Experts predict that the world of online gaming will continue to grow and prosper. In this article, we look at what the future holds in terms of technological advancements over the next five years.
The Rise of Online Gaming
There has been a massive rise in global online gaming over the last few years. Popular games like online poker and roulette have proved popular, but new games like Axie Infinity have also caught the interest of gamers, despite delays to gaming product launches caused by disruption to the global supply chain. It seems nothing can dent people’s enthusiasm for all forms of online gaming.
Online video gaming is now worth around $195 billion and is expected to achieve an annual growth rate of 12.9% by 2030. Players are increasingly choosing to join online multi-player games, MMO, and free2play games. Gaming is growing in popularity across all formats, including consoles, social media, and mobile gaming.
Cloud Gaming Replaced Consoles
There was a time when the latest PlayStation console release was all any gamer could think about. But while consoles like the Xbox X series are still popular, cloud gaming has continued to grab an increasing market share.
Cloud gaming offers a lot of advantages. Players can download games from anywhere, share them, and play their favorite games without worrying about updates or the need for the latest console. With 5G being rolled out across the globe, it is likely that cloud gaming will soon grab even more of the market away from traditional consoles.
Next-Gen Gaming
AR and VR gaming has been around for a while, but it looks likely to become more popular over time as the technology improves and the cost of intelligent wearables falls. Virtual reality developments in the gaming sector help build more immersive games. Over the next few years, we can expect to see MMORPGs that include more VR experiences, so the gaming experience is further enhanced.
Many believe that the metaverse powered by VR is the future of online gaming, where players enjoy a more realistic experience powered by a VR illusion. It’s an exciting prospect!
The Use of Blockchain in Gaming
The fintech sector has grown at a phenomenal rate, alongside the gaming industry. Today’s online gamers can use a wide variety of different payment applications to deposit and withdraw funds into their digital wallets. They can also use the same payment apps to buy games and pay for subscriptions to games.
One thing that is changing, however, is the use of blockchain in gaming. Blockchain gaming is growing in popularity. Players can earn money when they play popular games like Axie Infinity and Cryptokitties. These games are known as P2E or Web 3.0, and the chance to earn small amounts of crypto is enough to keep players coming back for more. In some countries, people game full-time on Axie Infinity, to earn a full-time income.
Non-fungible tokens (NFTs) generated $4.8 billion in 2021, and this figure is only going to increase. Some of the larger gaming companies are seriously considering the merits of developing NFT games. One gaming company, Ubisoft, tried releasing NFT tokens within an existing game, but the limited-edition release was plagued with issues. However, NFTs will likely become an important part of gaming in the next five years.
We can also expect to see increasing use of cryptocurrencies in online games, such as BTC and ETH.
Online gaming is at a pivotal point in its development. Technology is advancing at a phenomenal rate and as the tech improves, the online gaming world will become increasingly realistic. It will also generate more money than ever.
I'm a published author and proud US Army veteran who happens to be a gamer, so I decided to combine the two and love every minute of it! Feel free to contact me with any questions or comments and I'll be sure to get back to you.
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