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Metaverse gaming still 5-6 years away,  but jump in now, says Coinpoint’s Barber

प्रकाशित किया गया नवम्बर 04, 2022 12:39 Category: ऑनलाइन , डीप टेक , स्टार्टअप्स , द्वारा प्रकाशित किया गया Content Team

Just as online gambling once shifted from desktop to smartphones – the metaverse could become the next battleground for punters, says Coinpoint CEO Oron Barber.

It has certainly been hard to ignore the call of the metaverse this year. 

Twelve months ago, social media giant Facebook rebranded itself as “Meta” – reflecting its intention to explore virtual worlds which can bridge businesses and consumers from the physical world. 

The move led to a surge of interest in the metaverse. Microsoft, Alphabet, and even Netflix are now exploring digital worlds in some way or another. 

In just the first five months of 2022 alone, investments in the metaverse have exceeded $120 billion, more than doubling the 2021 total of $57 billion, according to a report by McKinsey. 

Metaverse growth projections

In September, Research and Markets valued the metaverse market at $41.9 billion in 2020 but estimated this number to reach $1.2 trillion by 2030, growing at a CAGR of 40.4 percent over a decade.

Next to Meta and hardware firms like Qualcomm and Nvidia, VC funds are also pouring cash into the space. Even Google earlier this year invested $39.5 billion into a private equity fund focused on metaverse projects.

Gambling has also made its way to the metaverse already, albeit in early stages, with most of the action seemingly taking place in the virtual world called Decentraland. 

From a free Poker game called ICE Poker to the Atari Casino, punters are slowly being warmed up to the idea of gambling the night away in virtual venues. 

Coinpoint’s Barber however believes mass gambling adoption will still take some time and it could be another five to six years before “things really take off” as users need time to really educate themselves about the technology.

Low user numbers 

The Coinpoint CEO says the main issue with metaverses today comes from the fact that there are still far too few active users. 

An October 15 report from the Wall Street Journal cited internal documents which suggest that Meta has had to reduce its monthly active user goal for Horizon Worlds from 500,000 by the end of this year to 280,000 in recent weeks, and now down to less than 200,000. 

Meanwhile, popular metaverse platforms Decentraland and The Sandbox had to fight off claims in October that their metaverse worlds were recording poor daily active user numbers, though its clarification wasn’t of much solace either. 

Barber believes the stories gleaned from the reports are accurate. 

Very few people are active in the various metaverses today due to many utilities and solutions being absent in the space, along with immature technology, he said, adding that pixelated and empty virtual worlds are putting users off.

“It is still complicated, pixelized, slow, ugly and in some cases not user-friendly at all,” he said. 

High hopes

But Barber still has high hopes for the technology, telling SIGMA that he believes online gaming will eventually be consumed in web3. 

“My advice is to start now. Just like we changed from desktop to mobile, we will see a move from mobile to Web3 eGaming,” he said. 

Barber believes once the metaverse becomes more user-oriented and easier to use – adoption will rise.

He added that once players and operators discover the space, the technology, the various providers, and payment solutions will follow.

Barber has been an active member of both the crypto and online gambling community as far back as 2013. His company is now planning, designing, and building digital worlds and sees itself as a gateway to web3. 

His advice for anyone interested in the field is to simply jump in, try and experience Web3, and most importantly look for ways to educate yourself about it, as education is key.

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