DETROIT – DETROIT – The metaverse is straightforward and complex at the same time, and it’s come a long way. You might think of the metaverse more simply as cyberspace, technology, and the way we interact with it, explains CSGORadar. Virtual reality, augmented reality, avatars, buying and selling goods over the internet… it’s all part of the metaverse, which gets more and more sophisticated by the day.
One interesting aspect of life in cyberspace has been the growth of e-sports. Below is a look at how esports have risen in popularity and how they could become a (greater) part of the metaverse.
The growth of esports
E-sports, if you’re not familiar with them, are characterized by regional or international video gaming events, and professional or amateur players will compete in them against each other.
It’s a big, big market. According to statistics on the website of consumer and market data company Statista, the global esports market value grew by 50% in 2021 to just over 1.08 billion US dollars. Experts predict it will grow further to as much as 1.62 billion US dollars in 2024.
At present, Asia and North America are the biggest markets revenue-wise. Esports are especially big in China, which accounts for almost one fifth alone of the market.
Revenue
Part of the growth of esports has also come from advertising and sponsorship. Somebody somewhere has been putting some serious money into generating revenue for the esports industry.
In 2021, market revenue from sponsorship and advertising totaled 641 million US dollars. These sources of revenue stretched out far ahead of all the other forms. The next biggest source was media rights, which contributed just over 192 million US dollars.
Viewing and betting on esports
One of the other ways to enjoy esports, besides playing or watching them, is to make the most of the generous Michigan sportsbook promos available. If you’ve not tried your hand at betting on esports before, you can use the promotions on one of these sportsbooks to place a free bet on esports events and learn how betting on esports works.
Esports and the metaverse
So esports are popular. There’s no doubt about that. But how could they function further within the metaverse? What could the future hold for them?
A shift from physical event spaces to virtual events
Esports players enter physical tournament venues, but in the future, tournaments could take place entirely online. That and/or they could also move to a more immersive, hybrid model. Rather than be spectators that view the action from the screen, people watching the event may someday be able to follow the action as if they were right where it was happening, as if they were part of the environment, and from any angle.
Transformation of new games into competitive esports
In a bid to engage esports fans even further, esports tournament organizers are always on the lookout for sports that could convert into competitive esports. Martial arts and combat sports offer excellent opportunities for this. There has been talk of virtualizing players so that they could compete as if they were fighters in an arena, gladiatorial or otherwise.
The implementation of blockchain and NFTs
Already, cyberspace has begun seeing apps that promote esports and apply blockchain technology. One of these has been EspoWorld, which encourages friendly competition between users while raising funds and spreading the word about esports. The game features esports team ‘districts’, with each district featuring a Team HQ surrounded by virtual plots of land. These plots of land are actually NFTs and can be bought, sold and integrated.
Gearing of esports to an older generation
The esports community champions innovative technology that enhances engagement. However, brands are starting to lose access to some of the younger consumers, so the esports industry may see them turn their attention to the next generation of consumers and heads of households.
The advertising spend in the industry will drive brands to look for solutions that deepen gaming, engagement and brand relations. For fans that are already enjoying the games, as long as these players perceive greater value, any shifts of transitions will be smooth and seamless that result from the investment.
The metaverse is getting more and more sophisticated, not to mention more and more thrilling, by the day, as technology becomes increasingly advanced and allows users to do more. Esports has blossomed into an industry that has gained millions of enthusiasts, who follow events and enjoy the excitement they offer. Perhaps after reading about all its possibilities, you could develop a passion for them too?
This article was provided by John Murray
