Metaverse is a digital world in which anything we imagine can exist. Over the last decade the notion of the metaverse has caught on across the tech industry but it has recently been catapulted into the mainstream with Facebook rebranding itself as Meta in a move designed to focus on its future in virtual reality.

Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology (Meta).

Mark Zuckerberg describes the metaverse as a virtual environment where users can connect, work and create products and content. More broadly the metaverse has been defined as a persistent, shared virtual space which can be more easily understood as an evolved, immersive version of the Internet. The physical realm meets the virtual realm through virtual reality, augmented reality, and the Internet. In the metaverse, people can interact in real-time and experience planned and spontaneous events that bridge the gap between the virtual and real world. The metaverse will have its economy to enable content creators to profit from what they make in the space. In this virtual world, everything will be interconnected — services, companies, individuals, and platforms.

It’s a win-win for gaming

Video game trends are showing that the gaming industry is likely to reach a revenue value of $295.63 billion by 2026. The metaverse is one of the most significant technological advancements in the gaming industry in decades. Players within the metaverse can do things they are unable to do in any other video game. It links real-world commerce and communication with the virtual interfaces for such systems. Games companies looking to disrupt and iterate on customer experiences can create a shared virtual environment that enables interaction, congregation, and immersive storytelling.

The metaverse is already moving full steam ahead in the games industry. Online game platform and game creation system Roblox allows people to create their worlds and games within its metaverse. In the second quarter of 2021 alone, virtual currency purchases in Roblox increased 161% to $652.3 million. Now brands such as Nerf, Hot Wheels, and Sony Music are partnering with Roblox to connect with customers in their immersive worlds. Gamers are keen to spend cryptocurrency on avatars, skins, and virtual events. As consumers continue to develop their digital identities, platforms like Roblox become powerful virtual communities.

Changing the game

The gaming industry is going through a massive growth phase, and the play-to-earn model opens new opportunities for blockchain gaming. Many play-to-earn games already have their metaverses with local digital money or non-fungible tokens (NFTs) that are used both for exchanges and in-game purchases. NFT games allow people to own their game characters, in-game items, and assets. GameFi applications encourage players to create, earn and make a profit through the gaming project, fostering a greater feeling of ownership and attachment. The community of players can buy and sell to form their market. As a game’s ecosystem grows everyone benefits, from the creators down to the users. This gives gamers control over platforms in a way that was never possible before. By providing users opportunities to earn profitable rewards, gaming is no longer a money drain for players and this concept is just starting to attract mainstream appeal. GameFi takes finance into new territory, where playing and creating in virtual worlds is a viable way to invest, earn and contribute to popular culture.

The current leader in this new play-to-earn space is Axie Infinity, which has around 350,000 daily active users. Axie Infinity is an NFT-based online video game using Ethereum-based cryptocurrency AXS and SLP. Axie Infinity protocol revenue surged to $364 million in August 2021. Essentially, it’s a social network where all the players are buying and selling goods with real money. By adding the ability to make a financial profit play-to-earn games such as Axie have the potential to lead to even more successful gaming communities of loyal followers.

The future is meta

The potential of the metaverse is huge and gaming is already embracing its potential. This shared virtual world opens the door to new experiences as well as new levels of visibility and control for users. Each experience such as an event, the release of a new NFT, or getting player support can be recreated in-game and increase customer engagement. This creates the perfect opportunity for brands to get ahead by embracing the digital future. The metaverse off offers a frictionless experience where users obtain effective results through minimum effort and positive interactions in a seamless way.

But we’re not there yet. The metaverse needs new technologies, protocols, companies, innovations, and discoveries to truly thrive. Digital devices need to be supported by significant advancements to provide latency-free experiences through virtual and augmented reality. Emerging technologies will help provide the speed and power that makes it possible for digital worlds to function successfully.

The metaverse offers endless possibilities which will change the trajectory of our online experiences. Make sure you are onboard for new opportunities in product discovery, commerce, gaming, education, and social interactivity.