Metaverse Gaming P2e Online Esports Industry Boost Develop Fanclash

The world is now ready to embrace the bold new technology of Metaverse. Today, Metaverse can be described as a full-fledged world with built-in avatars using augmented reality (AR) and virtual reality (VR). The metaverse is not something that is born in 2022. The industry has grown a lot in recent years. Interestingly, the word “metaverse” was first introduced in Neil Stevenson’s novel “1982,” describing a virtual place where characters flee to escape the real world.

Inspired by the concept, industry experts, researchers, and scientists have created a magnificent technology that we now call Metaverse. It has gone through a long journey with inventions like VR machines in 1956 to the latest wearable gadgets like headsets that support AR/VR, which provides the user with a unique experience.

Metaverse is changing the landscape of several industries, including the gaming industry.

Metaverse redefines gaming

With each passing day, Metaverse reaches new heights and advances to meet user expectations and provide them with a realistic experience. With its ability to provide an immersive visual experience, the gaming industry has embraced this technology on a large scale, transforming the way gamers experience virtual worlds.

Although large organizations control the traditional esports gaming industry, Metaverse can help other emerging companies establish a decentralized atmosphere where players can have diverse choices and are well rewarded.

This will also include the play-to-earn (P2E) game segment, which rewards players with incentives and rewards for each level cleared.

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Also, most Metaverse game companies are willing to disperse these incentives in the form of crypto and NFT. The ability to spend this currency on in-game purchases is now becoming standard.

E-gaming will become more participatory with the addition of AR and VR, thanks to Metaverse. The same technology can be used to produce video games where the main character can go shopping, buy property, attend meetings, and perform a myriad of other tasks.

Metaverse Growth and Prospects

Metaverse is already one of the hot topics among gamers, especially Gen-Z. As India is one of the countries with the largest population of young people, Metaverse will be the biggest gaming platform in the coming years.

In 2022, globally, $120 billion has already been invested in Metaverse, as reported by McKinsey & Company. The fact that big tech giants are changing their names and acquiring virtual reality companies clearly indicates that this technology is the trend of the future.

Also, innovations are underway to provide gamers with VR headsets and other wearable gadgets to provide a distinctive experience.

Until a few years ago, playing popular games was a luxury thing in many parts of the world. The main reason behind this was the reliance on heavy hardware like expensive GPUs and CPUs. But with the advancement of Metaverse and blockchain, gamers can participate in cloud games with a large number of players.

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Gamers with a fondness for crypto and NFTs can now earn rewards through P2E games and also sell/buy assets in virtual worlds. Personalization and avatars are available for each participant, giving them a sense of freedom and creativity.

Gen-Z spends 80% of their time online, making them a potential user base. The gaming industry in India is expected to reach $2.8 billion according to the Deloitte report. Hence, in the coming years, many companies will cater to their audience with games based on Metaverse creating a standard for Indian youth.

Although Metaverse is still nascent in India, pioneers in the gaming industry are making extreme efforts to embrace this trend.

This intersection of gaming and the Metaverse will create a platform for interoperability of virtual worlds while creating NFTs and cryptocurrencies to facilitate in-game purchases, making it a win-win situation for gamers and gamers. creators.

(The author is the co-founder of FanClash, an esports fantasy gaming app. It provides tools for users to create their own tournaments, connect with other players, and play fantasy leagues on major esports matches.)

Disclaimer: The opinions, beliefs and views expressed by the various authors and forum participants on this website are personal.

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