With the usage of metaverse within the gaming industry, we continue demystifying metaverse’s end-to-end ecosystem, its implications, and the big questions it poses for life as we know it.
We already explained here that metaverse is a spectrum, with varying modes of engagement. In some cases, such as in gaming, an all-encompassing multi-sensory virtual experience is desired. With metaverse, we describe a range of enhanced digital experiences, made possible by spatial computing, augmented reality, and virtual reality. And this exactly reflects the current opinion of those building and investing in it.
Metaverse gaming business pays off
The gaming industry is core to developing metaverse. The proclaimed aim of many big gaming companies is not only to offer unique playing experiences via metaverse but also to develop a first-class environment for reaching consumers via brand partnerships. Along with that, it is continually structuring an economy to support creators, build businesses around their work, and make profit by letting people play their content. This idea seems to pay off financially, as Sensor Tower estimates that metaverse games have seen a significant rise in popularity in recent years, with total downloads reaching 110 million and gross revenue reaching 611 million USD during the first half of 2022. It is also mentioned that North American players are the primary audience for metaverse games, contributing nearly 14 million downloads and about 300 million USD in revenue during the first half of 2022. On the contrary, another study by McKinsey suggests that, in the first five months of 2022, over $120 billion was invested in metaverse technologies and infrastructure within fintech and the gaming industry as well.
Decentralization opens doors for cryptocurrency and blockchain
As the gaming industry prefers decentralization as an integral part of expanding on metaverse solutions, one can talk about a move away from platform dominance and toward creator autonomy. This is obviously great news for blockchain and the cryptocurrency world, as decentralization is fundamental to them. Moreover, it can be expected that blockchain and cryptocurrency will play a big role in metaverse, and it can happen soon when you consider that you can already use crypto wallets in major gaming spaces. “The idea that if you were to buy an avatar in one place that you’d own it in every other place where it’s conceptually compatible. I firmly believe there’s going to be a multi-trillion dollar economy around digital goods in the future,” explains Tim Sweeney, CEO of the company Epic. (Source: medium.com). Epic’s game Fortnite has 350 million users, and the company recently raised $1.7 billion. According to Sweeney´s interview on medium.com, Epic also “launched an antitrust lawsuit against Apple in part to eliminate 30% app store platform fees for all developers and to make the platforms for games a little more open.”
Adoption in phases
Generation Z players are hastening the adoption of gaming metaverse solutions. However, it is expected that this will take place in phases. Gaming software professionals predict a range of 3–10 years. The key reasons for a prolonged timeline might be high costs and R&D. It is also clear that the “open version” of the metaverse might be built in the next decade on the foundation of open systems, open standards, and companies that are willing to work together on the basis of respecting their mutual customer relationships.
Value & Accessibility & User Experience
The pathway to metaverse in gaming is neither straight nor short. There are hurdles to adoption, but also good guidance for anyone wanting to create a successful metaverse ecosystem-based gaming platform. Firstly, have a long-term mindset and consider adding value. The big question to ask yourself when developing a quality metaverse solution is, “Is this the best solution, or would it be better delivered in any other way?” Secondly, partaking in metaverse experiences is currently limited by a variety of factors, from the high cost of VR headsets to unfamiliar user controls to a lack of knowledge on where to even go. So make your solution accessible. Thirdly, think of the user experience. More people will want to use it if their experience is seamless.
What does Bepace do for its clients in this area?
Bepace informs, does research, and helps companies understand the potential and challenges of the metaverse. We also help businesses with business certification and business building. We advise them on strategy, technology, and digital trust – not just how to conceive of a metaverse idea, but how to stand it up and operate it. For more, visit www.bepace.com or contact services@bepace.com.
To sum up, it is a good idea for companies and executives to dip their toes into the metaverse experience to get a better sense of what it entails. Be open-minded and long-term in your approach.