Currently, gaming revolves around crafting captivating virtual environments for players to indulge in, aligning perfectly with the metaverse concept. Additionally, gamers can generate tangible worth from their digital creations and non-fungible tokens (NFTs).
However, what other advancements can we anticipate in the gaming realm in the future? Let’s explore the transformative influence of the metaverse, web3 technology, and innovative revenue models reshaping the essence of the gaming experience.
The Metaverse
The gaming industry has consistently embraced technological advancements, and the metaverse represents the latest frontier in this progression. As games continue to advance and offer increasingly immersive experiences, they are set to play a central role within the expansive metaverse ecosystem.
As per a survey conducted by Ernst and Young, an overwhelming 97% of executives in the gaming industry affirm that gaming currently holds a central position within the metaverse. In theory, any virtual reality (VR) game has the potential to be integrated into the metaverse. However, it is important to note that the fundamental essence of the metaverse lies in interconnectedness.
Players must be able to effortlessly navigate between different games and experiences, carrying their digital identities, assets, and accomplishments with them. In order to achieve such a high level of compatibility, game developers will need to collaborate in the creation of shared universes and cross-platform experiences.
Back in 2020, Tim Sweeney, the CEO of Epic Games, the company behind the Fortnite gaming universe, shared his vision of gaming within the metaverse. He envisioned a shift away from isolated ecosystems towards a more open environment, gradually resembling an inclusive metaverse by the end of the current decade.
In this envisioned metaverse, players would gather with their friends and seamlessly transition between different game experiences while staying connected as a group, irrespective of the platforms they are using. This would eliminate concerns about the device manufacturer or the server operator, allowing players to fully immerse themselves in these collective experiences.
Decentralizing Gaming Using Web3
Web3 technology, which harnesses the potential of blockchain and decentralized protocols, is on the brink of transforming the gaming industry by granting players genuine digital ownership and authority over their in-game assets. Although the ability to purchase in-game assets already exists in numerous games, these items are typically associated with specific games rather than individual players or avatars.
However, in the future internet, gamers will have the ability to engage in trading, selling, or transferring their digital items as non-fungible tokens (NFTs) across diverse platforms, facilitated by web3 technologies. This advancement will not only facilitate a seamless experience for players but also introduce novel revenue streams and bolster the growth of a thriving digital economy.
P2E Models Monetizing Gameplay
With the increasing adoption of web3 technology, play-to-earn (P2E) models is emerging as a trend, granting players the ability to generate income from their in-game endeavors and accomplishments. P2E games offer rewards to players for tasks completion, battling other players, or progressing through various levels.
These rewards typically come in the form of in-game tokens or assets represented as non-fungible tokens (NFTs), which can be traded, sold, or exchanged for real-world value. This innovative approach is disrupting traditional gaming business models, enhancing the rewards of gameplay, and incentivizing active player engagement.
P2E models have the potential to democratize gaming by providing earning opportunities for players, particularly in regions where access to conventional financial systems is limited. An example of a prominent P2E game utilizing blockchain technology is Axie Infinity.
The Bottom Line
There is no denying the exhilarating prospects that lie ahead for the gaming industry, driven by the transformative forces of the metaverse and web3 technologies. These advancements are set to introduce a fresh era of interconnected and immersive experiences. As the gaming landscape undergoes profound changes, we can anticipate the emergence of a more diverse and inclusive industry that presents vast opportunities for both players and developers alike.
