s take a look at this 3D experience and see how it will hold up.
Immersive Experiences Are In
The impact of the metaverse will be felt not just in a few games, but in all of them. People will be able to engage like never before in a “video game virtual reality”. In fact, future metaverse platforms will most likely be as if you’re in a massive online game.
Through a virtual reality headset, the metaverse will connect millions of people to virtual spaces the way gaming consoles couldn’t, making gaming more immersive through AR and VR. People will be able to interact with each other in new ways thanks to the integration of eCommerce, NFTs, and other collectibles.
The amount of immersive play-to-earn games will also increase in the gaming space. Playermon is the only multiplayer game that allows users to participate in the metaverse and earn third-party cash. This game style allows players to trade their game prizes for real money as part of a more complex in-game economy. The game accomplishes this by granting them tokens, SGEM, which may be obtained by completing quests.
This is a unique idea, and we’re curious to see where the gaming space and crypto will be in the future, in addition to what the metaverse will have in store for play-to-earn games.
A New World, A New Economy
NFTs will be a critical component of the digital economy. This would allow players to legally reap the rewards of their participation in a game’s success, whereas in the past, even the most devoted players were not compensated for their efforts.
When CEO Mark Zuckerberg announced Meta’s (formerly Facebook’s) plans for its metaverse last month, he stated that the currency players will use in this virtual world will be NFTs.
Smaller businesses, like Decentraland, use NFTs in their metaverse. Decentraland, a virtual environment powered by cryptocurrencies and NFTs, allows players to acquire the MANA token by spending time there, with the NFT asset being LAND. Users may buy and sell digital real estate in the game, and users in South Korea are already making long-term plans for the virtual property they own in the game.
The Sandbox is another example of a digital platform that has made strides, having launched its metaverse Alpha. This virtual gaming universe compensates players for their time and ingenuity invested in-game, allowing them to monetize their time spent in the metaverse. Players can build, sell, and possess NFTs thanks to the platform’s relationships with numerous IPs.
The New Social Experience
The metaverse not only provides a digital experience for gamers, but also for working professionals. Through augmented reality, we can now join a business meeting anywhere in the online world. All it takes is a stable internet connection and a few digital devices really.
Billions of people are soon to hop on board with this idea, and gaming companies like Activision Blizzard, Epic Games, and Ubisoft are getting their foot in the virtual universe as it has the potential to draw in new revenue streams. Gaming executives are noticing that within 5-10 years there’ll be more customer engagement with 3D environments than mobile devices and console gaming.
Blockchain-powered games are also slowly gaining widespread adoption for their ability to provide income to players rather than working all day.
Tech Giants and Game Developers
Tech companies are pouring money and resources into the metaverse in order to have a competitive advantage in the new virtual reality space. Facebook, for example, intends to invest at least $10 billion this year on its metaverse business, while Microsoft has also taken moves to integrate the metaverse into the workplace. Tech companies clearly taking this as a serious business model.
However, while tech companies have popularized the term, it is not only the larger corporations that are creating waves in the digital world. In fact, some smaller gaming companies have been developing their own versions of the metaverse for some time.
Aldin Dynamics, an Icelandic VR software start-up, is creating a virtual environment based on the game Waltz of the Wizards. Aldin wishes to provide a space in which your ideas can come to life as a virtual experience. With the concept still gaining traction, the next inventive step could come from a lesser player.
The Gaming Metaverse is Here
It’ll be exciting to see how this turns out in the future, and how it affects the metaverse and the gaming industry’s evolution. One thing is certain: as the next frontier of online connection, the metaverse is closer than many of us realize.
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