Feed3 Target Industry
Last updated
Last updated
Feed3 intends to cover three industries- P2E Games, Video Games, and Metaverse. These three industries are special targets due to the fact that they have huge growth potential but don’t have access to a model that can help in collecting authentic feedback to scale at an unbelievable speed. The subsequent sections below highlight the growth potential of these industries.
According to a report from Newzoo, it is estimated that the global gaming revenue will peak at a figure of $203.1 billion in the year 2022. The report highlights the growth at a 5.6% CAGR for the period ranging from 2020-2024. On top of that, it is also estimated that the number of players in the video gaming industry will increase to 3.09 Billion which is equivalent to 40% of the global population.
The reason behind the growth can be traced back to the way technology is changing the world. With the latest innovations happening in this sector, the way we communicate, aggregate data, create information, consume information, transfer value, and connect with communities is being transformed for the better.
A report from DappRadar and BGA has revealed that the blockchain gaming sector has achieved tremendous growth of 2000% in 2022 compared to the previous year. On top of that, a significant amount of investment is being introduced in this industry with $2.5 billion raised in the first quarter of 2022. With this pace, it is expected that the investment will be 150% higher compared to the last year.
Furthermore, the statistical report published by DappRadar (illustrated below) reflects that on average, the blockchain games have attracted 1.17 million UAWs (Unique Active Wallets) every day during Q1 2022.
With this impressive growth index, it is expected that the competition will also increase, and hence, it will become crucial for the blockchain games to listen to what their community expects from the project. Only those companies fulfilling the expectations of their user base will be able to sustain and thrive in the competitive blockchain gaming environment.
Metaverse has immense potential. It is projected that the global metaverse market will scale from $100.27 Billion in the current year 2022 to a whopping $1,527.55 Billion by the year 2029. To put it in other words, Metaverse will grow at a CAGR of 47.6% in this forecast period of 2022-2029. {Source: Fortune Business Insight}
Another interesting report from Statista has revealed that the number of mobile augmented reality (AR) devices all across the globe will be increased to 1.7 billion (approx.) in the year 2024 from 1.07 billion devices in the current year 2022. Since AR devices play an important role to interact with Metaverse, this finding ensures the promising future of the virtual world.
Many international companies have expanded themselves in Metaverse including Roblox, Microsoft, Nvidia, Nike, Unity, Autodesk, Block, Shopify, Epic Games, Disney, Gucci, Adidas, and many more. These brands believe that it could take five to ten years before the metaverse comes into the mainstream but becoming an early adopter and exploring the space can help in achieving the first mover advantage.
While it might take some time for the metaverse to reach its full potential, this provides businesses with ample time to study their consumers and understand what they would like the experience in the metaverse.
