The Sandbox

Intro to the Metaverse 2021

Newzoo's 2021 introduction to the metaverse argues that, despite the lack of an authoritative definition, the concept is best understood through trends already visible in gaming: persistent virtual worlds, user-generated content, NFTs and digital ownership, interoperability, and portable identity.

• The gaming industry is transitioning from Games-as-a-Service to Games-as-a-Platform, where virtual worlds function as persistent social hubs for identity, creativity, and commerce.
• Consumer demand is high, with 70% of players expecting the metaverse to increase their total playtime and a significant portion of non-gamers expressing interest in participation.
• Blockchain technology and NFTs are enabling digital ownership and 'Play-to-Earn' models, allowing players to treat in-game activities as digital jobs while providing developers with secondary market royalties.