The world is now ready to embrace the bold new technology of Metaverse. Today, Metaverse can be described as a world of its own with avatars incorporated using augmented reality (AR) and virtual reality (VR). Metaverse is not something that is born in 2022. The industry has been developing a lot in the last few years. Interestingly, the word ‘Metaverse’ was first introduced in Neil Stevenson’s “1982” novel, describing a virtual place where the characters flee to escape the real world.
Taking inspiration from the concept, industry experts, researchers, and scientists created a magnificent technology we now call Metaverse. It has been going through a long journey with inventions like VR machines in 1956 to the latest wearable gadgets like headsets that support AR/VR, which gives the user a unique experience.
Metaverse is changing the landscape of several industries, including the gaming industry.
Metaverse is redefining gaming
With each passing day, Metaverse is soaring to new heights and advancements to meet the expectations of the users to give them a realistic experience. With its ability to provide an immersive visual experience, the gaming industry has adopted this technology at a massive scale, transforming the way gamers are experiencing virtual worlds.
Although large organisations control the mainstream esports gaming industry, Metaverse can help other emerging companies to set up a decentralised atmosphere in which gamers can have diverse choices and are rewarded well.
This will also include the play-to-earn (P2E) gaming segment, which rewards gamers with incentives and awards with each cleared level.
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Also, most of the Metaverse gaming companies are willing to disperse these incentives in the form of crypto and NFTs. The provision to spend this currency for in-game purchases is becoming a norm now.
E-gaming will become more participatory with the addition of AR and VR, thanks to Metaverse. The same technology can be utilised to produce video games where the main character can go shopping, buy property, attend meetings, and perform a myriad of other tasks.
Growth and prospect of Metaverse
Metaverse is already one of the buzz topics among gamers, especially Gen-Z. As India is one of the countries with the largest youth population, Metaverse will be the biggest gaming platform in the upcoming years.
In 2022, at a global level, $120 billion has already been invested in Metaverse, as stated by McKinsey & Company. The fact that big tech giants are changing their names and acquiring VR companies is a clear indication that this technology is the trend of the future.
Also, innovations are being made to provide gamers with VR headsets and other wearable gadgets to deliver a distinctive experience.
Until a few years back, playing popular games had been a thing of luxury in many parts of the world. The main reason behind this was the dependency on heavy hardware like expensive GPUs and CPUs. But with the advancement in Metaverse and blockchain, players are able to participate in cloud gaming with a large number of players.
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Gamers with an inclination to crypto and NFTs can now win rewards through P2E games and also sell/purchase assets in the virtual worlds. Customisation and avatars are available for each participant, giving them a sense of freedom and creativity.
Gen-Z is spending 80 percent of its time online, making it a potential user base. India’s gaming industry is anticipated to reach $2.8 billion as per the report of Deloitte. Therefore, in the upcoming years, numerous companies will cater to their audience with Metaverse-based games creating a norm for the Indian youth.
Although Metaverse is still nascent in India, gaming industry pioneers are putting extreme effort into incorporating this trend.
This intersection of gaming and Metaverse will create a platform of interoperability of virtual worlds while creating NFTs and cryptocurrency to facilitate in-game purchases, making it a win-win situation for gamers and creators.
(The author is the co-founder of FanClash, a fantasy gaming app on esports. It provides tools to let users create their own tournaments, connect with other gamers, and play fantasy leagues on leading esports matches.)
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