By Kameshwaran Elangovan The appeal of gaming has remained evergreen… But the technology and the facilitators of the gaming experiences have constantly changed with time, making gaming better and more engaging. The latest addition to the world of gaming has to be the distributed ledger technology – the blockchain – and the concept of the gaming metaverse which brings in the goodness of NFTs, the connectivity of Web3, and a community-centered gaming realm to the masses. The confluence of gaming and NFTs/Web3 has not just been a revolution for gaming but rather an evolution that would catapult the perception of gaming by a notch in the direction up and towards the right! With NFTs in place, gaming assets are now broken free from their confinement to the game, and have added a wing of being tradable assets.
Therefore, gaming assets can now be bought and sold on digital collectible marketplaces just like any other NFT. This has led to a mass adoption of gaming and a lot of people who were hesitant in spending their money on gaming have shed their inhibitions because they know and have understood that gaming in the metaverse driven realm could possibly help them earn either by trading the gaming assets/accessories or by playing P2E games. Parallel to this, the blockchain technology has also exhibited a steady growth in its magnitude of acceptance as it can transcend borders without the limitations of regulation, thanks to its decentralized nature.
Therefore, metaverse gaming exhibits a growth potential unlike anything seen before because not only does it have the credentials to engage gamers in the markets that have already been penetrated but also because they have the capacity to tap into new markets, thanks to the global reach. With the growth of Internet speeds, the emerging coverage of 5G, the familiarity with blockchain and its advantages that is on a steady ascent, it could safely be said that metaverse gaming is at the verge of showcasing phenomenal growth in the near future. This would make it an apple of the eye for multiple avenues.
Gaming companies would now consider moving their gaming assets into the blockchain, so they can also jump into the new technology bandwagon. Companies specializing in digital collectibles would want to explore the territory of gaming. A lot of brands have also created their own gamified experiences on their metaverse, so they can give their loyal fans an exclusive digital experience powered by NFTs.
Apart from this, we have also seen a lot of independent developers and fresh game development companies come up with their own Web3 games, proving the fact that metaverse gaming is here to stay… And rule. Another important aspect that contributes to the growth of metaverse gaming is the fact that the probability of profitability looks favorable. The trading of digital assets, the possible collaborations that can be expected from brands, especially when opening up advertising opportunities in the metaverse, the possibility of investing in virtual real estate in the game metaverse and earning passive revenue, and the new age advancements in NFTs like renting and games initiated by players themselves, all of these streams contribute to a steady flow of revenue in this territory.
Now that it has been established that there is a high possibility of engagement and profitability, the industry is bound to attract the attention of venture capitalists and investors. At a time when innovation is a fair amount important in furthering the scope and possibilities with metaverse games, it is important for funds to flow in, especially with companies/startups that bring novel ideas to this realm. The metaverse gaming arena has all what it takes to be one of the most promising business avenues of the future.
We have seen that gaming does not lose its relevance and it only gets better with new technology getting introduced. NFT gaming does away with some of the most painful misgivings of the erstwhile dimension of gaming. The trading possibilities of gaming assets and the earning opportunities for players who invest their time and efforts, on top of everything, the passive earning possibilities that are brought about by avenues like metaverse lands and advertising assets make Web3/NFT games a great opportunity for players to engage with, for retail investors to buy digital assets from, and for venture capitalists to invest in! The author is co-founder and COO, Guardianlink Follow us on Twitter, Facebook, LinkedIn.
From: financialexpress
URL: https://www.financialexpress.com/business/blockchain-the-growth-potential-of-metaverse-gaming-3103946/
