It’s no secret that the gaming industry is booming. In 2018, the global gaming industry was worth an estimated $134 billion, surpassing both the movie and music industries in terms of total revenue. By 2023, the gaming industry is expected to be worth a staggering $200 billion.
Many people believe that gaming will play a pivotal role in bridging the gap between Web 2.0 and Web 3.0. Here’s why:
NFTs are Taking Over the Gaming World
One of the biggest trends in gaming right now is the use of non-fungible tokens, or NFTs.
For those who are unfamiliar, NFTs are digital assets that are unique and cannot be replaced.
They’re often used to represent items in games such as weapons, clothes, or property. And because they’re stored on a blockchain, they can be bought, sold, or traded just like any other cryptocurrency.
The popularity of NFTs in games can be attributed to two main factors:
- Firstly, they offer gamers a sense of ownership and control over their in-game assets.
- Secondly, they provide a way for gamers to monetize their time and efforts within a game world. This is because NFTs can often be sold for real-world fiat currency or cryptocurrency.
And it’s not just limited to in-game items; more and more game developers are beginning to experiment with NFTs as a way to sell access to new levels or game worlds. For example, last year popular game “ Minecraft” announced that players would soon be able to buy access to new “adventure mode” worlds using NFTs. This move was met with praise from the crypto community, with many people saying that it could pave the way for other games to follow suit.
The increasing popularity of NFTs within the gaming world is indicative of a larger trend: The slow but steady migration of gaming from Web 2.0 to Web 3.0. And this shift is only going to accelerate in the years to come as more and more games begin experiment with blockchain technology.
Attention Economy Dominance
Another reason why gaming will play a pivotal role in the future of Web 3.0 has to do with something called the attention economy.
The attention economy is an economic model that values human attention as a commodity that can be bought and sold like any other good or service. And right now, there’s no doubt that gaming dominates the attention economy.
According to a recent report by market research firm SuperData, people spent a combined 6 billion hours watching other people play video games on platforms like Twitch and YouTube Gaming in 2019. That’s up from 3 billion hours in 2016; an increase of 100% in just three years! And it’s not just professional gamers who are raking in the views; even amateurs are finding ways to monetize their gameplay footage on these platforms.
The rise of streaming services has coincided with a boom in esports; competitive video gaming tournaments that often have multimillion-dollar prize pools. In 2018, global esports revenues reached $906 million dollars and are expected to exceed $1 billion by 2020 . That’s bigger than both Major League Baseball and National Hockey League, making it one of the most lucrative sports industries in the world today.
Conclusion
There’s no denying that gaming is a big business. But more importantly, its rise signals a larger trend: The gradual migration of humanity from physical reality into digital realities. And as more and more people spend their time and money in virtual worlds, it’s only going to become increasingly important for businesses to have a presence there.
All Comments