Applications of Metaverse in the Gaming Industry

Applications of Metaverse in the Gaming Industry

From Henry Jake

Do you believe games are only for fun and entertainment? Think again. Today, games have evolved to provide lucrative benefits with the element of fun intact.

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After the two great revolutions on the internet — Web 1.0 and Web 2.0 — the metaverse is set to be the next big thing.

Metaverse is taking the gaming world by storm. The global metaverse market is expected to reach 1,527.55 billion USD by 2029.

Some metaverse games even incorporate live-streaming concepts to attract users. A multi-sensory experience integrating 3D visuals, massive screens, and sensory feedback provides an unparalleled experience.

Different companies are penetrating the profitable metaverse market. Mark Zuckerberg, Facebook’s CEO, changed the conglomerate’s name to Meta. This move comes after Zuckerberg considered the massive potential in the metaverse industry.

This blog explores the concept of the metaverse, its main characteristics, and the future of the metaverse in the gaming industry.

 

What is Metaverse?

Metaverse is an immersive 3D virtual space powered by technology that allows users to interact with a computer-generated environment and other players. Meta defines metaverse as the “next generation of mobile internet and evolution in social connection.” 

A metaverse is fueled by modern technologies like Virtual Reality (VR), Artificial Intelligence (AI), Augmented Reality (AR), and Blockchain. In the virtual space, users can socialize, earn money, play, transact, work, and even attend concerts. 

With its immersive experience and modern technology, the metaverse possesses the ability to create a real-world experience. For example, Axie Infinity, an NFT-based online video game, where digital pets called Axies can battle and hunt for treasure. The users can collect the Axies and earn resources or collectibles to trade on different marketplaces. 

 

Features of Metaverse Fueling the Gaming Industry

Metaverse is changing the landscape of modern games. The different features of the metaverse enhance the gameplay and provide a robust infrastructure. 

The following are the distinctive characteristics of metaverse games.

Social Gaming

Metaverse games enact real-world social connections to create an interactive environment. In these virtual games, users can interact with other players using voice chat and gesture recognition. This creates a socialistic environment and facilitates a unique gaming experience. In multiplayer games, users can invite people from across the globe to interact and play with them. 

 

Flexible Gaming Experience

With modern technology and robust features, the metaverse defines an adaptable environment. The integrated platform facilitates adding new players, creating sub-games, and including virtual gaming tasks. 

 

Play to Earn

Do you wish to trade your mystic Axies from your Axie Infinity collection? Metaverse’s play-to-earn feature makes this possible. It is one of the main features of virtual space. Unlike traditional games played for entertainment, online sweepstakes games provide monetary benefits. 

Decentralized casinos provide an opportunity to earn rewards that players can monetize. NFTs (non-fungible tokens) and digital currency facilitate trading on different marketplaces. These digital platforms help users to buy, sell, trade their collectibles, and earn rewards.

 

Transferable Gaming Assets

In-game assets possess different characteristics that diversify the gaming experience. They increase engagement and provide a competitive edge in virtual games. The interoperability inherent in metaverse games allows the portability of assets into different environments.

 

Conclusion: Future of Metaverse and the Gaming Industry

Like any other new technology, metaverse is still in its nascent stage. Different technology companies are exploring the possibilities to create immersive next-generation gaming platforms. Ethereum, Sandbox, Decentralized, and Apecoin are hosting the best metaverse projects. 

According to Ernst and Young, 97% of the gaming industry thinks gaming is a prime domain of the metaverse. NFTs, Blockchain, IoT (internet of things), and Virtual Reality, together with metaverse, are set to revolutionize the gaming industry. 

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