There is a feeling of inevitability about the uprising of the metaverse, which is often referred to as “Web 3.0.” Despite being far from a unified concept, many would agree that we are collectively colliding towards greater participation in simulated worlds that are even more limitless than our real one.
While metaverse may seem like an impossible-to-grasp concept in the eyes of many beholders, the truth is that we are already living among proto-metaverses, and the future will be here before we know it. We aim to cover more of the direct impact the metaverse has on the gaming ecosystem, highlighting where the immediate value lies among the promising aspects of the collective concepts presently referred to as the metaverse.
We shall briefly decipher how the “metaverse” concept has evolved, dive into the testaments why it is important for gaming stakeholders to understand. We will also discuss about NFTs and explain why decentralized infrastructure plays a crucial part in the metaverse discussion. Note that a deeper discussion about the decentralized infrastructure is beyond the scope of this essay.
What is the Metaverse?
To put it simply, the metaverse is a circumstantial destination that happens when you integrate digital technologies with the physical world, paving the way for interactive and immersive experiences that encompass work, entertainment, and everything in between.
Most misunderstood metaverse to only be about extended reality. Virtual and augmented reality plays a big part in it, but there are many components of the metaverse that will drastically change the way we live, work, and interact. To conceptualise this, perhaps we can think about virtual concerts, putting a piece of digital clothing and buying it using a digital wallet or working with your colleagues in a virtual office where everything is represented by a digital avatar.
Although most of the above is already happening, the difference is that in a fully developed metaverse, all the above scenarios happen synchronously and simultaneously, in ways that support the continuity of identity, objects, data and ownerships.
In other words, the metaverse is a new frontier where interactions occur on a massive scale in real-time.
It is a convergence of many technologies such as blockchain, NFT, cloud computing, 5G, AI and many more.
Key Elements of Metaverse in the Gaming Industry
How Closely Associated is the Metaverse and the Gaming Industry Today?
Gaming has transitioned over the last decade to become a true experience for playing, viewing and engaging. The metaverse is basically the next stage, integrating non-gaming experiences, driven by a combination of technology and how consumers are interacting with games. This progression allows games to become platforms where multiple stakeholders can create and seize value beyond the core product.
New experiences are being pushed through non-gaming experiences, such as virtual fashion shows, media/ product partnership and IP activations. The broad appeal of non-gaming experiences is crucial as it attracts non-gamers.
On top of that, players are driving metaverse-like experiences by using games as platform to express their identity or host social events.
What’s Next?
The science-fiction dreams of the metaverse anticipated a world that has solved all potential and future barriers. Some of the world’s greatest minds are now trying to solve some of these challenges.
Each time there has been a new introduction of technology to the gaming industry, an expansion of users happens. Much like how mobile and cloud gaming has grown alongside PC and console gaming, so too will the metaverse exist alongside our physical experiences, complementing them.
Of course, the metaverse will come with its own risks. For better or for worse, the digital worlds will unavoidably reflect our real ones. It is up to us to ensure that we are headed towards utopia, and each of us shares responsibility in creating, moderating, and improving our digital spaces. Most of all, the creation of a virtual world should not be at the cost of the real one.
