Social Media Tracker: Should igaming brands look to the opportunities the metaverse can bring?

What is the next step in the world of the internet? We have seen the dotcom bubble, the rise and domination of social media, and so it is only natural that we might begin to consider what might come next.

Many think that this might be the introduction of the metaverse. There are many tech companies – both those involved in gaming and in social media – who are all jostling to try to get ahead in terms of metaverse development. All of this comes despite no one really knowing what form the metaverse will bring quite yet. Let’s take a deep dive into the world of the metaverse and some of the opportunities that it could bring the world of igaming.

What is the metaverse?

The metaverse as a concept has been around since at least the 90s. The phrase was coined by Neal Stephenson in his 1992 novel Snow Crash and the concept has bounced around science fiction ever since, particularly in the subgenre of cyberpunk.

It is proposed that the metaverse is an online space where we can come together to play and interact. Many have proposed that one will be able to enter it using virtual reality headsets but the precise use of the metaverse is still being discussed.

The South Korean capital of Seoul made headlines around the world when its government announced that it would be developing its own metaverse space. The goal here is to give Seoul citizens the option to complete various consultations and tasks virtually, whereas their only option currently is to visit a municipal office. There is also the potential to build a virtual tourist zone containing major attractions like Deoksugung Palace.

This could be one use of the metaverse that we see replicated time and time again across the major cities of the globe. However, there are further applications that gaming studios are keen to develop. When it comes to gaming, being able to create a virtual world could be seen by many as the next major evolution – a stepping stone up from what we typically see from even  Massively Multiplayer Online (MMOs).

Microsoft, Facebook, and the metaverse explorers

Microsoft recently closed the deal for its $68.7bn takeover of Activision Blizzard, the game studio behind major gaming brands such as Call of Duty, StarCraft, and World of Warcraft – all incredibly popular in esports spheres. Such a takeover would not be that unusual in the world of business, but it came with a curious announcement from Microsoft. This takeover is being used as an opportunity for the tech giant to set out what they are referring to as building blocks. From there, it is likely that they will begin to make their own forages into what the world of the metaverse might look like.

They are not alone in this. Discussions of the metaverse kicked off in a major way following an announcement from Mark Zuckerberg that Facebook would be rebranding to the name Meta and creating a metaverse of its own. It is thought that we will be able to do many things through this metaverse, and Meta has already pushed out a lot of the potential features we might see from them in the future. One area that they are said to be focused on is that of gaming, and this is something that we have also seen from igaming studios following the footsteps of the larger companies.

Entain’s moves

Online betting and gaming giant Entain is one of the first igaming brands to majorly explore some of the options available through the metaverse. Since this concept is very much in its infancy, it will give a brand like Entain plenty of scope to explore different options.

One area that the operator is pushing forward with is the introduction of a global innovation hub to be named Ennovate and based in London. With an initial investment of £100m, it will look into many projects but one of the most significant might be the development of entertainment products for a virtual reality metaverse.

This is most likely to take the form of VR arcades that can be accessed through both virtual and augmented technologies, and could also incorporate NFTs and other metrics we are seeing arise in the modern internet.

Should igaming look to the metaverse?

The metaverse could prove to be one of the biggest innovations of the 21^st century, but it is vital to remember that it is still very much in its infancy. We are only able to explore a very small portion of what the metaverse can offer at the moment and even its major developers have little clue as to what it might look like when fully developed.

Is this an area that igaming brands could look to? Of course it is! As shown by Entain, there is plenty of scope for pioneers to come in and begin to shape our understanding of the metaverse as a whole. Igaming is an industry that frequently leads innovation across other sectors. Sports, gaming and other forms of entertainment that come under the umbrella of igaming could prove to be some of the best areas for metaverse innovation. It is a fascinating area, and one that many industries should be monitoring the progress and development of.

Sharon McFarlane is the managing director of Digital Footprints – a digital marketing agency that specialises in igaming. She has eight years’ experience in the industry and has contributed regularly to industry magazines and conferences sharing her expertise on all things digital marketing. Her company (www.digital-footprints.co.uk) offers an outsourced solution for igaming businesses when it comes to content marketing, social media, UX design, website design, branding and conversion rate optimisation.