The Metaverse is fast becoming a virtual copy of the real world, having almost every aspect of life recreated in a virtual version. In this advancement, the sporting field is not left out; join us as we delve into virtual tournaments in the Metaverse.
Virtual tournaments in the Metaverse are becoming increasingly popular, with a global market turnover of $1.866 million expected by 2025.
But what are virtual tournaments in the Metaverse? How did they get to this point? So, what does the future hold for virtual tournaments in the Metaverse?
The Metaverse is an ideal environment for virtual tournaments. Esports are played in a virtual environment, and the Metaverse aims to virtualize our everyday experiences, from online gaming to shopping.
The Metaverse is based on active involvement and remote social connections, but virtual sports have arguably come this far thanks to live streaming and social networks.
Other similarities include virtual currencies and incorporation into popular culture.
Esports technology, including headsets, PCs, and computer mice, is being improved to Augmented Reality (AR) and Virtual Reality (VR), resulting in a more immersive experience similar to the Metaverse.
The ties exist, but how does collaboration function in practice?
Before we go further, let us look at the history of virtual tournaments in the Metaverse.
Brief History of Virtual Tournaments
Virtual tournaments first appeared in the early 1970s. In 1971, students from various classes gathered to engage in a combat of Spacewar, a space shooter game established a decade prior.
It was a long cry from today’s massive virtual tournaments in the Metaverse, with minimal prize money and limited coverage. The prize was a one-year subscription to Rolling Stone magazine. Still, it laid the groundwork for what was to follow.
The first official eSports event was the Space Invaders Championship in 1980. Over 10,000 players competed, capturing the media’s attention for the first time.
Companies realized the potential, and Twin Galaxies collaborated with the Walter Day group to stage a global virtual tournament event the same year.
Companies such as Nintendo made virtual tournaments more accessible in the 1980s with products like the Nintendo Entertainment System.
In North America, games like Super Mario and Street Fighter II: The World Warrior had taken off by 1991.
In 1994, Nintendo held a World Championship named Powerfest 94, which drew thousands of spectators to the San Diego, California final.
It wasn’t until the 2000s that technological advancements and the rise of social media allowed virtual tournaments to thrive.
This resulted in broadcasting services like Twitch striking multi-million dollar deals with eSports teams and prominent players.
Virtual Tournaments in the Metaverse
Many people regard gaming as a portal to the Metaverse; thus, it’s no surprise that virtual tournament players are among the first to adapt.
Players in virtual tournaments in the Metaverse already have altered identities, similar to the avatars in the Metaverse. They already acquire and buy assets through the games using a play-to-earn paradigm.
The Metaverse’s technology, which includes cutting-edge VR, AR, and AI, can potentially boost virtual tournaments in the Metaverse by providing a more immersive experience for players and fans.
Indeed, Riot Games provided an extended reality (XR) experience to both physical participants and viewers of the live broadcast of the 2020 League of Legends World Championship Final.
The XR stage in Shanghai included several LED panels and used augmented reality to create a 360-degree virtual environment.
Lux Machina designed the technology, including an ultra-advanced network environment and a hardware system that renders images at 32K quality and 60 frames per second, providing real-time images for both physical and digital audiences.
The event marked the first time such multi-camera technology has been employed in this manner.
The massive project required more than 40 technicians and artists, making it prohibitively expensive for smaller virtual tournaments in the Metaverse.
However, it put theory into practice and laid the groundwork for future augmented reality events.
Benefits of Virtual Tournaments in the Metaverse
The current gold rush is not for natural resources but rather for virtual resources that are being unlocked. Millions of users enjoy free-to-play titles and establish strong communities around virtual experiences.
Shifting physical esports tournaments to virtual tournaments in the Metaverse offers various benefits, some of which are:
- Economic incentives
- Accessibility
- Decentralization
- Convenience and easy engagement
- Improved transparency
- Potential for expansion
Economic Incentives
Adding non-fungible tokens to virtual tournaments in the Metaverse allows developers to create titles with more attractive economic incentives for players.
Cryptocurrency provides a unique approach to fund prize pools due to its blockchain technology, which allows for rapid and low-cost global money transfers, speeding up payouts.
Currently, tournament winners face delays in receiving payment from the organizer’s bank account, which might take days or weeks.
Metaverse game projects and contests increasingly focus on economic incentives, such as NFTs providing owners with continuing royalties.
Accessibility
The Metaverse’s usage of blockchain technology enables gamers to have global access. Consider virtual tournament enthusiasts who live in a sanctioned country or where a specific currency is not accepted.
Crypto and NFTs would allow users to purchase game add-ons and participate in esports matches simply. Similarly, virtual tournaments in the Metaverse betting offer convenient wagering without excessive fees.
The Metaverse wants to be accessible to anyone, encouraging amateur esports players to compete and pursue professional careers.
Decentralization
Decentralized gameplay is gaining popularity among players, bringing together stakeholders such as gamers, managers, fans, and sponsors.
Decentralization allows all parties to vote in virtual tournaments in the Metaverse, prize distribution, media rights, and player moves.
Convenience and Easy Engagement
Cloud computing is a critical technology that underpins the Metaverse, making it easier to load and stream games from anywhere in the world.
Of course, significant breakthroughs in cloud computing, 5G networks, and virtual reality technology must be achieved before this can become a reality.
However, some cloud games, such as Amazon’s Luna and Google Stadia, have removed the veil on the possibilities.
Improved Transparency
Blockchain technology makes it practically difficult for players or teams in virtual tournaments in the Metaverse to cheat in a competition, including match-fixing.
All steps and transactions are transparent since everyone on the network can track them.
On the other hand, smart contracts ensure that all payments are fulfilled following the regulations, reducing worries that, for example, money prize distribution is unjust.
Potential for Expanding the Scope of Competitive Virtual Tournaments and Reaching New Audiences
Virtual tournaments encompass a broad spectrum of video games. Still, any sport can evolve into a competitive game in a virtual space as digitizing the real world introduces new elements into the Metaverse.
In theory, any sport in the actual world may be “transported” into a virtual environment and transformed into esports.
This will also assist in reaching new audiences, especially younger consumers, while strengthening ties with fans of virtual tournaments in the Metaverse.
Conclusion
The Metaverse is hailed as the next development of the Internet, and virtual tournaments may be one of the industries most positively impacted, assuming Blockchain agreements can be made.
As previously said, virtual tournaments and the Metaverse have already begun converging, with the same technology, NFTs, and virtual arenas propelling both ahead.
The predominantly young male audiences of both young people and young people’s growing desire for virtual experiences and the gamification of everyday life indicate a demand for the Metaverse, particularly among young men.
However, virtual tournaments have begun to target young women through more representation and female-friendly marketing. Attracting this newer virtual tournament audience will be critical to the Metaverse’s growth, and connections to female eSports stars may be beneficial.
Virtual tournaments in the Metaverse will need to become less mysterious and more standardized while maintaining the appeal of something not yet mainstream, a difficult balance to achieve.
To make virtual tournaments in the Metaverse financially viable for most investors, they must be presented and tailored to a larger, older audience.
The Metaverse is a potential path for the future of virtual tournaments, but the two strands of digital gamification could complement each other to grow and thrive.