Gaming Metaverse: Business Philosophy and Perspective

April 5, 2022

Video games have popularized the Metaverse idea of one avatar or another for years. But it’s also true that only recently Metaverse has become mainstream.

In our previous write-ups, together with Doug Dyer, our VP of Gaming and Entertainment at Innovecs Games, we discussed what opportunities blockchain brings to gaming, and how developing NFTs is able to contribute to the business.

And we’ve chosen to make our final stop in a series of blockchain-related articles by talking about Gaming Metaverse.

I think now it’s a buzzword. What actually Metaverse is are the things you can look at through VR glasses, a Metareality, avatars that users are able to move and interact with. For gamers, it’s fun and engaging. For companies, it’s an opportunity to sell and monetize.
Doug Dyer
VP of Gaming and Entertainment at Innovecs Games

Key issues about Metaverse: how creating gaming Metaverse is helpful in boosting the sales

We had some light shed on how the Gaming Metaverse is contributing to increased sales.

So, below we’ll outline what the Metaverse is and how making “compelling games engaging the users to spend hours and hours inside” transforms the very idea of earning money in the game development business.

Thus, for example, Roblox is a platform with thousands of individual games within the Roblox world. So, the Metaverse is one big Universe. You have your avatar, a digital representation of yourself running around this world. You can move this avatar from sitting on a digital seat watching a movie, to playing a game. In Roblox, you create this digital representation of yourself and going to play thousands of games. That’s what Metaverse is: that’s you going to the digital shops, making your character just look like you, buying what you need.
Doug Dyer
VP of Gaming and Entertainment at Innovecs Games

Metaverse: an engaging interaction

For those, who are marketing games, the Metaverse is a “bunch of games connected. You are looking at the screen or through the VR glasses, and you see the reality, but you can see augmented reality figures running around you as well” added Doug, explaining what the Metaverse is.

Gartner is speaking about Metaverse as one “of the top five emerging trends and technologies for 2022”. Global spending on VR/AR, the metaverse’s foundation technologies, is expected to rise from $12 billion in 2020 to $72.8 billion in 2024. That is because a key objective of any gaming Metaverse is to make people interact in the digital world and prompt them to buy easily.

Metaverse is all about inner activity and engagement. The longer you can engage somebody, the more opportunity you have to sell them something. You don’t wanna somebody to come and play for five minutes. You wanna the player to come back and stay for an hour. And come back then every hour.
Doug Dyer
VP of Gaming and Entertainment at Innovecs Games

Gaming Metaverse: the potential to earn money releasing a game

Metaverse is built for engagement. Metaverse prompts to in-game activities lasting for hours. That is a place with an opportunity to have fun for the players, and to earn money for those marketing the game.

Your credit card is connected to the fun world. And you think “Oh, I wanna play this game, I wanna watch this movie”. It’s easier in Metaverse to spend money than it is in real life. In real life you have to go up on a website, you have to act somehow there.

In Metaverse, you have easier interaction and are more prone to do what you are willing to do. In Roblox people are sending more messages daily than they send in WhatsUp. 60 million messages a day and 39 million messages in WhatsUp. That’s a Metaverse: people partnering with their avatars, presenting and changing them. A Metaverse is a place, where people are spending and making billions of dollars creating and selling digital T-shirts and shoes”, introducing the peculiar features of the Gaming Meta World.

Doug Dyer
VP of Gaming and Entertainment at Innovecs Games

Metaverse is a huge mass market. For example, 400 million people are playing Fortnite (Epic Games) worldwide. The social phenomenon of “being trapped in the Metaverse” leads to huge game monetization.

Is Metaverse only the initiative with huge investments for the top companies or a possibility for smaller ones?

Popular Roblox Metaverse seems to be a huge world created with tremendously high investments. The business behind only the mobile version of Minecraft generated $160.7 in global IAP revenues, in 2021. It’s a 12.68 increase over the previous year.

But both companies were starting from scratch.

Many companies, they have no resources. But they can make a game, which can be plugged in in somebody’s else Metaverse. We as Innovecs can make a game for Roblox if we wanna. And nothing will keep us from monetizing every user when we have tens of millions of people playing in the whole Metaverse.
Doug Dyer
VP of Gaming and Entertainment at Innovecs Games

If a customer comes to Innovecs Games with a request to make either a single NFT or a huge Metaverse. What is the answer?

We can make an online store, we can build a game. Our company is able to build items that they can match with an existing Metaverse. There’s a huge number of things we can build as pieces of the Metaverse empowered with a blockchain.

So, if any of these match your request, let’s get in touch!

If you need assistance in building a product from scratch or supporting the existing one, drop us a line to discuss details, and we will reply within 24 hours.