According to Bloomberg analysis as well as data from several research firms like Statista, IDC, PWC and more, the global Metaverse revenue was a massive $500 billion in 2020 and presents an opportunity that could approach $800 billion in 2024.
As for the global metaverse in the gaming market, it was still quite robust in 2020 when the pandemic was at its peak and is estimated to register an uber-impressive CAGR in the coming years.
The gaming sector has become increasingly profitable and popular amongst gamers and large user bases spending substantially in this realm. The primary market for gaming and online game makers may exceed $400 billion in 2024.
The Metaverse Future
The convergence of gamification and metaverse will enable consumers to connect and engage based on personal preferences and specific metaverse capabilities.
The already popular games are now emerging with their virtual worlds as extensions of the real world, providing opportunities for social interaction, creating and sharing content, and digital commerce.
Enterprises worldwide are investing large amounts in metaverse gaming platforms. Major gaming companies like Emoji Games are increasingly focusing on developing virtual worlds that provide highly enhanced gaming experiences.
As we scan the humongous market, we break down sections that have the potential to boom as we move ahead on the metaverse path
Boosting Esports via a Blockchain-enabled Metaverse
Considering the ever-evolving preferences of consumers in the games industry, certain segments could very well thrive in the coming years.
Before we get to esports and how blockchain could potentially enhance it, we have to understand that currently, blockchain gaming is still relatively green. Per DappRadar, public blockchains only consist of about 1,000 games as compared to the tens of thousands witnessed in the early days of Apple’s App Store.
However, with more games being introduced and adoption barriers being lowered for users, the blockchain game market has massive potential to grow.
Going by the image, the blockchain gaming market is estimated to reach $50 billion, growing at a CAGR of 100% by 2025, which is highly opportunistic.
Talking about esports — crypto exchanges today are eager to engage and partner with Esports teams as they realise the potential that Esports and blockchain gaming could reach in the future. Reputable crypto exchanges like Crypto.com, Bybit and Bitmex have already made partnerships with Esports teams for their marketing.
A new type of blockchain-enabled platform for Esports is bursting on to the scene especially in the aftermath of Covid. Now, the lifestyles have changed and people spend a significant amount of time in virtual online worlds.
Utilizing blockchain and NFT technology, everyone can now enjoy and participate as an Esports team. That is the reason why Pocket Arena has formed its own guild organisation structure where group of pro-players can play against other guilds and the highlights of the match of the day will be broadcasted once Castle Arena kicks off.
Amongst the many influential ways blockchain can totally transform esports is by ensuring legitimacy and transparency.
The eSports industry strives to counter match-fixing, illegal gambling and other fraudulent practices that attract media coverage.
The blockchain consensus algorithms make sure that cryptocurrency transactions are immutable. For eSports stakeholders, this means the transactions won’t bounce. Heavy investments in the blockchain gaming platforms is bound to make esports central to the metaverse.
The NFT Segment Has Been a Key Enhancer
The integration of Non-Fungible Token (NFT) and cryptocurrencies has to be a major boosting factor in the growth of metaverse. #NFT has played (and will continue to play) an important part in effectively bridging the gap between the metaverse and the physical world and metaverse.
Secured via blockchain technology, NFTs efficiently facilitate social and community experiences in the environment. The segment has seen a massive surge due to NFTs usage in carrying out secure transactions in the metaverse along with purchasing in-game attributes on play-to-earn gaming platforms.
And so, we have witnessed the emergence of multiple immersive play-to-earn games such as Castle Defense that allow gamers to engage in the metaverse and earn revenue.
NFTs in these games enable users to participate in financial economies in the metaverse and get rewarded for their time and creativity. It allows players to exchange their in-game rewards for real money as an integral component of the in-game economic landscape.
Various other platforms are now incorporating NFTs and cryptocurrencies in virtual gaming worlds, allowing players to monetize their time spent in a metaverse.
Pocket Arena — A Prominent Player in This Journey
Pocket Arena is a Play-to-Earn, NFT games portal and platform on blockchain technology for skill-based tournaments and user-generated content merged into the Pocket Metaverse.
A brief history and goal..
Established in 2005, for the next decade, Emoji Games started as a fintech solution provider and mobile game master aggregator for Samsung Mobile’s global embedding project. Since then, we have worked with major game publishers to create a successful and stable revenue of $230M by providing services to gamers and end users. We has been contributing towards the growth of Samsung Mobile and other top players such as Sega, EA, Namco etc.
Emoji Games has developed the unique DIY solution (www.brandedminigames.com) for brands to gamify their marketing campaigns without big budgets and time. We have been working with over 100 international brands who acknowledg our expertise and credibility. Moreover, the META (ex-Facebook) approved Emoji Games as one of their Instant Games partners.
The head office and management are located in Zug in the heart of Crypto Valley in Switzerland. Hyong Kim, the Korean origin founder, has been leading the tech development and design of all product games since the beginning, inculcating trust and stability in the team
The goal of Pocket Metaverse is to create a true web 3.0 ecosystem wherein creators and users can create, develop and trade their own NFT contents and digital assets, and experiences while carrying out day-to-day commercial activities in the virtual world.
Pocket Arena contributing towards the growth
Pocket Arena not only possesses invaluable assets and skills for the evolution of metaverse and gaming but also complies with all the relevant regulations in order to create a level of trust and transparency unlike any other. Here’s how:
- Pocket Arena has been an early adopter of blockchain technology since 2017, with a lot of our own IP games and blockchain stacks (PA Wallet) constantly being updated for an enhanced user experience since then.
- The PA Wallet 3.0 is planned to be released later this year by using public Ethereum sidechain layer 2.
- Pocket Arena’s utility token POC is acknowledged by the Swiss Financial Market Supervisory Authority (FINMA) and received a non-action letter.
- In terms of gamification for brands, Pocket Arena works towards developing a game service platform for global brands to be integrated in Castle Town, the Pocket Metaverse, which is our area of expertise.
- NO OUTSOURCING — We take great pride in the fact that we develop all game IPs and blockchain tech stacks ourselves.
- Over the last decade, we have established a harmonious working ecosystem spread across 7 countries. Our uber-efficient 40+ full-time teams of international developers have more than 8 years of service (on average) under their belts.
For Pocket Arena, the future is now! To make this platform a converging point for esports, blockchain gaming and user-generated content as the Pocket Metaverse is what we have been investing since 2012.