Each single day sees the metaverse reach new heights. The next major thing that will transform the look of the digital world is already commonplace technology. Metaverse complements new technologies like blockchain, IoT, and 3D visualisation by generating an immersive visual experience.
More than 17% of all IT companies worldwide, according to a March 2022 survey, had made investments in the Metaverse. Meanwhile, between 9 and 12% of other business sectors, including those in education, finance, healthcare, and marketing, are implementing Metaverse. This clearly demonstrates how extensively the metaverse is used across all sectors of industry. This is the second piece in a series exploring the connections between the metaverse and commerce.
- Why Metaverse Matters To The Businesses?
- Use Cases of Metaverse : Gaming (this article)
- Use Cases of Metaverse: Entertainment & Social Media
- Use Cases of Metaverse: Fitness
- Use Cases of Metaverse: Education
- Use Cases of Metaverse : Corporates
- Use Cases of Metaverse: Automotive
- Use Cases of Metaverse: Design, Architecture & Engineering
- Use Cases of Metaverse: Travel, Hospitality & Tourism
- Use Cases of Metaverse: Real Estate & Construction
- Use Cases of Metaverse: Fashion & Apparel
- Use Cases of Metaverse: Medical & Health
- Use Cases of Metaverse: Banking & Finance
Gaming businesses have a great chance to capitalise on the 3D realm that Metaverse makes available to players. The partnership between the metaverse and the gaming business has enabled the latter to become one of the most important Metaverse-using industries while interacting with its consumers in ways they had never imagined! The experience might be immersive for the players. They are no longer restricted to a flat screen and can now adjust to their surroundings. A virtual world where you may study, connect, work, make money, and even go to concerts could result from your collective efforts. It will be simpler for individuals to attend business meetings, virtual concerts, and gaming sessions with the introduction of the Metaverse and its expansion of the external reality.
Why is Metaverse considered to be a gamechanger in gaming?
The Global Metaverse in gaming market is projected to grow from USD 36.81 billion in 2022 to USD 710.21 billion at a CAGR value of 38.2% from 2022 to 2027. This speaks volumes about the diverse role of metaverse in the gaming industry. To understand it better, let us understand how gaming was before the metaverse and what it is now with the metaverse.
Gaming before Metaverse
Players were big fans of multiplayer games prior to the development of blockchain-powered games. Blockchain, however, has fundamentally altered how online games are played. With capabilities like the ability to tokenize in-game items and the ability to sell them for cryptocurrency, its potential cases in NFTs and cryptocurrencies astound gamers.
Gaming after Metaverse
The Metaverse games are a result of the gaming industry’s recent progress. To experience next-generation gaming, players are accessing the Metaverse’s actual world. The Metaverse can be either centralised or decentralised, but since the future is decentralised, game firms prioritise decentralised projects. Stay around to understand how the Metaverse works and to assist players visualise the games.
- Players’ individual avatars, which are virtual representations of their real identities, are used to control characters in the Metaverse games. In the Metaverse, these characters live just like people do in the actual world.
- The play-to-earn model, which enables users to win virtual goods for gaming and then sell them to get real money, is the foundation for metaverse games.
- In order to play the games together, gamers can collaborate, invite their social network connections, and engage in player interaction in the Metaverse.
- Players get a lifelike experience exactly as they would in the real world thanks to Metaverse’s use of AR and VR technology to offer a more organic encounter.
- Since the game platforms in the metaverse are interoperable, players can move their virtual goods between spaces with little to no alteration.
What does the scope of gaming in the metaverse look like?
Players in the Metaverse x Gaming world would be able to navigate in and out of gaming apps, interact and engage in multiple spaces with the same players they are playing with. It will also enable them to transfer their wins without having to take off their VR headset.
Some more aspects of gaming in metaverse have been covered below:
1. Social Gaming
It goes without saying that the metaverse is social by nature. One of the most crucial characteristics that distinguishes it from the more widely recognised VR experience in which players are placed alone is this.
Players will be able to invite several friends from the real world, communicate with other players online, form connections, and much more, giving multiplayer gaming an entirely new dimension.
The games-as platforms offer an extensive gaming experience to users. Flexibility is a byproduct of experience. Here, users can add to the virtual environment, provide original material, even develop games inside games, and so forth. In essence, if players wish to work on other things as well, they can use the gaming environment as a platform-like space.
3. Mixed Reality Experience
Users can have a much more natural experience, thanks to the Metaverse’s blend of AR and VR. The Metaverse’s combined AR and VR experiences incorporate mixed reality, allowing users to transition smoothly from regular group messaging in augmented reality to a mixed reality board game to a full-fledged virtual reality world.
4. Portable Game Assets
Asset portability might be possible in the Metaverse thanks to its interoperable architecture. In this context, the term “assets” refers to the numerous weapons, weapon skins, and other components utilised by gamers. The NFT regulations would continue to control ownership of any weapons or avatar upgrades that were obtained in one game and transferred to another.
One of the distinctive aspects of gaming in the Metaverse is play-to-earn. The players can engage in a variety of lucrative activities in addition to adhering to linear rules and storytelling, such as trading their own assets or in-game winnings for cryptocurrency.
Key Players in the Metaverse Gaming Industry
The Metaverse’s journey is still in its infancy. In less than ten years since it opened, the area has drawn a sizable amount of investments. The participants or investors are all affiliated with various tech juggernauts, gaming studios, or other businesses. The metaverse gaming sector does not only let you play games but also gives you a way to earn money. There are a number of games to play in Metaverse games that have been launched by different gaming giants that pay you in NFTs.
It is frequently hailed as the ‘future of gaming’ because of Metaverse’s steadily rising popularity in the gaming sector. The following list includes some of the eminent players of the Metaverse gaming industry;
- Axie Infinity became the major source of income for the gamers, it is an RPG game that allows the players to trade the NFTs on its platform while others are Alien Worlds, Splinterlands, Farmers World, etc. Apart from following linear storytelling and rules, players can engage in profitable activities.
- Online game platform and game creation system, Roblox allows people to create their own worlds and games within its wider metaverse.
Gaming in the metaverse could incorporate mixed reality, where users move from group text in augmented reality to mixed reality board games.
- The Sandbox (SAND), a blockchain-based virtual world where users may build, create, trade, and acquire digital assets via a game, was introduced by Pixowl in 2011. Sandbox cryptocurrency’s main goal is to popularise blockchain gaming. The site has a very innovative play-to-earn business strategy that enables users to simultaneously function as creators and players. Within SAND, users can play, create, own, control, and monetize a virtual world while using the Ethereum blockchain. NFT assets and user-generated crypto are the foundation of Sandbox’s economy. by collaborating with various brands all over the world to provide users with special and interesting experiences.
Gaming is currently the most interesting and dynamic entertainment genre across all platforms, and it will be crucial to the growth of metaverse platforms. The metaverse’s entertainment market will include anything from simple games to immersive experiences and fantastical places.
Key – Takeaway
Though the Metaverse space is still new, it certainly has the potential to trigger an unparalleled revolution in the way we connect with technology. It not only expands to the gaming industry, but also various other sectors like jobs, trading, game streaming, regulating legal processes, video conferencing, and many more. Metaverse and gaming when tied together allow the players to compete in a completely immersive environment. Undoubtedly, Metaverse is a step forward and we might start using its various use cases even before we realize the power of Metaverse and how it has helped us in boosting virtual reality.
About Rising Capital
As Rising Venture Studio, we promote the entrepreneur and the company building process. We know what it’s like to be in the founder’s shoes and support the ‘next big thing’ in crypto, metaverse or gaming with apt resources and network.
As the Rising Capital Fund, we invest in early-stage crypto companies across the NFT, Gaming and Metaverse Sectors, while keeping a portion of our portfolio in liquid assets. We strive to take a fundamental approach to identify unique investment opportunities in the emergent and evolving crypto asset class.