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Metaverse will change the gaming industry

This will change the whole view of how we look at games and earning with games.

Photo by Branden Skeli on Unsplash

Metaverse hype has been quite increased since Facebook Inc. has renamed its company to Metaverse, though the social media apps have been working as they were working before.

There is a reason why Mark Zuckerberg has changed his company name to Metaverse, he has seen the potential of Metaverse and the presence of the virtual world and games.

The result is he led the whole crypto world to know about the Metaverse and that led to an increase in the price of these tokens in last week as shown below:

What is the Metaverse?

Metaverse is a word that comes from combining the meta prefix that means “beyond” and the word universe. If we define it briefly, it would be a universe from beyond. It can be said that a metaverse is a form of virtual reality, but you have to know that not all virtual reality services are metaverse.

Origin

In 1985, Richard Garriott coined the term “avatar” to describe a player’s character in a video game.

“Ultima IV was the first game I wanted the player to respond to what I called ‘moral dilemmas and ethical challenges’ as they personally would [and not like an alter ego]. While doing my research on virtues and ethics…to look for ethical parables or moral philosophy I came across the concept of the word ‘avatar’ in a lot of Hindu texts. In that case, the avatar was the physical manifestation of a god when it came down to earth. That’s perfect, because really I’m trying to test your spirit within my fictional realm.”

— Richard Garriott

In his 1992 book, “Snowcrash”, Neal Stephenson imagined an internet-like virtual reality world he called “the metaverse” where users would interact with digital forms of themselves called “avatars”.

From Snowcrash, the term “avatar” spread across popular fiction franchises, including Earnest Cline’s “Ready Player One”, which was turned into a popular movie.

In “Ready Player One”, a centralized metaverse called the Oasis hosted avatars, which could be customized in a variety of ways. Players could purchase items and outfits to use in-game. Those items had real value, and losing them was a big deal.

I am a gamer myself and I know how much it takes an effort to gain some prizes. We work hard, but we can’t make those centralized digital items valuable because if there is scarcity, they can generate more and thus make those rewards worthless.

In the years before Bitcoin exploded as the world’s first viable cryptocurrency, Vitalik Buterin was an enthusiastic player of World of Warcraft.

“Blizzard removed the damage component from my beloved warlock’s Siphon Life spell. I cried myself to sleep, and on that day I realized what horrors centralized services can bring.”

Vitalik Buterin

That led Vitalik to propose the idea for Ethereum — a decentralized crypto network like the one that backs the Bitcoin cryptocurrency, but a crypto network that could execute arbitrary, Turing-complete programs, called smart contracts. Those smart contracts can do many things. One of those things is to represent a unique digital item, called a Non-Fungible Token (NFT).

The metaverse must be an open ecosystem, not an ecosystem dominated by the whims of any single and centralized company.

The previous decade was the decade of the change in the financial system, but the next decade will be the decade of the change in the gaming industry, and that’s not me talking, that’s the whole crypto intellectuals talking.

The Play-and-earn games will be the new normal in the cryptocurrency markets and gaming industry, with new games coming with their own decentralized tokens.

  • The current market size of virtual goods is $52 billion
  • Sales of NFTs have reached $2.5 billion years to date
  • The metaverse market, expected to reach $280 billion by 2025

Now everyone will be able to earn by playing games and getting deep inside the game and feeling it.

Metaverse Projects

You can check these projects and get a feel of the Metaverse, though according to my imagination, they are just 1% of real Metaverse, they have the potential to achieve the metaverse which we imagine.

We are living in Multiverse, and maybe we will always live in Multiverse because everyone is making their own metaverse.

With the advancing technology and adoption of blockchain, hopefully, in this decade, we can be able to see the real metaverse.

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Himanshu India

Himanshu India

Crypto and Finance enthusiast and avid reader of Indian Culture.

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