The metaverse is a paradox by itself – a complex and straightforward concept simultaneously. As it gets more recognition in the real world, many people need clarification about its existence and want to learn more. Virtual reality, avatars, and buying and selling goods are all parts of this technological cyberspace that is getting more sophisticated.
With the rise of the metaverse, a growth of eSport games and fans can also be noticed. Below, we will examine how the rising popularity of eSports can become a big part of the ever-expanding metaverse.
The Growth and Revenue Streams of eSports
eSports, like any sport, requires talented individuals to demonstrate their skills in a competitive game and try to beat their opponents. On the other hand, eSports do not require any specific physical endurance. They take place in the virtual space, where professional and amateur eSport athletes compete in regional and international video gaming events.
From its inception until today, the world of eSports transformed into an enormous industry, with predictions of its growth circulating at 1.62 billion US dollars in 2024. North America and Asia remain the two biggest revenue markets, with China alone accounting for about a fifth of the market.
This, in large part, has come from advertising and sponsorship. In 2021, the revenue from these two sectors totaled $641 million, with just over $192 million coming from media rights.
But eSports are just as interesting for the participants as for the viewers. They’ve become a worldwide trend, and Statista reports that live viewing of eSports has reached 474 million people as of 2021, with projected numbers set to rise to more than 577 million in 2024.
A Shift to the Virtual Word
So, eSports is indeed popular. But how can they function within the metaverse?
Well, eSports are currently played in physical tournament venues, but with the rise of the metaverse, those same tournaments can also occur online. Being present in the virtual reality where the action is taking place, instead of watching eSports online, could entice many people to take on the experience.
Certain blockchain technologies, such as EspoWorld, exist to promote eSports and encourage competition between users, thus raising funds and awareness about them in the process.
To get more engaged fans, tournament organizers are always looking for other sports that can transition into the world of eSports. With martial arts and combat viewed as an excellent starting place, there are even theories of virtualizing players to compete in fighting arenas.
Gearing of eSports to an Older Generation
With the use of innovative technology that enhances engagement, the rise of eSports is well underway. However, some brands are losing access to younger consumers due to restrictions on gaming for minors. Subsequently, the eSports industry may shift to the new, older generations of consumers. This targeted advertising will stimulate brands to find new solutions that deepen the gaming experience and even increase brand relations.
Bridging the Gap
As eSports and the metaverse are growing ever so sophisticated, the need for bridging the gap between these two realms is also rising.
Translucia, a virtual world platform of T&B Media Global, is a Thailand-headquartered metaverse developer that has acquired a majority stake in the local eSports arena Infofed. With this, an undisclosed sum has been injected into this eSports startup through its subsidiary – Translucia Ventures – with plans to invest $261 million in virtual reality.
Along with their partners, KK Fund, the duo plans to enable Thailand to become a regional hub for eSports. They intend to achieve this by setting up boot camps and even looking to create content for Translucia’s metaverse, which Infofed will be integrated into.
Final Thoughts
As the metaverse expands and more users join in, technological advancements keep up the pace and incorporate new features for bigger player satisfaction. With the blossoming of eSports into an industry with millions of consumers, it is expected this rise in viewership and interest will start breaking records.
From a subtle shift to newer generations of advertising to heavy investment in virtual reality – eSports are on their way to becoming a global phenomenon. The industry brings joy to its loyal fans and may one day challenge the real world of sports in terms of users, viewing, and betting.
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