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Currently, the game revolves around creating an engaging virtual environment that fully aligns with the concept of the Metaverse and immerses the player. Additionally, gamers can create tangible value from digital creations and non-fungible tokens (NFTs).
But what other advancements can we expect to see in the gaming space in the future? Explore the transformative impact of the Metaverse, Web3 technology, and innovative revenue models that are reshaping the nature of the gaming experience. .
The gaming industry has consistently embraced technological advancements, and the Metaverse represents the latest frontier in this advancement. Games will play a central role within the vast Metaverse ecosystem as they continue to evolve and offer increasingly immersive experiences.
According to one survey According to a study by Ernst and Young, an overwhelming 97% of gaming industry executives assert that games now occupy a central place within the metaverse. In theory, any virtual reality (VR) game could be integrated into the metaverse. However, it is important to note that the fundamental essence of the metaverse is interconnection.
Players should be able to easily move between different games and experiences, all with their digital identities, assets, and achievements. Achieving this level of compatibility requires game developers working together to create shared universes and cross-platform experiences.
Back in 2020, Tim Sweeney, CEO of Epic Games, the company behind the Fortnite game universe, shared his vision for the game within the Metaverse. He envisioned a transition from an isolated ecosystem to a more open environment, gradually resembling a comprehensive metaverse by the end of this decade.
In this envisioned metaverse, players can get together with friends and seamlessly transition between different gaming experiences while staying connected as a group, regardless of the platform they’re using. This removes concerns about device makers and server operators, allowing players to fully immerse themselves in these collective experiences.
Game decentralization with Web3
Leveraging the potential of blockchain and decentralized protocols, Web3 technology is poised to transform the gaming industry by giving players true digital ownership and authority over their in-game assets. The ability to purchase in-game assets already exists in many games, but these items are typically tied to specific games rather than individual players or avatars.
However, in the future internet, gamers will be able to trade, sell and transfer digital items as non-fungible tokens (NFTs) across diverse platforms facilitated by Web3 technology. This advancement not only facilitates a seamless experience for players, but also introduces new revenue streams and fuels the growth of a thriving digital economy.
P2E model to monetize gameplay
With the increasing adoption of Web3 technologies, the Play-to-Earn (P2E) model is emerging as a trend, allowing players to earn income from their in-game efforts and achievements. P2E games reward players for completing tasks, battling other players, or progressing through various levels.
These rewards typically come in the form of assets, represented as in-game tokens or non-fungible tokens (NFTs), that can be traded, sold, or exchanged for real-world value. This innovative approach disrupts traditional gaming business models, enhances gameplay rewards, and encourages active player engagement.
The P2E model has the potential to democratize gaming by providing earning opportunities for players, especially in regions with limited access to traditional financial systems. A notable example of his P2E games utilizing blockchain technology is Axie Infinity.
There is no denying that the transformative power of the Metaverse and Web3 technology holds great promise for the gaming industry. These advances will usher in a new era of interconnected and immersive experiences. As the gaming landscape changes significantly, we can expect to see the emergence of a more diverse and inclusive industry that presents great opportunities for both players and developers alike.
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