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Is Metaverse really the future of the Gaming Industry? | Gaming Technologies

Technology Mar 18, 2022

The talk of the hour, the unsaid future is METAVERSE. A virtual world that we only saw in movies earlier is now becoming a reality. In the third blog of our newly started tech series, we’ll talk about everything related to Metaverse and how is it playing an important role in the gaming world.

This was made before Zuckerberg announced Meta and its logo - honest! ;)
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What is Metaverse?

In the most simple words, the metaverse is a virtual reality world where users can interact, game, and experience things as they would in the real world. Now, isn’t that cool and unbelievable at the same time? Something that started just as a random concept in books and movies is now becoming a reality. Metaverse has been a hot topic of discussion for the past year because of the surprising incidents happening worldwide. One instance would be a couple getting married in the Metaverse. How incredible is that? Did anyone ever think that something like this could actually happen? Given some time, we’ll be seeing more of such incidents in the future.

Origin of Metaverse

According to Wikipedia, “The term 'metaverse' has its origins in the 1992 science fiction novel Snow Crash as a portmanteau of 'meta' and 'universe.' Various metaverses have been developed for popular use such as virtual world platforms like Second Life.” We weren’t bluffing when we said that Metaverse was just a bookish and cinematic concept once. Without giving much of a surprise, the first few uses of Metaverse were seen in the gaming world. The 2003 virtual world platform Second Life is often described as the first metaverse, as it incorporated many aspects of social media into a persistent three-dimensional world with the user represented as an avatar.

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In recent times, In 2019, Facebook launched a social VR world called Facebook Horizon. In 2021, Facebook was renamed 'Meta Platforms', and its chairman Mark Zuckerberg declared a company committed to developing a metaverse. Mark Zuckerberg is often seen using the term Metaverse and the decision of renaming Facebook as Meta was a huge push in the direction of Metaverse becoming a central topic of discussion.

Metaverse and Gaming

There’s been a serious buzz around the Esports industry when it comes to Metaverse and Gaming. As we’ve already seen that Metaverse is basically a VR space where users can interact with each other, the main aspect of today’s gaming world.

The biggest pro of infusing Metaverse into gaming is engagement and interaction. In a metaverse gaming environment, people will have the opportunity to engage as never before. In fact, the metaverse of the future will probably feel like you’re inside the biggest digital game ever made. Now, isn’t that really fascinating? The world is constantly moving towards a more and more digitized world and Esports is also not leaving any stone unturned in that aspect.

As gaming is finally being accepted as a profession, concepts like play to earn in online gaming are boosting the metaverse gaming industry. The perception of online gaming is changing rapidly, with the profit of earning NFT (Non-Fungible Tokens) is giving a boost to the metaverse gaming industry. NFTs are also a very trending topic these days. Let us discuss in brief what NFTs are exactly.

NFTs in Gaming

NFTs, or non-fungible tokens, are a digital currency held on a blockchain that can track ownership of an asset wherever it goes and can offer to resell percentages to past owners, all digitally. Simply put, an NFT is a certificate of ownership of a digital good that’s supposed to be made in a limited quantity.

NFTs are steadied to be the next evolution of in-game microtransactions. We’ve seen this concept progress from loot boxes to battle passes, and, now that the latter trend has become a bit stale, players can go for NFTs to earn online through gaming.

Whilst strolling through any arcades, always stop to take a photo and play around in Lightroom. You’ll be impressed.
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Is Metaverse really feasible for the future?

There’s no doubt that Metaverse is taking over the digital world but the very idea of it “replacing” or “transforming” into the real world doesn’t quite sit well. Meta, the neo-reconstituted version of a Facebook in crisis, essentially invites us to leave the real world and escape into a construct of its own invention. This isn’t the best idea for us humans because we’re social animals and if we move into a completely virtual and digital world when we’re already so much into technology, doesn’t quite sound like the best option. Even though Metaverse is creating tremendous improvements in so many industries, gaming included that we cannot undermine its need in our constantly changing evolving world.

Facts and Figures

Let us take a quick look at a few statistics that will prove the hype going around Metaverse.

COVID has been the major supporter of Metaverse becoming such a huge concept around the world.
Metaverse might be worth $800 billion by 2024 due to the surge in interest in it because of the pandemic. That’s up from $47 billion in 2020.
NFTs saw an increase of $2.5 billion during the pandemic’s peak.

These few figures prove the major surge that Metaverse saw in the past 2 years.

Interesting incidents in the Metaverse:

A digital Gucci bag was sold for more than $4,100, outbidding the item’s actual price in real life.
Nike has already filed four patent and trademark applications for downloadable virtual goods operational in the metaverse.
️Balenciaga intends to continue merging the fashion and digital worlds after their successful collaboration with Fortnite.
A couple in Tamil Nadu hosted their wedding reception in the metaverse.

These are some really intriguing instances that do give an impression of metaverse being the future of mankind but it’s still a topic of debate and we’ll see what the next few years unfold for the METAVERSE.

We hope this blog gives you a general idea of what Metaverse is and how it is shaping the future of the digital world. You can drop your views in the comment box and let us know what you think about Metaverse being the future of our digital life.

Until next time,