We have too many digital game stores and streaming platforms, and the users are starting to feel the pinch. Subscription fatigue is starting to set in, making monetization challenging for businesses.
On top of that, we’re on the verge of a new version of the internet, one where entertainment will be an intertwined concept tag-teamed with gaming. Metaverse will be at the helm, and digital transactions and monetization methods will witness a rapid transformation. Saurabh Tandon, President & Board Member at Affine, recently shared his thoughts on this.
We now have blockchains in the mix, which can change the whole economy of monetization for both creators and businesses. Like it or not, the metaverse might very well become a crucial player in the world economy.
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Physical and Virtual Lives will Bridge for a Unified Experience
XR (Extended Reality), an amalgamation of Virtual Reality, Augmented Reality, and mixed reality technologies, will pave the way for our future entertainment content requirements.
So, what does this mean for businesses? Big Tech giants rule with an iron fist, and content moderation is a gray area in the current climate. “With the next generation of the internet, we are looking at decentralization and a leap of technology, said Christopher Lafayette, Founder, and CEO at Gatherverse, when he recently spoke at a virtual summit.
Advertising has already changed since its inception, and today it’s focused on content creators and consumers. With content creators and influencers, advertising has taken center stage and helps ads find takers among the form of consumers with their large subscriber base.
Non-Fungible Tokens (NFTs) are now trending and are set to be a digital form of payment, letting users buy and trade digital assets. With users creating communities for such a “digital marketplace,” the playing field for monetization is in dire need of an update and can’t rely on traditional practices.
What is the Future of Monetization?
The future of monetization with web 3.0 may be questionable, but the majority of web3.0’s focus is on decentralization. The user is at the core; and will be the driving force, be it content, ads, or monetization. Adaption is the need of the hour for businesses.
Sure, the traditional payment methods will remain. But businesses have to acknowledge the fact that blockchain will be thrown into the mix and change the dynamic of the digital economy. Rafael Brown, CEO and Co-Founder at Symbol Zero, who was a speaker at A recent tech symposium, said, “PC and Mobile gaming have established a monetization economy. As technology changes with time, we need to revisit our assumptions. The need of the hour for blockchain technology is to create sustainable monetization.”
The tech summit brought together more than 20 world leaders from Gaming, Media and Entertainment to participate and unravel the direction we, as humans powered by tech, are headed with web 3.0. With discussions on monetization, metaverse, subscription fatigue, OTT platforms, and Many more interesting topics, the virtual event was a hit around the globe.
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