The debut of the metaverse in the gaming industry with VR Technology has been creating massive hype. Recent studies revealed that more than 52% of online gamers across the US prefer metaverse games. The global market concludes that the metaverse market is expected to touch $1527.55 billion by 2029 from $100.27 billion by 2022, at a CAGR of 47.6%. The growth has contributed to a hike in the adoption of AR/VR technologies across the online gaming industry along with 3D effects. Another trend that has captivated the markets is the rise of premium-class online casinos that offer great offers and bonuses. And websites such as Gamblingguy.com have been reviewing these casinos in detail. From gamers to gamblers, continuous innovation drives organic traffic.
Virtual Gaming Pre and Post Metaverse
Previously, first-generation games allowed lesser control and were less interactive in nature. The virtual gaming world was mostly based on blockchain multiplayer games. However, blockchain eventually changed the entire gaming paradigm by using cryptocurrencies and NFTs. Now, metaverse-based online games help gamers experience next-level, surreal gaming environments. Incorporating metaverse in the gaming industry can either be decentralized or centralized. These changes have also brought in a new gaming reality known as Web 3.0 gaming which allows gamers to shift characters from one gaming ambiance to another. This is popularly known as the play-to-earn model across the gaming world.
Impact Of Metaverse on Virtual Gaming Platform
Metaverse combines physical reality with virtual and augmented reality (VR and AR). Due to companies like Meta, Microsoft, Epic Games, and Nvidia’s interest in the concept of the metaverse, we will be able to see more games in 2023. Multiple businesses are looking forward to investing in the gaming industry for leveraging modern technologies, and reconstruction using 3D, AR, loT, Ai, and blockchain with digital platforms as Metaverse is on the rise. With the ongoing popularity of the metaverse in the gaming segment, it offers the potential to mesmerize gamers by offering them a 3D environment that would help them connect with the real world. Metaverse also offers an immersive experience where gamers can connect, work, study, earn money, live stream games and also attend virtual concerts, and meetings with NFT trading.
The metaverse ecosystem combined with the gaming industry will have economic and social systems in place where gamers can use avatars to enjoy multiple immersive contents. Unlike a normal video game, metaverse does not pause or end an experience. One major aspect of the metaverse is unequaled interoperability. Imagine buying a Roblox skin and using it in games like Fortnite or other similar games effortlessly.
What Does Mark Zuckerberg Say About Metaverse?
As per Mark Zuckerberg, the metaverse is the next best concept after teleportation. Forbes recently named the metaverse as one of the top 10 trends of 2023. The global spending on AR/VR and the foundation technologies of the metaverse are expected to rise from $12 billion by the end of 2020 to $72.8 billion by the end of 2024.
In A Nutshell
The current market size of the metaverse is over $38.5 billion. The majority of online gamers are willing to spend at least $1000 on advanced Virtual Reality Gear. More than $500 million worth of real estate has been purchased in the metaverse since its rise in popularity. 53% of companies have invested in metaverse in cryptocurrencies so far and there are over 400 million metaverse users active per month. Roblox stands as the biggest virtual world across Metaverse among which 51% of the user base is 13 years or younger. 74% of American adults have joined metaverse for gaming. Around 10.7 million gamers saw the live performance of Marshmello at the Fortnite concert.