There is an important connection between Gaming and the Metaverse. Video games are often derided as a waste of time, but when you take a step back and look at the connection between gaming and NFTs, we have much to thank gamers for.
If not for the millions of people spending their money within digital gaming worlds, from Grand Theft Auto V to Fortnite and everything in between, we would have no frame of reference for purely digital assets holding real-world tradable value.
Similar to the gaming universe, different corners of the metaverse are being built using artistry, graphic design, and 3D rendering to create digital playgrounds that are often just as immersive as real life.
The gaming universe is evolving into the metaverse, with games like Gods Unchained and Upland as examples of true hybrids of the two – allowing players to create real-world wealth through their in-game economies.
“You can’t really know where you are going until you know where you have been.” – Maya Angelou
One could view the metaverse as the lovechild of gaming and cryptocurrency, where people can now create and own a customized digital space on the secure foundation of the blockchain. The micro-economies that support new worlds like Decentraland or Cryptovoxels are only beginning to take hold, but the cost of owning land or custom items is a hurdle for many newcomers. According to Michael Bouhanna, head of sales at Sotheby’s:
“We see spaces like Decentraland as the next frontier for digital art where artists, collectors and viewers alike can engage with one another from anywhere in the world and showcase art that is fundamentally scarce and unique, but accessible to anyone for viewing,”
NFTs are an important aspect of the expansive digital space known as the metaverse – they are the artwork on your digital walls, the shoes on your digital feet or even the keys to your digital vehicle or home.
With Virtual Reality (VR) and Augmented Reality (AR) taking both video games and digital art to an entirely new level of immersion, the connection to gaming becomes even more apparent.
People engage with the digital world for the escape and security provided by the programmed yet unpredictable spaces that pop up. With artistry and 3D rendering comes important literature necessary to tell a story that ties everything together. According to Anand Venkateswaran, aka Twobadour, who runs the Metapurse fund:
“The current Cambrian explosion of NFTs that you see is all about acquisition – people want to buy up NFTs, gobble as many of them as they can, but it’s just the tip of the iceberg. The real explosion will happen when they’re able to … experience these NFTs as they were intended. If it’s a plot of virtual land, you ought to move around in it, have an immersive experience in it.”
To understand why NFTs in their digital art use-case are exploding, you don’t have to look any further than the gaming industry. And just like a good video game tells a compelling story, a good NFT should create an emotional connection and tell its own story that pulls in the collector.