Introduction
Metaverse has changed the way we look at digital games with its immersive visual and virtual experience and use of emerging technologies. We saw the first wave of development metaverse when games like Minecraft and Roblox came. Today, tech giants like Microsoft, Meat, and Apple, although were involved in the gaming way before the metaverse came to light, have now spread their wings to metaverse gaming. Microsoft’s intent to acquire Activision shows its early step toward the metaverse arena. Similarly, Facebook has placed several patents which intend to cover all aspects of the metaverse, including facial expression tracking, wearable magnetic sensor system, avatar personalization engine, and like.
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What is metaverse technology?
The phrase “metaverse” refers to a virtual world that brings together users from all around the world. The distinction that it makes from the technology that is now available is that it allows projects in the metaverse to harness new technologies like 3D reconstruction, augmented reality, virtual reality, the internet of things (IoT), artificial intelligence, and blockchain. In other words, it is a world that exists in parallel with the real one and is in the process of implementing nearly everything that a human is capable of doing in the real world.
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Metaverse Gaming and its Economic Aspect
As was just mentioned, the game industry has put a significant amount of effort into researching and experimenting with various technologies and ideas associated with the metaverse. Blockchain, non-fungible tokens (NFTs), and other similar technologies are among those that have the potential to completely transform the gaming industry. Recent efforts by game designers have focused less on the “fun” aspect of video games and more on the economics of the industry. Making it possible for players to obtain real-world benefits from participating in these games can be the key to retaining their attention and keeping them hooked. The following is a list of characteristics of metaverse gaming that contribute to the phenomenon’s economic value:
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Ownership of assets in the Metaverse
Blockchain has helped developers create decentralized metaverse projects, introducing us to features such as proof of ownership and transfer of value. These features reflect in games as players can now permanently own a character, upskill it, increase its value, and trade it. Similarly, US patent US10786741B2 is a blockchain-based game where game assets are sold in the gaming platform from one user to another, resulting in the transfer of ownership over such items and beneficiary rights accordingly. The game assets are tokenized and are managed and governed via smart contracts.
This is an example of proof of ownership, which, when combined with tokenization, can give each character a value that is completely unique from any other. In addition to this, players are not required to leave the game in order to access the metaverse. It continues to exist even after the session is terminated. The gamers get an experience that is almost identical to what they would have in real life thanks to these features. This near replica is further enhanced by augmented reality and virtual reality technology, which together produce an immersive three-dimensional experience.
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Play-to-earn metaverse
One prominent feature for players who are motivated to engage in metaverse games is the opportunity to earn while playing. The play-to-earn metaverse trend includes rewards like in-game assets and tokens that provide scope to make money. These rewards can be monetized and exchanged or converted into the desired currency. For instance, prior art disclosure, US20190299105A1, includes a method for converting in-game digital assets like avatars, game currency, and tools earned to cryptocurrency. The prior art also allows players to acquire digital assets through fiat currency or cryptocurrency.
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How can one earn money by using Metaverse?
Interestingly, earning rewards is not just restricted to asset exchanges; players can also earn by completing tasks or quests, winning over rival players, and improving in-game characters. On the other hand, the platform might not be able to provide instant money because the majority of in-game tokens, also known as NFT, are converted to crypto or fiat currency depending on their value. Staking is another method that users have at their disposal for utilizing the play-to-earn metaverse function. Players have the opportunity to earn by staking their assets or NFTs on any available platform and generating interest on those stakes.
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Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.
Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).
Regularly invited to speak at international & national platforms (conferences, TV channels, seminars, corporate trainings, government workshops) on technology, patents, business strategy, legal developments, leadership & management.
Working closely with patent attorneys along with international law firms with significant experience with lawyers in Asia Pacific providing services to clients in US and Europe. Flagship services include international patent and trademark filings, patent services in India and global patent consulting services.
Global Blockchain Lawyers (www.GlobalBlockchainLawyers.com) is a digital platform to discuss legal issues, latest technology and legal developments, and applicable laws in the dynamic field of Digital Currency, Blockchain, Bitcoin, Cryptocurrency and raising capital through the sale of tokens or coins (ICO or Initial Coin Offerings).
Blockchain ecosystem in India is evolving at a rapid pace and a proactive legal approach is required by blockchain lawyers in India to understand the complex nature of applicable laws and regulations.
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