Today’s gaming is already about creating immersive worlds that players enjoy, which is a natural complement to the metaverse – and gamers can now derive real value from digital creations and NFTs.
What else is on the horizon for the gaming world in the internet of the future? Let’s examine how Metaverse, Web3 and new revenue models are redefining gaming experiences.
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The Metaverse is the next frontier in gaming
Gaming has always been at the forefront of technological advances, and the Metaverse is no exception. As games become even more immersive, they become integral parts of the broader Metaverse ecosystem.
According to a survey by Ernst and Young, 97% of gaming industry executives say gaming as it is today is at the heart of the metaverse.
In theory, any virtual reality (VR) game could be part of the metaverse. But remember, connectivity is at the heart of the metaverse. Gamers need to be able to move seamlessly between different games and experiences, bringing their digital identities, assets and achievements with them.
To achieve this level of interoperability, game developers must work together to create shared universes and cross-platform experiences.
In 2020, Tim Sweeney, CEO of Epic Games – whose company created the Fortnite gaming universe – explained his vision for games in the metaverse as follows:
“A move away from a whole series of walled gardens towards something that’s increasingly open and, by the end of this decade, will resemble an open metaverse where players gather with their friends and go from game experience to game experience. Stay together as a group as friends, cross all platforms and enjoy these experiences without worrying about which company made the device they play on or which company runs the servers they play on. “
Fortnite is already a leader in the Metaverse space. Their platform is an immersive world where players can enjoy entertainment experiences (like concerts) and play the game themselves.
Augmented reality (AR) games, which overlay the real world with digital game elements, also remain important. Pokémon Go was a major pioneer in this area and we can expect to see more AR games as the technology advances.
Using Web3 technology to decentralize games
Based on blockchain and decentralized protocols, Web3 technology is poised to revolutionize the gaming industry by giving gamers true digital ownership and control over their in-game assets.
Asset purchases are already available in many games, but clothing, accessories, and other in-game items are tied to individual games, not players or avatars.
In the Internet of the future, gamers can use web3 technologies to trade, sell or transfer their digital items as NFTs across various platforms. Not only will this create a seamless experience for players, but it will also open up new revenue streams and support a thriving digital economy.
Leveraging blockchain technology, Web3-enabled games can create transparent and secure systems for in-game transactions, ownership, and asset origin. This decentralized approach eliminates the need for intermediaries and allows players greater control over their gaming experience. Developers will also be able to create more engaging games by leveraging player-driven economies and user-generated content.
Decentralized Autonomous Organizations (DAOs) have the potential to introduce new forms of governance, ownership, and community-driven development in the gaming industry. This allows players to participate in the decision-making processes related to hosting, developing and updating their favorite games.
Gameplay monetization with play-to-earn models
Gaming is already becoming a profession and this trend will continue as future internet technologies evolve.
As Web3 technology gains momentum, we are witnessing the rise of play-to-earn (P2E) models, allowing players to monetize their in-game activities and achievements. P2E games reward players for completing tasks, battling other players, or progressing through levels. These rewards are typically in-game tokens or assets in the form of NFTs that can be traded, sold, or redeemed for real world value. This innovative approach transforms traditional gaming business models, making gameplay more rewarding and incentivizing player participation.
P2E models democratize gaming by providing players with earning opportunities, particularly in regions where access to traditional financial systems is limited.
Axie Infinity is a popular P2E game based on blockchain technology. In Axie Infinity, players can earn rewards by breeding and selling digital pets called Axies, participating in battles, completing daily tasks and questions, and locking AXS tokens in a wallet or smart contract.
Redefine the gaming experience
The future of gaming is undeniably exciting as Metaverse and Web3 technologies herald a new era of connected, immersive experiences. As these innovations continue to transform the gaming landscape, we can expect an increasingly diverse and inclusive industry, offering tremendous opportunities for both gamers and developers.
Read more about these topics in my new book, The Internet of the Future: How Metaverse, Web 3.0 and Blockchain will change economy and society. And don’t forget to subscribe to my newsletter and follow me TwitterLinkedIn and YouTube for more information on future trends in business and technology.
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