How Are Brands Investing in the Virtual Economy?
PHOTO: Adobe Stock If you participate in online gaming, either on a game console, mobile device or PC, it’s very likely you’ve already invested in the virtual economy.
The virtual economy is an emergent economy that exists in a digital virtual world , where virtual goods are bought, sold and exchanged using virtual currency, typically in the context of an online game or social platform.
This article will look at the ways brands are investing in the virtual economy. Online Gaming Just Got Real
A 2021 report by Statista revealed that by the end of 2025, the market value of in-game purchases is projected to surpass $74.4 billion.
In-game purchases are nothing new. You’ve likely seen them mentioned when adding apps or games to an Amazon Firestick, smartphone or web browser. The fact that in-game purchases equate to charges on a credit card invoice has been the consternation of many a parent for years now.
The difference is that now, you or your children may be purchasing the online equivalent — or virtual twin — of the products and services of real-life brands. This broad definition may include the purchase of a package of “hints,” “diamonds,” “weapons,” “clothing,” “land,” “experience points” or any of the infinite items available within the virtual world of games.
Virtual worlds are still considered to be a part of the gaming industry, but they are now moving into territory that’s far beyond Pokemon Go or even Roblox (which is also a metaverse with its own virtual currency, called Robux). Complete virtual worlds that are not limited to the laws of physics, and may represent real locations on the earth, are already in use.
Noble Drakoln, co-founder of Bandroyalty , a music NFT project, and founder of WarePlay Games Inc., a play-to-earn NFT gaming company, spoke with CMSWire about the intersection […]
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