The metaverse represents an exciting new frontier for gaming companies. As an immersive virtual world, it will transform how games are designed, monetized, and experienced.
For studios, both large and small, the shift to the metaverse brings immense opportunities as well as complex challenges. Here are some key insights on how to prepare:
Focus on Continuous Innovation
With competition intensifying in the gaming industry, studios must commit to regular innovation and differentiation. This means increasing R&D budgets and headcount to spur development of new titles and features. Pursuing emerging technologies like virtual reality, augmented reality, and haptics will also become key to delivering next-level immersion. Forming cross-industry partnerships can spark advancement by combining diverse capabilities from gaming, tech, and other sectors.
Rethink Business Models
Monetization in the metaverse will look very different from today's reliance on game sales, in-app purchases, and advertising. The use of smart contracts and NFTs will enable new revenue streams for studios like transaction fees on direct NFT sales. However, these disruptions could also undermine current business models. Scenario planning will be essential to predict how new monetization strategies may impact operations long-term.
Build a Future-Ready Workforce
Talent shortages are a huge concern for gaming, especially as creators depart for startups. Hiring should emphasize skills in emerging areas like blockchain, artificial intelligence, data analytics, and cybersecurity. Allowing experimental “sandbox” teams with autonomy can also help attract youth and tap fresh thinking. Training programs to reskill current employees are equally important.
Make User Safety a Priority
Safety and security issues that exist online will only be amplified in an immersive metaverse environment. Studios must self-govern to protect users until regulation catches up. Implementing robust data security and content moderation policies proactively is essential to avoid government intervention down the road.
Adopt a Gen Z Mindset
As digital natives, Gen Z perspectives will be invaluable for gaming studios to envision the metaverse future. Rather than siloing development, studios should engage young employees directly in metaverse initiatives. Building dedicated teams of Gen Z developers and giving them budget to experiment can yield innovative ideas.
While the metaverse brings uncertainty, it also represents gaming's next great adventure. Studios that start charting their course today will have the vision necessary to fully capitalize on its potential.