Gaming today is all about creating immersive worlds for players to enjoy, making them a natural fit into the Metaverse – and players today can create real-world value from digital creations and non-fungible tokens (NFTs).
Two technology trends shaping the future of gaming
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What's on the horizon for the future world of online gaming? Let's explore how the metaverse, web3, and new revenue models are redefining the gaming experience.
Metaverse is the next frontier in gaming
Gaming has always been at the forefront of technological advancement, and the Metaverse has been no exception. As games evolve to become more immersive, they are set to become an integral part of the broader ecosystem.
According to an Ernst and Young poll, 97% of gaming industry executives say gaming is at the center of transformation as it is today.
In theory, any virtual reality (VR) game could be part of the transformation. But remember: interconnectedness is the essence of transformation. Players will need to be able to seamlessly transition between different games and experiences, bringing their digital identities, assets, and achievements with them.
To achieve this level of interoperability, game developers will need to work together to create shared universes and cross-platform experiences.
In 2020, Epic Games CEO Tim Sweeney — whose company created the Fortnite gaming universe — explained his vision for games in the Metaverse as follows:
“Moving away from a whole bunch of walled gardens to something that became increasingly open-ended and became like, by the end of the decade, an open world open world, where players get together with their friends and go from game experience to game experience, staying together as a group as friends, moving across all platforms and not Having to worry about the company that made the device they're using, or the company running the servers they're playing on while they're having these experiences.
Fortnite is already a leader in the metaverse. Their platform is an immersive world where players can enjoy entertainment experiences (such as concerts) in addition to playing the game itself.
Augmented reality (AR) games that overlay digital gaming elements onto the real world also remain important. Pokémon Go has been an important pioneer in this area, and we can expect to see more augmented reality games as the technology continues to advance.
Using Web3 technology to decentralize games
Powered by blockchain and decentralized protocols, Web3 technology is poised to revolutionize the gaming industry by empowering players with true digital ownership and control of their in-game assets.
Purchasing assets is already possible in many games, but clothing, accessories, and other in-game items are tied to individual games, not to players or avatars.
In the future internet, gamers will be able to trade, sell or transfer their digital items across different platforms such as NFTs using web3 technologies. This will not only create a seamless experience for players, but will also open up new revenue streams and support the thriving digital economy.
By leveraging blockchain technology, web3-enabled games can create transparent and secure systems for in-game transactions, ownership, and asset provenance. This decentralized approach eliminates the need for intermediaries and enables players to have more control over their gaming experiences. Developers will also be empowered to create more engaging games by embracing player-driven economies and user-generated content.
Decentralized Autonomous Organizations (DAOs) have the potential to introduce new forms of governance, ownership, and community development for the gaming industry. This will enable players to participate in the decision-making processes related to the direction, development, and updates of their favorite games.
Monetizing gaming through play-for-profit models
Gaming has already become a profession, and this trend will continue as future Internet technologies develop.
As web3 technology gains momentum, we are seeing the emergence of play-for-earning (P2E) models, which enable players to monetize their in-game activities and achievements. P2E games reward players for completing missions, fighting other players, or progressing through levels. These rewards are usually tokens or in-game assets in the form of NFTs that can be traded, sold, or exchanged for real-world value. This innovative approach is changing traditional gaming business models, making gameplay more rewarding and driving player engagement.
P2E models democratize gaming by providing profit opportunities to players, especially in regions where access to traditional financial systems is limited.
Axie Infinity is a popular P2E game based on blockchain technology. Players can earn rewards in Axie Infinity by breeding and selling digital pets called Axies, participating in battles, completing daily quests and quests, and staking AXS tokens in a wallet or smart contract.
Redefining the gaming experience
The future of gaming is undoubtedly exciting, as metaverse and web3 technologies herald a new era of interconnected and immersive experiences. As these innovations continue to reshape the gaming landscape, we can expect to see an increasingly diverse and inclusive industry that offers tremendous opportunities for gamers and developers alike.
Read more about these topics in my new book, The Internet of the Future: How the Metaverse, Web 3.0, and Blockchain will transform business and society. Don't forget to subscribe to my newsletter and follow me TwitterAnd LinkedIn and YouTube to learn more about future trends in business and technology.
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