The gaming industry has seen a dramatic increase in game platforms since the advent of VR and AR. The development of virtual reality projection technology, which gives consumers a consistent experience in the virtual world, is establishing new trends for expanding the gaming business. For instance, Meta’s virtual reality division, Oculus, made ground-breaking technological achievements. Since October 2020, the business expects to have sold 10 million Quest 2 headsets worldwide. Therefore, Meta is prepared to add new gaming and non-gaming features to the Metaverse. Additionally, Meta is collaborating with some of the most well-known Virtual Reality game creators, like Downpour Interactive, BigBox, and Beat Games, to seize the opportunities in the Metaverse gaming market.
The benefit of earning NFT (Non-Fungible Tokens) is helping promote the metaverse gaming business, which is quickly changing people’s perceptions of online gaming. With the advent of blockchain technology, enabling gamers to invest and earn by leveraging enormous gains, the present online gaming landscape has undergone a complete transformation. Due to the introduction of new gaming platforms and the potential for financial gain from using them, the interest in playing online games is shifting in a new direction.
Technological advancements to boost market growth
Additionally, it is predicted that aspects like captive experience would drive the metaverse gaming business because of the rise in demand for online gaming and smooth user experience because of the difficulty of distinguishing between virtual and natural environments.
Additionally, features like integrating real-time information and digital data onto a single platform are anticipated to drive the Metaverse in Gaming Market growth. It is highly remarkable to see capital ventures spending much money on creating gaming platforms attracting a sizable populace to play online games in such circumstances. For instance, it is projected that the rise of the metaverse gaming sector has contributed to almost USD 9.6 billion flow into the worldwide gaming industry over the last 18 months. Additionally, according to Cointelegraph, the blockchain industry’s investment of more than USD 476 million during the first quarter of 2021 has contributed to Metaverse’s growth.
Concerns about certain aspects of digital privacy are being raised by the emergence of a metaverse in gaming and its companion technologies. The Electronic Frontier Foundation (EFF) claims that the privacy issue is connected to location monitoring of a person, where it is anticipated that the data obtained by the AR glasses will reveal the user’s whereabouts. Another grave concern is that the facial technology employed in the process is anticipated to be shared with private and public organizations.
Additionally, users’ data is projected to be collected by wearable metaverse technology. Eye tracking devices can potentially intrude on a person’s privacy and can be used with both AR and VR technology to collect data.
Additionally, wearable technology can gather biometric information from the immediate area, which compromises the privacy of others in the immediate area. Given the circumstances mentioned above, it is projected that the development of AR and VR technology would impede the expansion of the Metaverse in the gaming industry.
With the existence of major IT firms like Google, NVIDIA, Microsoft, and others, the growth of the Metaverse has been aided. Additionally, it is thought that North America’s dominance is primarily due to the increased acceptance of blockchain technology. Additionally, the rise in popularity of metaverse-based video games like Pistol Whip, Beat Saber, and Population: One are impacting the market for Metaverse in the North American gaming industry.
Due to their large populations and the adoption of blockchain technology, the rest of the world’s regions, including Europe and Asia-Pacific, are predicted to have a slow but steady expansion.
Impact of the Covid19 outbreak:
According to estimates, the gaming industry produced USD 120 billion in income from video games before COVID-19. The revenue collected is estimated to be three times greater than the global box office revenue. The monthly playtime for games like Minecraft, Roblox, and Grand Theft Auto was predicted to be between 70 and 120 million active players.
Due to the increasing number of players, the global Metaverse gaming market has experienced a substantial increase over the projected period. The metaverse market is occupied by several locals, regional, and international firms that are all vying for a sizeable portion of the entire market. To fuel organic growth and boost their market shares, the major market players are spending on R&D activities.
While Covid-19, according to Verizon, has caused an increase in internet traffic throughout the time. For instance, digital video traffic increased by 12 percent, while online traffic increased by 20 percent. Additionally, during that time, there was a 20% increase in video game platforms. In addition, the release of Half-Life: Alyx on March 23, 2020, grabbed a significant portion of the gaming audience. Therefore, it may be said that Covid-19’s impact on the gaming business was less significant than initially believed.