Projections indicate that the Metaverse industry is set to reach US$38.5 billion by the end of 2022 and is expected to grow to US$678.80 billion by 2030. The future of the Metaverse and how closely it will mimic our current reality in terms of virtual interactions depends on user engagement and interest in this evolving space.

Recent trends reveal that only 50,000 users worldwide are fully engaged in Web3 virtual worlds, a small number compared to the five billion internet users globally. Digital collectibles, particularly NFTs, have the potential to attract millions of users to the Metaverse by offering real-world use cases beyond their artistic value.

Digital collectibles in the gaming industry

The gaming sector is at the forefront of adopting digital collectibles, which can range from in-game characters to virtual land and power-up items. A survey shows that 17% of internet users aged 18 to 34 are interested in video games that feature digital collectibles as incentives. This interest is expected to increase from 6% to 15% among all internet users by the end of 2022, reflecting a growing awareness of how gaming experiences can be monetized.

Despite the high cost and learning curve associated with digital collectibles, users are still eager to engage with them. For example, in the popular NFT game Axie Infinity, players may need to pay up to US$100 upfront to participate. With nearly 2.5 million daily active users, Axie Infinity’s success is a positive sign for the play-to-earn industry.

Challenges for the playable metaverse

While many users are eager to embrace NFT gaming and are willing to invest significant sums to do so, sustaining this interest will require ongoing innovation in how digital collectibles shape the gaming experience.

Earning rewards through gameplay can strengthen user-driven economies, but it also introduces challenges such as market volatility and profit-driven behavior. To achieve mainstream adoption, digital assets must be able to transcend individual ecosystems and offer interoperability across multiple games and Metaverse platforms.

Breaking virtual barriers in the multi-metaverse

To realize the full potential of the Metaverse, digital collectibles must be easily accessible across various platforms and ecosystems. Cross-platform collaborations, like the partnership between CyberKongz and PEPO Paradise, offer unique opportunities for users to explore and engage with different Metaverse environments.

The future of the multi-metaverse lies in fostering cooperation between diverse teams and creating interoperable standards that enhance user experiences and content ownership. By embracing these principles, the Metaverse can evolve into a more seamless and interconnected virtual space that empowers users.

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This article was originally published by The Human & Machine.

Image Credit: The Human & Machine

This article was first published on July 20, 2023

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