The Metaverse, play-to-earn and the new economic model of gaming
The gaming industry, which has always been synonymous with fun, has grown massively in recent times, and a lot of money is now being mentioned when gaming comes up. Since the introduction of Web 3.0, there has been immense growth in the industry. At the end of 2019, the global gaming market was reportedly worth $152 billion. This growth has meant that, since the introduction of Web 3.0, there has been a consistent rate at which Web 3.0 games are growing and garnering increased adoption. A lot of money is being made, and this has, in turn, attracted a lot of new developers to the space.To get more news about DASH
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Gaming in the past has always been a one-sided relationship, where only the developers or owners of a game get the financial gains while players are left to just have fun and keep spending. A new economic model has now been introduced but, in the years leading up to it, players have spent a lot on gaming. In 2020, the mobile applications industry saw customers collectively spend $143 billion. Gaming apps took a huge $100 billion of that amount. This implied that, for every dollar that was spent on the Google Play Store (for Android devices) and the App Store (for Apple devices), gaming apps took a hefty 70% of it. Even with the introduction of the new model of gaming, it is estimated that over $120 billion will still be spent on mobile games in 2021. This will represent a 20% increase from the figures of 2020.
The new gaming model I've mentioned twice now is the play-to-earn gaming model. It is no lie that interest in play-to-earn games was sparked by the global COVID-19 pandemic. The same can be said for the virtual worlds or the “METAverses” that these games are hosted on.
Metaverse” is a combination of the prefix “meta,” which means beyond, and “universe.” So, the Metaverse is a world beyond the universe. An otherworldly place, so to speak. In the Metaverse, virtual lands, avatars and even buildings can be bought and sold. This is most often done using cryptocurrencies. In these virtual environments, people can move around freely with their friends, attend events and buy goods and services — basically, doing the exact same things they can do in the real world.
The lockdowns, which were a result of the global pandemic, pushed people to look more into the potential of the online world, and they discovered that they could still do business and have fun at the same time, using their devices from anywhere in the world. Many of the metaverses in existence today are powered by blockchain technology and, to transact on these virtual worlds, a user would need cryptocurrency or nonfungible tokens (NFTS). A lot of the play-to-earn games we have today have their own metaverses with native cryptocurrencies that are used both for transactions and to receive in-game assets and rewards.