When we asked the question, why is gaming important to metaverse platforms today in a recent discussion, the answer from Ilya Abugov of Sanctor Capital was simple, “You need to give people a reason to be there and gaming is the most compelling reason.” By providing in-game mechanics like rewards, quests and competition you are giving people a reason to actively participate in a virtual environment.
In the ever-expanding landscape of the metaverse, where virtual worlds are becoming increasingly intertwined with our daily lives, the role of gaming cannot be overstated. While the concept of the metaverse promises boundless opportunities for exploration, connection, and creation, it is the element of gamification that truly unlocks its potential for enhanced engagement.
One of the primary reasons why gaming is crucial in giving people a reason to use the metaverse is its ability to foster a sense of purpose and achievement. Whether it’s completing quests, leveling up characters, or earning virtual rewards, gaming mechanics provide users with clear goals to strive for, driving sustained engagement and investment in the virtual world.
Games within a Game
For David P, the Upland metaverse has easy onboarding because the premise of the environment as a top down property trading game is easy for people to understand. Using familiar terms like the Season Pass Upland has cleverly merged the lingo from Web2 to Web3. However, where things get really interesting is when gamers take the communities on their own journey within the game.
For example, Polemo Games merged their community of social gamers with Upland’s community to create a series of mini games from within the Polemo Metafort in the metaverse. This is where gaming studios and entrepreneurs can unleash their imaginations to develop all sorts of gaming variations. Watch this space!
Competing for players time
As Abugov rightly pointed out these platforms are essentially competing for time. Time that people use to socialize with friends, play games, relax and wind down from their hectic working lives. This time is precious. Many players have dedicated significant amounts of energy and time to established online games and brands, investing countless hours, days, and even years into their favorite gaming experiences.
Breaking through this established commitment and capturing players’ attention requires offering something truly compelling and will be a test for all gaming and metaverse developers. It’s not just about creating enjoyable gaming experiences; it’s needs to be more and the economic incentives are certainly a pull factor.
Gaming assets are already a lucrative business
Following this theme of providing incentives it is clear from the Web3 gaming communities that they understand the revenue generation potential of the platforms. Leading blockchain Ethereum saw $347 million in in-game NFT trades for 2023, according to Dapp Radar.
Blockchain games provide opportunities for monetization within the metaverse ecosystem using unique digital assets, aka NFTs. Through the sale of these assets, in-game currencies, and premium experiences, companies can create sustainable revenue streams while offering users compelling incentives to participate in the virtual economy.
Friends in new places
Socializing with friends while playing games in virtual worlds is a vital component that enhances the overall gaming experience. As David P, Head of Community at Upland, underscores, playing with friends is more than just about having fun together; it’s a key factor in keeping players engaged and invested in the game. The camaraderie, shared rewards, and collaborative strategies fostered through gaming with friends creates memories and strengthen bonds within the platform.
Furthermore, gaming in the metaverse facilitates social interactions in ways that traditional social media platforms cannot match. By participating in quests, competing in multiplayer games, or exploring virtual landscapes together, users forge a new form of connection.
To reiterate what we began with, Gamification provides the new users with a compelling reason to immerse themselves in these new virtual worlds. Whether it’s fostering a sense of achievement, facilitating social interactions, enabling learning, or driving monetization, gaming mechanics are instrumental in shaping the future of the metaverse.
