With even the largest companies in Silicon Valley refocusing their efforts and investing billions of dollars in developing technology for the Metaverse, it is inevitably the next paradigm shift in human interaction with technology. The Metaverse is envisioned as a virtual 3D space capable of simulating all of the activities we currently engage in in the real (physical) world, such as interacting with friends, visiting new places, and even running businesses.
Aside from that, the real promise is that the virtual world may be able to simulate experiences that are beyond human capabilities. This future in this space is full of excitement and revolutionary promise; Bloomberg Intelligence estimates a $800 billion market opportunity by 2024, and Morgan Stanley estimates a $8 trillion market opportunity by 2030. This enormous untapped potential is why companies are attempting to enter at the grassroots level. And Alter.game has just the product to open a path in one specific (and lucrative) niche of the metaverse - gaming.
Games already have elaborate virtual worlds, and this metaverse is the logical next step in improving the experience. Customers, on the other hand, must make significant investments - from hardware to software - to acquire the ability to create their own worlds in the Metaverse in order to experience it. More importantly, they are frequently reliant on the platform on which their game is hosted. Alter.game aims to fill this void. The gaming company based in India has a simple solution: bring the Metaverse to the one piece of hardware that everyone already owns: the mobile phone. Mobile phones already account for 7 in 10 gamers worldwide, and thus command the lion's share of gaming revenue.
Alter.game hopes to capture a significant portion of the global market that can easily adapt to their offering by focusing on mobiles first and democratising the Metaverse. Eventually, the goal is to provide customers with a seamless, cross-platform experience. More importantly, open the monetisation spigot to almost every user, as killer apps like YouTube and Instagram did for video content.
Virtual goods sales now account for 70% of revenue for gaming companies. This means that gaming companies like Alter.game will find the Metaverse to be an appealing business opportunity. Furthermore, the Metaverse and the real world exist concurrently. Users in the virtual economy can conduct transactions with currency on the blockchain that can also be used in the real world. Similarly, real-world advertisers can sell products and market their brands in the virtual world. The Metaverse has the potential to open up a plethora of business opportunities for individuals and brands alike, and by capturing a large user base, Alter.game positions itself at the forefront of this revolution and believes they have the killer app.