The metaverse is becoming as real as the material world and refers to virtual worlds that are designed for humans to interact with as easily as they do in the real world. This goes beyond playing games or chatting with avatars. This also means buying assets, getting married, travelling, and everything in between, including fashion and related industries. Virtual spaces now have their own economies and identity systems.
The Metaverse has also transformed the economy in two ways – first, by providing an alternative investment instrument by way of blockchain, and second, by opening up new asset classes. All of this translates into a bullish environment with moderate to high risk appetite. These caused an EXPONENTIAL GROWTH in terms of market cap as well as mainstream adoption.
The current, most popular ideas of the Metaverse we have today could be described simply as a place that one can visit via smart glasses or VR headsets where you find yourself in a computer-generated world, some forest or a beach somewhere or your office. The endless possibilities have attracted the attention of Big Tech and Venture Capital firms, reflecting the massive paradigm shift.
GameFi’s Play to Earn economic model enables the building of a sound and sustainable ecosystem that can serve as the economic foundation of a metaverse.
Though still in its early days, P2E gaming is growing rapidly, during the recent hype, the weekly users of blockchain games increased from a few thousand to more than 5 million. Today's most popular P2E games include Axie Infinity, a creature trading and battling game like Pokémon; The Sandbox, a world-building game that is central to the early Metaverse; and Sorare. At the same time, many up-and-coming P2E games are on the rise, one notable example includes Age of Tanks.