Experts project that the Metaverse landscape will rise to US$38.5 billion by the end of 2022 and aim to reach US$678.80 billion by 2030. But is the Metaverse truly going to resemble the current world we live in, in terms of virtual interactions? Well, that really depends on how users can utilise the virtual space. It also hinges on whether everyday users are in fact really interested in the so-called Metaverse.
Latest trends show that only 50,000 users across the globe are fully vested in Web3 virtual worlds. This number is quite low, compared to the five billion internet users today. Fortunately, digital collectibles, dubbed NFTs, stand the chance in opening the Metaverse space to millions of users, especially if they embody real-world use cases beyond their intrinsic and artistic value.
Digital collectibles in the gaming industry
The gaming industry is leading in the adoption of digital collectibles, which can represent in-game content including characters, virtual land or even power-up items. A recent survey shows that 17 per cent of internet users aged between 18 and 34 are likely to play video games that feature earning digital collectibles as part of the main incentive. Moreover, the percentage of overall internet users playing this game is likely to rise from six per cent to 15 per cent by the end of 2022, thanks to the increasing consumer awareness that’s reimagining how gaming experiences can be monetised.
Surprisingly, users still want to have fun with digital collectibles, even if they come at a steep price or learning curve. For instance, playing the most famous NFT game, Axie Infinity, can incur you an upfront cost of up to US$100. That’s if you are able to snag a relatively affordable Axie in the competitive markets. Axie Infinity has a self-contained ecosystem that attracts nearly 2.5 million daily active users – a booming sign for the play to earn industry.
What’s missing for the playable metaverse?
Many users are willing to do what it takes to sail with this new trend of NFT gaming, including spending hundreds of dollars just to gain entry. However, this interest might fade in a matter of time without more innovation in how digital collectibles are influencing gamer perception.
Also Read: How Chronicle taps into fan economy to bridge between NFT and the entertainment industry
Playing and earning are rewarding as it bolsters user-driven economies. However, this is largely based on external market forces, which can be disadvantageous in many ways. For instance, players can earn and leave the ecosystem just as quickly, channelling the earned rewards to uninterested gamers in the long run. Short-term hype can lead to unhealthy profit-taking incentives, hurting the community who are truly vested in the game’s ecosystem.
At the same time, experts suggest that digital assets could be the gateway to real mainstream adoption for the Metaverse. But how can this be possible if popular digital collectibles limit players to specific ecosystems? The rise and monumental impact of social media, where users can seamlessly switch from one platform to another, points to major hints that the Metaverse can adopt. “The industry needs an open API that facilitates seamless digital assets utility across multiple games and Metaverse ecosystems without necessarily bridging, cloning, or generating a compatible digital collectible copy,” says Chris Li, Founder of PEPO Paradise.
Removing virtual boundaries in the multi-metaverse
Just like in traditional gaming, NFT games bring together players of different caliber and backgrounds connected throughout multiple networks. However, most digital assets are limiting players to specific networks, reducing opportunities to access limitless rewards and experiences offered by distinct Metaverse ecosystems.
“We are envisioning a future where digital collectibles will be easy to access, and deeply utilised across multiple Metaverse platforms. This will likely redefine how people interact in virtual communities and enhance the value of digital experiences, including the collectibles themselves,” says Li.
A digital collectible that features a standard multi-chain protocol can be used across numerous blockchain-based games and Metaverse ecosystems. For example, CyberKongz, a popular 2D/3D Social Avatars and NFT project partnered with The Sandbox, is now being powered up as playable characters in PEPO Paradise. Cross-collaboration initiatives, such as in the case of CyberKongz and PEPO Paradise, are allowing new sources of creativity for the Metaverse users to explore. “By partnering with multiple Metaverse platforms, we can create more of these unique and custom experiences and reward holders such as yield distribution,” says Sebssss, Core Member of CyberKongz.
Also Read: NFTs: The future musicians were promised is finally here
The next phase of the Web3 internet is now finding its roots to nurture cross-platform cooperation among hundreds, if not thousands of different teams. Expanding digital assets utility in the Metaverse goes beyond enhancing the experience of everyday users. This is what the industry needs if it’s going to make the multi-metaverse as we envision it a reality. In a bid to foster virtual worlds that empower users with real content ownership and autonomy, new systems of interoperable Metaverse standards will be a crucial element of success.
—
This content was first published by The Human & Machine.
Image Credit: The Human & Machine
The post How the multi-metaverse can flourish by eradicating virtual boundaries appeared first on e27.