How is the Metaverse shaping the future of GameFi and education?

Wikipedia describe the Metaverse as ‘an iteration of the internet as a single, universal and immersive virtual world which is facilitated by the use of Virtual Reality (VR) and Augmented Reality (AR) headsets.’ More to the point the metaverse can be described as ‘a network of 3D virtual worlds focussed on social and economic connection.’

The Metaverse has vast potential to completely revolutionise how we consume and share data and information. Two areas in which the Metaverse is already having a huge impact are gaming and education. But just how is the Metaverse shaping the future of these established industries? Lets find out.

When people think of the Metaverse, the future of gaming is probably the first thing that springs to mind. Whether that is due to Steven Spielberg’s 2018 hit Ready Player One is for another debate however, the amalgam of VR, NFTs and crypto sure make for a heady cocktail.

As we have discussed in previous essays, the future of gaming is increasingly about the tokenisation in-game assets and the rewarding of player activity. This financialization or Gamefication of the industry is already a popular concept in South East Asia and it is only a matter of time before the idea gains deeper traction in the Western world.

As predicted, once the idea of GameFi takes hold, we are likely to see a radical change in how we play and what we think of as gaming. Indeed, many players of Axie Infinity were able to supplement their real world incomes by playing the game throughout the recent Covid-19 lockdowns. Whilst it may be a while before GameFi is seen as a legitimate source of income, the very idea would have been unthinkable more than 10 years ago.

In my opinion, the integration of the virtual reality experience and the gaming industry is inevitable. The player thirst for increasingly realistic graphics and total immersion in the gaming environment will ensure that this final barrier to gameplay will be quickly broken.

In the VR powered GameFi universe, players can earn cryptocurrency for playing and engaging with their favourite games. Through the power of blockchain technology and distributed networks, players are trading and investing in cryptocurrencies alongside NFTs as they seek to develop their in-game persona and characters.

The Metaverse is providing the dynamic environment for GameFi to thrive and give players the complete emotional immersion the likes of which we have not witnessed before. With the interoperability of independent blockchains, it is easy to visualise a future in which player avatars can easily switch between their favourite gaming worlds.

The development of the Metaverse is closely tied to the advance in virtual reality technology due to increasing demand for and the opportunities provided by complete environmental immersion. The technology driving Metaverse development is growing hand in hand with an increasing interest in the future of a decentralised internet or Web3 which puts user ownership at the forefront of the experience. With this in mind, we can see how the Metaverse has the potential to radically change the way we share information.

How we deliver and consume education has not changed for hundreds, if not thousands of years. These time tested methods rely on physical classes, written texts and teacher lectures. However, the Metaverse is changing the way we conceive education by providing an interactive and totally engaging immersive environment.

Innovative companies like RiVR provide virtual classrooms, interactive simulations, textbooks and lectures to enhance student understanding and information retention of often complex subjects. In addition, the opportunities the distributed and virtual nature of the Metaverse supply are allowing students to collaborate with peers from around the world and enable the sharing of new insight and understanding which is helping bring the world closer together.

As we can see, the Metaverse has the potential to significantly develop both the gaming and educational sectors. In particular, the Metaverse offers a more immersive, interactive and inclusive experience by breaking down barriers and facilitating the distribution of information and the shared experience. With continued investment and development, we can expect to see a continued increase in innovative applications and platforms which are helping to leverage the vast potential of this brave new world.