In 2022, the future of gaming is changing. Several new technologies have emerged as the two biggest trends in gaming: metaverse and cryptocurrency.
In a nutshell, “metaverse” is a virtual universe where users can interact with each other through avatars. It’s been around for years but has now become popular thanks to the widespread adoption of blockchain technology. Cryptocurrency refers to any form of digital asset designed to work as a medium of exchange or store of value, most notably Bitcoin (BTC) and Ethereum (ETH).
These are two huge developments that will change how we think about gaming forever.
Things You Need to Know About the Metaverse
What's in this article...
The metaverse is a decentralized, persistent, and shared virtual world. While it’s not a new concept, the idea has gained traction recently due to its ability to provide users with a more immersive experience than what can happen via current VR systems.
The term got coined by Philip Rosedale (the founder of Second Life) in 1994 but didn’t gain widespread usage until 2014. It got used as the name for an open-source project developed by Linden Lab (the company behind Second Life). The project aims to create an infrastructure that supports multiple virtual worlds while allowing them all to share information and interact with each other seamlessly.
In this way, it works similarly to how blockchains work. There would be one blockchain that connects all metaverses. It will help users on one metaverse to communicate with those on another without any middleman involved.
The Metaverse Is an All-Encompassing
The metaverse is an all-encompassing, virtual meta-universe where users have avatars that can interact with each other in real-time. It’s the ultimate culmination of gaming and technology. The term was originally to describe a collection of persistent virtual worlds that get interconnected.
Users can create their world or play an existing one, such as Second Life or World of Warcraft. They can create their virtual worlds, while others choose to play solo games within them (think Tom Clancy’s The Division).
How Will Cryptocurrency Impact Gaming?
Cryptocurrency is a digital currency that can get used to buy land in games such as Decentraland, and it can also get used to buying game items from other players.
By allowing the use of cryptocurrency, gaming companies can make more money since they don’t have to pay fees when converting the currencies. It is a win-win scenario, especially when we see the rise in the participation of people in the cryptocurrency markets.
Another benefit is that users will be able to trade their coins for other coins or even cash them out for real-world money. Thus, the participants can see the creation of cryptocurrency value in the process
Video Games Can Become More Lucrative
Cryptocurrency is a digital asset that uses cryptography to secure transactions and check the creation of new units. Unlike fiat currency, cryptocurrency can be created or mined by anyone using the right setup.
The problem with fiat money is that it’s not easy to counterfeit, but it can be stolen or lost. Since banks hold most of our money in electronic form, they present an obvious target for hackers. Cryptocurrencies solve both those problems.
They’re secure because they run on decentralized networks instead of centralized servers (like those at banks). Their value doesn’t depend on any central authority like a government or bank backing them up. It just depends on how many people are using them.
So why does this matter for video games? Well, first off there are many gamers who already use cryptocurrencies as payment methods for digital goods like game upgrades and expansion packs. These players would probably be happy if more developers took advantage of such an option!
Secondly, crypto-based gaming could mean higher profits than traditional earnings based on sales alone. After all, there’s no middleman involved between buyer/seller when dealing directly with cryptocurrency.
Games Allow Players to Buy Land With Crypto
Decentraland, a metaverse that allows users to buy land and build on it, is one of the first examples of how cryptocurrency and blockchain technology can change the way we play games. It’s a decentralized system, so users can’t get banned or have their land taken away by developers.
In Decentraland, you own everything. There are no NPCs (non-player characters) or NPCs who own this land. As gaming becomes more interactive and immersive, we will see more virtual assets getting created for players to own. Also, games that don’t rely on traditional currencies like Bitcoin, Ethereum, and others do today.
Increase in Profit Due to Cryptocurrency
The solution to this problem is cryptocurrency. With the introduction of blockchain technology, it will be impossible for users to cheat the system without getting caught.
Game developers will also see an increase in profit due to cryptocurrency. It is difficult for users to game the system without being caught. In addition, there will be a new revenue source for developers because they can track all sales and revenue easily through their private blockchain network.
The Future of Gaming Looks Bright
The metaverse is a new dimension that allows players to interact with each other in real-time. It opens up possibilities for new kinds of games, where you can feel as if you are in the game with other people.
With cryptocurrency and metaverse engagement, players will have more ways to earn money from playing video games. Developers will be able to make more money when they release their games. Cryptocurrency also makes it harder for players who want to cheat or hack into games because they have an incentive not to do so (i.e., lose their money).
Games Will Become Even More Popular
The future of gaming looks bright. With the advent of cryptocurrency and metaverse technologies, games will become even more popular than they already are. Metaverse technologies encourage healthy interactions between users by creating virtual worlds where people can play together or interact with one another in other ways. Cryptocurrency will increase the profits of game developers while reducing the amount of cheating that happens in these games.
