Gaming Industry Remains Major Driver Behind Metaverse: McKinsey

• Gaming is the biggest segment in the entertainment sector.
• Several companies are exploring the metaverse.

Metaverse is often associated by many with immersive gaming.

Nevertheless, a McKinsey and Company report “Value Creation in The Metaverse” points out that metaverse is driven by gaming. This is true in a way as several brands have entered this game lately.

The potential is huge

This is mainly due to emerging technologies forcing industries to evolve and adopt digitization across the globe. Gaming remains the biggest segment in the entertainment industry. Moreover, it has become a global phenomenon among adults alongside the rise of enhancements in equipment like GPUs, ASIC chips and more.

Several big titles including Resident Evil, Sniper Elite, Beat Saber, etc. have already made it to virtual reality and users are loving them. The immersive experience allows them to “live” what they’ve played on a flat screen for a lifetime. The gaming community will have an impact on associated industries as well.

Most gamers choose to shop online via websites like Amazon, eBay, Samsung and more. Well, they can shop from these stores on Metaverse as well! Gucci has a “Gucci Garden” on Roblox, the biggest metaverse platform in terms of users. Spotify Island on Roblox allows the users to meet their favorite artists there.

Not just this, Samsung launched their New York-based flagship 837X store on Decentraland, another metaverse game. Gaming giants like Atari own land plots on The Sandbox game. These developments are impressive given how young and niche Metavere actually is.

Mark Zuckerberg, Meta’s CEO, revealed his vision during the Meta Connect 2021. From immersive shopping to employment activities, he unveiled several use cases apart from gaming. However, there’s a lot to be achieved before these virtual spaces go mainstream. It won’t be long before we do a lot of things we today on the Metaverse as well.

Several technologies like 5G and 6G, omni treadmills, AR/VR glasses and more need to be available at more affordable prices. Meta’s latest product, Meta Quest Pro, is currently priced at $1,500 in the market which is steep. Moreover, they must not expect it to go cheaper for quite some time considering the hefty investment the company had made for its development.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.