Of 254 metverse gaming companies globally (including India), nearly one-third of them are funded, according to Tracxn, a market intelligence platform. No doubt, Metaverse gaming holds huge potential. By 2028, the global metaverse gaming market is estimated to reach $ 119.2 billion from $ 22.7 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 39.3%, according to a new report by MarketsandMarkets. India is also mimicking the trend worldover and has seen investors putting in their money in this space. In February 2022, Atirath, a game development company raised an undisclosed amount from Bengaluru-based Kalaari Capital for strengthening products, expanding its team and preparing for the metaverse. Similarly, another company League of Kingdoms Arena (LOKA) raised $3 million in seed funding for the metaverse expansion.
The metaverse provides a new economic moat in the gaming arena and hence, looks lucrative to VCs. With lesser phone asset space being utilized, gamers can meet new users in the metaverse and create a parallel existence. With better real time experience, the metaverse is expected to generate greater engagement. Augmented and virtual reality in the sphere of metaverse gaming draws both dollars and eyeballs. The lure for venture capitalists today also lies in the use of non fungible tokens or NFTs which become the currency for play-to earn games.
This story is from the June - July 2023 edition of Entrepreneur magazine.
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This story is from the June - July 2023 edition of Entrepreneur magazine.
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