What are the Applications of Metaverse in Virtual Gaming?

04-Nov-2024

The world of Gaming has been the pioneering industries of technological innovations. Many professionals in the gaming industries believe that their industry is at the center of the metaverse in today's digitally-driven world. This is true to the effect that the gaming industry is already envisioning growth potentials with Metaverse while the rest of the industries are trying to wrap their heads around the business possibilities of metaverse. The metaverse although is only a hypothetical as of now, however, several video game companies like Fortnite, Minecraft, Roblox, RuneScape, etc. are already developing the foundations of metaverse in virtual gaming. 

The application of metaverse in gaming promises to revolutionize the industry by enabling greater interoperability between games, offer immersive 3D experiences and provide new streams of revenue via NFT (Non-Fungible Tokens) and models like play-to-earn, etc. Although, these disruptions are still in the visionary stage, metaverse is poised to power the gaming industry and bring about more opportunities like personalized gaming experiences, social interaction and revenue generation, amongst many.

Through this blog, let us deep-dive into the application of metaverse in virtual gaming and learn more about the differentiated features of metaverse that is poised to revolutionize the gaming industry. 

Metaverse in Virtual Gaming 

The premise of metaverse still being a hypothetical vision in the gaming industry is highly debatable as some argues that it already exist in the form of online video games where people are able to interact in their chosen avatars and even make purchases of various gaming items by using cryptocurrencies. Regardless, let us understand how metaverse is powering the gaming industry. The market strength of metaverse gaming at the global scale is projected to grow in the coming years with an estimated CAGR value of 38.2% by 2027 amounting USD710.21 billion. 

Metaverse in virtual gaming offers diverse adventures powered by several technologies, including:

• Blockchain
• Artificial Intelligence
• Internet of Things (IoT)
• 3D Reconstruction
• Augmented Reality and Virtual Reality (AR and VR)

Potential of Metaverse to revolutionize gaming industry

Metaverse is capable of providing a highly immersive and social gaming experience where players can easily interact with each other virtually and build connectivity and community going beyond individual games. This feature will further boost users engagement and players loyalty. 

Another significant prospect is the generation of new streams of revenue for game publishers and developers. The possibility of buying and selling NFTs in metaverse can open up new opportunities like in-game purchases and virtual real-estate. The play-to-earn model will additionally offer opportunities for players to make money by playing games and incentivize their time spend on games. This will also lead to higher engagement, as players will tend to spend more time on games with the prospects of earning real money.

The feature of greater game interoperability that metaverse promises makes it a winning transformation. With this aspect, players will be able to transport their virtual characters and assets to and from game to another. This consequently offers a personalized and seamless gaming experience which aligns with the player's specific interests and preferences. 

Unique Features of Gaming powered by Metaverse

The Virtual gaming industry is constantly evolving and with the application of Metaverse, the world of gaming offers a different and unique player experience defined by the following few key features. 

Cross-game interoperability: With metaverse, the world of virtual gaming will have games with dissolved boundaries. This means there is fluidity of boundaries between individual games, allowing players to transfer their game avatars/characters from one game to another. This unique cross-over feature offers players with expanded gaming possibilities and improved experiences. 

Adaptive narratives: Another significant features of virtual gaming with metaverse is adaptive narratives where the storylines are not fixed. The storyline in the games evolves and changes depending on the collective decision of the players. Gaming narratives in metaverse is thus ever-changing and ensures a dynamic landscape. 

Immersive reality experience: With the integration of innovative technologies like Augment Reality (AR) and Virtual Reality (VR) players can enjoy an immersive gaming experience. They can get the feel of a parallel universe and feel like they are a part of it. This feature allows greater connections and engagement. 

Highly customizable: The one winning feature of metaverse in virtual gaming is that players can leave their individual and unique mark on the world of gaming. This means that players have the freedom of designing their own avatars, developing gameplay experiences, and creating their own personal spaces that reflect their interests, creativity and individuality through the customizability feature.

Perpetual and persistent worlds: This is another advantageous and winning feature of metaverse in virtual gaming. In Metaverse games, players can continue from where they left, unlike other games that require players to begin afresh in each play. In metaverse, players will have a perpetual and dynamic saving of each action, event and changes made in every play. 

Economic Ecosystem: What better option than the opportunity of buying, selling or trading items by using in-game currencies and better still, some of these currencies are exchangeable in real-world money. Metaverse has powered virtual gaming with this unique feature where the games can emulate the real-world economies. The advent of blockchain technology and cryptocurrencies have fortified metaverse games as legitimate platforms for performing economic activities. 

Social Interaction: Gamers do not just play games but get to interact and enjoy virtual social activities like meeting friends, attending concerts, professional networking, participating in events, etc. 

Influential Impact of Metaverse in Virtual Gaming

The impact of metaverse in virtual gaming cannot be overstated, with influences across various facets of the gaming world. The influential impact in some of the major gaming areas include:

• Incentivizing and monetizing opportunities
• Social interaction, networking and building relationships
• High flexibility in the gaming ecosystem
• Portability of assets and characters
• Providing immersive experiences

Gaming companies have tremendous opportunities to scale and grow with the integration of metaverse into virtual gaming. Gaming has attracted many audiences and with advancements like metaverse, the gaming marketing is projected to grow even higher. The metaverse has ample benefits that businesses can take advantage of. With tech giants investing in metaverse and possibility of high ROIs, gaming companies investing in metaverse, will prove to be a lucrative plan. 

Metaverse in Virtual Gaming Applications of Metaverse Gaming in the Metaverse