Video games are among the most popular forms of entertainment in the modern world. It is a lucrative market that lots of businesses have been competing to dominate with varying degrees of success. To put that into perspective, a recent study by Accenture found that the global video game market is worth up to a whopping $300 billion. Out of the 2.7 billion players who were found to be part of that community, 500 million joined in the last three years.
Clearly, gaming is a huge part of our lives. There is a lot for players and businesses to enjoy right now, but, naturally, there are always speculations about what’s coming next. What more could we get from the industry? Well, this is not too hard to determine. All we need to do is focus on some of the key trends that have been shaping the industry in a variety of ways.
Some of the trends that you should pay attention to include:
The Metaverse and Related Technologies
For a long time, the metaverse was nothing more than a buzzword. This is no longer the case as we have had a lot more push for technology among the world’s most popular tech brands. These include Meta (formerly Facebook) and Microsoft, who are considered to be titans in their own rights.
Perhaps the most notable thing about the new push for innovation in the realms of the metaverse is that it will completely redefine the way we interact with video games. The first things that come to mind in that regard are Augmented Reality (AR) and Virtual Reality. While these have been with us for a while and have shown a lot of promise, the metaverse buzz will drive more investment and consumer spending on these technologies.
Fortunately, modern computing devices have proven to be more than capable of navigating these new technologies. Regardless of whether you are using a smartphone, a tablet, a laptop, or a desktop computer, you will be able to tap into the new video gaming experiences. As time goes by, we expect the supporting devices to not only get better but also more affordable. None of this will happen overnight, but we are on the right trajectory.
Play-to-Earn Video Gaming Via NFTs
Free-to-play video games are very popular today. The only other option that has been around is paying to have access to video games. Unlike in the case of online casinos where gamblers play for a chance to land a win, video games have not been known to offer monetary rewards to players. Esports and tournaments are, of course, an exception, but not everyone gets to participate in those.
Making money from playing video games is not an entirely new concept. However, it has mostly been through backdoor monetization efforts that many video game developers have not been too happy about. Now, things have taken a rather unexpected twist that will likely lead to players finding a unique way of trading while playing video games.
Non-Fungible Tokens (NFTs) took the world by storm as soon as people realized how lucrative they were for both artists and players. Now, many game developers are at least considering ways of legitimating player-to-player trading. This is meant to let them get a piece of the pie, and given the rapid growth of the sector, there is a lot to look forward to.
Naturally, since the technology is still in its nascent stages in terms of both development and mainstream adoption, there have been a few challenges. Skepticism by some members of the gaming community has led to bans on NFTs. Concerns about safety and security have also been aired out prominently, hinting that something needs to be done.
Several solutions have already been fronted, which affirms our optimism for this addition to the gaming ecosystem. We might not get the same systems as we have now. What’s more likely to come out of this are NFT-like technologies that are backed by other features such as the blockchain.
The Rise and Rise of Cloud Gaming
Today, just about every major technology brand in the gaming space has a cloud gaming product that they are pushing. The market for this is ripe thanks to the now extensive use of mobile devices, faster internet services, and more mobile networks. This has essentially made it possible for gamers to enjoy decent gaming experiences at just about any price point.
Players can now enjoy AAA titles right from their mobile devices and interact with other players from anywhere in the world. In most cases, the video games run similarly to have they would if all the computing was done locally from their devices. Streaming games just like you do with movies and music was once unheard of. Now, it is starting to be a viable option for more and more people. It only gets better from here.
As expected, there is always room for improvement. Gaming on the cloud still requires a strong infrastructure and good internet connections. The library of supported games also varies widely depending on the service that players choose to go with. These are things that can be dealbreakers for people looking for a stable experience. Early adopters will, of course, relish in the fun and exciting experimental experiences. Still, it is worth paying attention to as that is likely where everyone is headed.
Friendlier Ecosystems
As it stands, the biggest platforms in the gaming space have a lot of control over what goes on in the industry. Google and Apple have a strong grasp of the mobile markets thanks to their respective control over the Google Play store and the App Store. Sony, Microsoft, and Nintendo have also amassed a lot of strength in the console space.
However, the competitive nature of the industry seems to be triggering a lot of shifts. The companies mentioned above have had to adapt to a fast-changing landscape prompting significant changes to such things as mobile privacy changes. In the coming years, companies like Google and Apple will likely have to open their ecosystems to some extent to avoid some of the recently-enforced anti-steering policies.
Moreover, consumers have also been very vocal about having a say in the products and services they purchase. Among the leading areas of focus for the industry is cross-platform gaming. Combine with other features like play-to-earn mechanisms and cloud gaming. There is a lot that many of these companies will have to adapt to.
Video game developers and publishers are trying to find ways of maximizing their revenues. One of the ways of doing this is by bypassing the payments that platform providers like Apple and Google charge. That pressure continues to mount, and it is only a matter of time till some changes are made.
Are You Ready for the Future?
Needless to say, we have already come so far in terms of the technology that we use to stay entertained. For the most part, most people can get the experiences they have always dreamed of with existing technologies. Smartphones and tablets, for instance, are gaming powerhouses that are available at different price points.
However, if you are a forward-looking person who is always after the latest and greatest in terms of gaming experiences, there is so much to come. Keeping an eye on these trends is a great way of staying in the loop. Not everything might line up the way we expect, but it is great to know that we are off to a great start.