Decentraland co-founder Yemel Jardi says the entertainment and gaming sectors must embrace blockchain technology to avoid declining audience participation.
By 2027, the worldwide entertainment and media sector is predicted to be worth $2.9 trillion, and gaming, not Hollywood, is the primary driver of this growth. Gaming is anticipated to generate $312 billion in revenue, surpassing the combined power of the music and film industries. This fundamentally changes how we consume content, not just a fad.
The United States’ gaming habits show high participation across age groups. Many Americans spend significant time playing video games on their phones or consoles every week. Millennials are very active; some gaming is more than 13 hours a week.
In addition to serving as the Executive Director of the Decentraland Foundation, Yemel Jardi is a co-founder of Decentraland. Decentraland, the first decentralized metaverse, and virtual social realm was introduced in 2020 and is powered by the Ethereum blockchain.
This phenomenon is not exclusive to the United States. Gaming markets are increasing in China, Japan, and South Korea, demonstrating this industry’s worldwide and unstoppable attraction.
But that is not where the narrative ends. The gaming industry has a profound impact that transcends conventional borders and establishes interdependencies with other media. A growing number of younger people are expressing a desire for video game adaptations of their favorite media assets, as they are increasingly inspired to play video games based on TV episodes or movies. The future of entertainment will involve more than just watching and listening; it will also include interactive, immersive, and social gaming experiences. This interconnectedness between gaming, traditional media, and social media creates new avenues for audience engagement and revenue. If conventional media keeps up, it will stay caught up.
Development of various sections
Roughly half of all gaming revenue is generated by the industry’s dominating sector, mobile gaming. Mobile gaming has become extremely popular due to the availability of smartphones and the popularity of free-to-play models with in-app purchases. Roblox and other mobile games cater to younger audiences; 86% of Gen Z gamers worldwide play mobile games, influencing the next wave of customers.
Blockchain promises a new wave of high-quality games using true ownership of in-game assets and greater interoperability between games.
Blockchain promises a new wave of high-quality games using true ownership of in-game assets and greater interoperability between games.
PC and console gaming remain the preferred platforms for exclusive and high-performance games, making up the remaining 50% of the market. These portions are vital when they provide rich, visually stimulating experiences. AI developments are improving GPU capabilities, which leads to enhanced graphics and more exciting gameplay. This is the recommended platform for AAA games and the onboarding of new intellectual assets, guaranteeing continued expansion in these domains.
Even though VR and AR gaming are still in their infancy, they have a lot of potential. These platforms drive the next computer revolution, and big businesses fight for supremacy. Social VR experiences show off these technologies’ potential. One example is VRChat, which has 20,000 active users per day. The XR generation of personal computers is anticipated to rival the Windows and iOS battles, with Apple and Meta fighting for supremacy.
Dispersion of distribution and the resurgence of blockchain
Major brands have their stores to handle game releases, demonstrating the importance of control over game distribution. With Steam, Google Play, and the App Store controlling sizable portions of the market and major companies like Xbox, Nintendo, Epic, and EA having storefronts, the game store industry is becoming increasingly fragmented. Publishers are essential to the funding and encouragement of game development. With the acquisition of games and studios to include the technology, the blockchain sector is gaining considerable traction in the gaming business. This allows for a new generation of excellent games with absolute in-game asset ownership and improved interoperability.
AI’s place in gaming
AI has the potential to revolutionize the gaming industry by boosting innovation and cutting costs. A wide range of abilities, including writing, animation, programming, and art, are needed to create a game. Numerous steps in this process can be automated by AI, which will increase development’s effectiveness and economy. The same technology that powers game rendering also powers AI, mainly GPUs. NVIDIA’s stock price has mirrored this alignment, positioning the company as one of the most valuable in the world. Furthermore, individuals will have more spare time to play video games as AI takes on more tasks—a tendency made clear during the COVID-19 epidemic.
In the entertainment sector, gaming has become a disruptive force that is changing how people engage with digital information and consume media. It profoundly impacts storytelling, community development, and technology innovation in addition to traditional gaming. More immersive, engaging, and customized experiences are being made possible by gaming’s embrace of cutting-edge technologies like blockchain, virtual reality, and AI, as well as its convergence with other media.
The development and expansion of the gaming industry will impact entertainment in the future and pave the way for interactive digital experiences to take center stage. The entertainment sector must adapt and integrate with these new technologies to remain relevant in this fast-paced world, or else it will have to accept a decline in involvement from future generations.