5. Current state of the market
While the open metaverse might seem like a farfetched future, its foundation is being built now. Several numbers of the gaming industry illustrate the scale of opportunities that are available for the metaverse. It is an industry that has been constantly growing, and its growth surpasses any other entertainment industry on a global level.
However, the big players are taking the easy path, and that exclusively benefits their interests, by building online environments that are boxed, centralized and full of legacy technology and approaches.
Gamers and creators have very little say in their own industry, and many times they don’t realize the potential earning their creations and participation have. The industry giants sit comfortably while providing little to no incentives or royalties to the community. Thus Fragnova is here to disrupt the space and empower creators and gamers alike.
The global gaming industry in 2022 was worth $197 billion. It is set to reach $258 billion by 2025 .One of the fastest-growing segments is immersive games, where players spend $4.5 billion annually .
In 2022, mobile games claimed 53% of the market in terms of total spending . Mobile is also the leading gaming platform in terms of the number of active players. The number of mobile players is estimated at 2.8 billion people in 2021 .
From 2019 to 2022, the number of Roblox daily active users increased from 19 million to 58 million. In Q2 2022, the number of daily active users reached 54 million .Most importantly, the company today boasts one of the largest communities of developers: 8 million people are making games on Roblox. However, these developers only get 24.5% of revenue from their own games .
In 2021, Rec Room, a virtual reality online game with game-building features, increased its annual revenue by 566% after adding new monetization such as allowing creators to charge internal currency for their work and a subscription model .Rec Room's user-generated content demonstrates the early potential of the metaverse. Players can create custom rooms, add their objects, and animate these objects in the visual programming language. Players can also earn internal currency by publishing their creations for other players to buy and use.
The game industry is constantly growing, especially the mobile market, and platforms like Roblox and Rec Room show that there is a lot of opportunities in the UGC space.
Fragnova’s technology is ready to capitalize on these trends, while also providing benefits and advantages to the community to reward them fairly.