Metaverse Based Games: Future Of The Gaming Industry
As the twenty-first century progresses, technology becomes more immersive. Virtual reality is no longer a thing of the future; it has arrived and will only grow in popularity. With gadgets like the Oculus Rift and the HTC Vive becoming more widespread, it’s no surprise that video gaming is evolving into something entirely new.
What does this signify for the Metaverse? What role will our platform play in powering the next generation of gaming?
Globally, video gaming is one of the most popular types of entertainment. It’s no surprise that game developers constantly explore new ways to make their games more immersive and realistic. Video gaming was primarily reliant on traditional PCs or game consoles until recently.
However, with the introduction of blockchain technology and platforms like Metaverse, all of that is set to change.
This article will look at how Metaverse can power the next generation of video games.
What Is The Metaverse?
The Metaverse is a virtual reality, or virtual universe, in which people can do many of the same things they do in real life. Users would be able to work, play, exercise, socialize, and undertake various other activities. In the Metaverse, users can start a business, buy land, produce art, and attend virtual concerts.
The Metaverse employs virtual reality and augmented reality technology to create virtual settings where people live as if they were in real life. The Metaverse could be where you want to spend your time, meet new people, or earn money.
You can buy outfits for your avatar and have a great time learning about digital art in the virtual environment. The primary means of exchange are non-fungible tokens (NFTs).
Metaverse And Gaming
When it comes to providing an immersive digital customer experience, the Metaverse is one of the next big things. An increasing number of organizations are looking for ways to use it.
There’s just one problem: the Metaverse is still a bit of a hazy, high-concept idea as it stands. According to a recent New York Times story, “a variety of virtual experiences, locations, and assets that gained traction during the pandemic’s online-everything shift. These new technologies, when combined, foreshadow what the internet will become in the future.”
Some, such as Facebook CEO Mark Zuckerberg, envision it as a digital world where individuals interact. He referred to Facebook as a “metaverse corporation.” He said, “You can kind of think of this as an embodied internet that you’re inside rather than just looking at.”
While some businesses are still defining the concept, the Metaverse is already gaining traction in the gaming industry, with Epic Games and Roblox leading the way.
The two video gaming titans demonstrate concepts for what the Metaverse could be, both content and viewership. For example, Epic Games’ Fortnite organized a virtual concert, over 12 million people attended. Cooperation between Roblox and Gucci developed a virtual Gucci Garden location that sold limited edition virtual bags.
Both brands present the Metaverse as a shared virtual world for interaction, congregation, and immersive storytelling, which is highly intriguing for game developers trying to disrupt and improve customer experiences.
Recent Growth Of The Metaverse
The pandemic’s lockdown helped people appreciate the power of the game industry. According to Axie and Allen Wood, users have increased with 250000 active users and 90000 Ethereum traded.
Lockdown brought a lot of boredom, but it also made people understand the possibilities of the game business. NFT gaming development is a win-win situation for developers because everything in Metaverse is done in Crypto-based or NFT format.
Looking ahead, Sandbox has transitioned from regular gaming to crypto-enabled gaming. Sandbox’s Gamemaker console allows users to develop games from scratch, play games, and purchase intellectual property.
The online game market is sufficiently populated, with millions of regular gamers avidly attending world events and connecting with brands through a digital embodiment. Both LeBron James and Jordan Brand have debuted digital avatars.
Roblox took the effort a step further by offering an online game creation and gaming platform. Roblox’s users can use the Metaverse to create their universe. The company collaborates with well-known brands such as Sony, Nerf, and Hot Wheels to create an immersive universe that will connect customers.
Gamers find the Metaverse appealing and make wise investments in gaming avatars, skins, and events.
The statistics are pretty astonishing, with Roblox money purchases reaching $652.3 million. The Metaverse game experience also encourages users to use cryptocurrency, NFTs and construct their digital identity, with platforms like Roblox serving as the community’s home.
The Biggest Names In Metaverse
A lot is going on to give the Metaverse a specific future. Let us look at the corporations at the forefront of this leap:
‘Meta,’ the term Mark Zuckerberg chose to replace Facebook, is the most lively name behind the sudden eye-catching demand for Metaverse. The IT behemoth made a significant investment in virtual reality, acquiring Oculus in 2014.
Meta depicts a virtual world in which avatars can wear digital skins and meet, travel, and interact using Virtual Reality headsets. Zuckerberg believes that the Metaverse will eventually replace what we see on the internet.
Minecraft is a virtual environment that is popular among people of every age. Minecraft is a computerized version of Legos in which players can create their avatar and play as they decide.
By the end of August, Minecraft had over 140 million active players. Due to lockdown, the breakout of pandemic grew in popularity among kids, who turned extensively to the virtual connection.
Microsoft is a forerunner in the IT industry, and everything they say can be seen as the future. The company is developing mixed reality and XR (extended reality) apps. Its Mesh platform mixes the real world with virtual reality and augmented reality.
Microsoft collaborates with the United States Army on the Hololens2 AR (augmented reality) headgear for training and rehearsing soldiers. Xbox Live also connects millions of gamers across the world.
What The Future Holds For Metaverse Gaming
The gaming industry is presently worth $200 billion and is expected to grow at a CAGR of 10% between 2020 and 2024. Conversely, the global movie industry is predicted to break the $130 billion mark for the first time in 2022.
According to Statista, over 2.7 billion people worldwide actively or passively play video games, with China leading the way as the largest gaming market, barely ahead of the United States.
Metaverse, a crossover genre between crypto and gaming, in this dynamic market is a concept that offers monetary incentives to gamers through a play-to-earn paradigm, as opposed to the usual “play-to-win” strategy used in the gaming industry.
Metaverse will power the next generation of video games with its cross-platform capabilities and user-friendly programming environment. As a result, developers can construct their own personalized gaming experience on every internet-connected device.
This implies that gamers will no longer have to wait for new releases on consoles or PCs before they can enjoy them. Instead, because everything takes place in one shared virtual reality area, all gamers worldwide will be able to participate in real-time.