BBC Studios has partnered with Web3 specialist Reality+ to create a metaverse experience in The Sandbox where fans will be able to interact with immersive content from their favourite brands, including Top Gear and Doctor Who, and enjoy a BBC events space.

The joint venture between BBC Studios and Reality+ marks the first time the BBC will have a home in the metaverse, following a handful of brand activation experiments with metaverse platforms. Part virtual real estate, part amusement park, The Sandbox fully embraces the idea of the metaverse as a continuous shared digital space, in which players and brands can build, own, and monetise their experiences on blockchain.

BBC Studios joins over 400 other entertainment brands who have entered The Sandbox to date, including Warner Music Group, Ubisoft, Gucci Vault, The Walking Dead, and Adidas.

Nicki Sheard, President Brands & Licensing, BBC Studios, said, “I’m delighted that BBC Studios is partnering with Reality+ and The Sandbox on this exciting venture. While the metaverse is still in its infancy, it may shape how we consume and experience entertainment in the future and I’m looking forward to seeing how fans interact with our brands in this space. This project forms part of BBC Studios broader ambitious plans to grow our brands into new categories, with innovative technology and platforms forming an integral part of this.”

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Tony Pearce, Co-Founder, Reality+ said, “We’re excited to have extended our partnership with BBC Studios, not only to help them push the boundaries of what’s possible in the metaverse, but for the opportunity to deliver exciting new experiences for the fans of these world-renowned TV shows. We’ve already achieved so much with digital trading card game Doctor Who: Worlds Apart, and now with a fantastic platform like The Sandbox, there’s much more to come.”

Sebastien Borget, COO and Co-Founder at The Sandbox, added, “We’re proud that BBC Studios chose Reality+, a certified metaverse agency partner working on The Sandbox platform, to enter the metaverse with top global brands like Doctor Who and Top Gear. The BBC has a history of pioneering content that leverages the latest technology and putting it into mainstream households. We think this venture is an important step to bringing British culture and fans into virtual worlds.”

BBC Studios’ metaverse space in The Sandbox will launch later this year and further details will be released in due course.

Reality+ helps worldwide brands transition to Web3 with bespoke product, community and development strategies, backed by an award-winning technology platform. It has previously partnered with BBC Studios to develop the Doctor Who: Worlds Apart digital trading card game.

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The metaverse gaming market is valued at US$ 51 billion in 2023 and is forecasted to jump to a size of US$ 1,300 billion by the end of 2033, expanding at an astonishing CAGR of 38.2% from 2023 to 2033. The purpose of the metaverse is to enthrall users and provide them with a remarkable experience. The metaverse helps create a more advanced, three-dimensional environment where user interaction and built-in gameplay are more individualized than in a two-dimensional setting.

The metaverse is, without a doubt, a fantastic way to create augmented reality, including a significant connection to the rest of the world, while participating in metaverse video games, live streaming of games, play-to-earn gaming with the non-fungible token (NFT) minting and trade, value exchange with crypto, etc.

Huge Role of Blockchain Technology in Transforming Metaverse Gaming”

The metaverse gaming industry in the United States is currently experiencing significant growth, which is driven by factors such as technological advancements, the popularity of gaming in virtual worlds, live streaming and e-Commerce possibilities, industry innovation, and the emergence of mobile gaming and high-speed internet connections.

The integration of blockchain technology is transforming metaverse gaming in the United States by allowing for the secure buying, selling, and trading of virtual assets, creating a new economy within the virtual world. The metaverse gaming industry in the United States continues to innovate with developers experimenting with new technologies and gameplay mechanics to create increasingly immersive virtual worlds.

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What is Metaverse Gaming? What are its Technicalities?

Metaverse gaming is a form of gaming that takes place within a virtual world, where players can create, interact and engage with each other in a shared space. The concept of the Metaverse has been around for many years, but with advancements in technology such as virtual reality, blockchain, and artificial intelligence, it has become a reality.

The technical possibilities behind the Metaverse are rooted in the development of virtual reality technology. VR technology enables users to enter and interact with a fully immersive digital environment, where they can experience a range of sensory stimuli, including sight, sound, and touch. Additionally, blockchain technology and Non-Fungible Tokens (NFTs) provide the infrastructure for unique digital assets and ownership within the Metaverse.

Key Takeaways from Market Study

• The global metaverse gaming market is valued at US$ 51 billion in 2023.
• Global demand for metaverse gaming is projected to surge at a CAGR of 38.2% from 2023 to 2033.
• The market for metaverse gaming is anticipated to reach US$ 1,300 billion by 2033.
• Hardware accounts for 48% share of the global market in 2023.
• North America is set to be the most lucrative market for metaverse entertainment.

Competitive Landscape

The competitive landscape for the metaverse gaming market includes a mix of established gaming companies and new startups. Some of the key players in the market include Roblox Corporation, Epic Games, Unity Technologies, Linden Lab, Decentraland, and Somnium Space. These companies are investing heavily in research and development to create more immersive and engaging virtual worlds as well as exploring the integration of new technologies such as blockchain and NFTs.

The market is expected to become more competitive as more companies are entering the space and existing players are focusing on innovation.

Some of the recent developments in metaverse gaming are :

• Epic Games and Haedan partnered in September 2022 with the intention of investing US$ 30 million in the creation of Haedan’s metaverse gaming infrastructure.
• Tencent Holdings Limited announced the opening of an F1 studio under the TiMi Studio Group subsidiary in October 2021 with a focus on metaverse development.

These insights are based on a report on Metaverse Gaming Market by Fact.MR.

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Blockchain games have revolutionized the gaming landscape by introducing the Play-to-Earn (P2E) model, and recent developments have brought new subcategories to the P2E model, introducing the Run-to-Earn (R2E) concept. While P2E rewards have become mainstream, R2E competitions have created a new level of engagement and community building within the Metaverse.

Runiverse is a new metaverse gaming platform pioneering the R2E experience, allowing players to race against each other and use real-time market performance from Binance to determine their speed. By leveraging blockchain gaming infrastructure, Runiverse’s R2E experience offers players the opportunity to earn rewards for participating in social competition, combining blockchain gaming and crypto knowledge. Additionally, Runiverse functions as a marketplace for gamified NFTs, adding an extra layer of engagement to the platform.

Play-To-Earn(P2E) vs. Run-To-Earn(R2E)

While P2E and R2E models share similar characteristics, they have some key differences. The P2E model incentivizes players to earn cryptocurrencies by performing in-game tasks, while the R2E model leverages the competitive nature of gaming to encourage community building and social competition. This approach expands the target audience and strengthens the brand by introducing new forms of engagement with consumers.

Psychologists have known for decades that rewards, achievement, and competition fuel motivation. R2E competitions expand on this idea by allowing users to join communities and compete against each other to ascend the rankings, incentivizing users to interact with each other and build the social aspect by bridging the crypto community and gaming community.

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Scaling NFT Marketplace With Social Competition Game

The use of Non-Fungible Tokens (NFTs) in games has created new opportunities for gamers and developers alike. In 2021, the total value of NFT sales in the gaming industry reached over $350 million and as the market for gaming NFTs continues to grow, more and more businesses are looking for ways to scale their platforms. One strategy that is gaining traction is the use of social competition to incentivize engagement and growth.

Platforms can organize various types of social competitions to scale their NFT marketplaces, such as leaderboard challenges, creative contests, in-game missions, and treasure hunts. By participating in these competitions, gamers can earn exclusive NFTs, gain recognition within the community, and enjoy a more immersive gaming experience. On Runiverse, players can earn rewards by holding Player Skins and Running Tracks NFTs. Each time other players use their NFTs during a race, the holder earns a 6% reward from the prize pool, adding an extra layer of player involvement. This innovative approach to scaling a gaming NFT marketplace not only increases user engagement but also creates a unique and exciting ecosystem that keeps interaction between gamers and the platform.

As the development of blockchain gaming continues to evolve, we can expect to see more new forms of Gamefi, where players can gain rewards through their skills, and publishers can earn from various forms of advertising, assets, and a new marketplace to explore, allowing users to interact with each other and build a community that elevates the experience from traditional gaming. We can expect to see more innovative ways to incentivize players and engage with communities in the Metaverse. The R2E model is just the beginning of what promises to be an exciting future for Runiverse’s contribution to the expansion of blockchain gaming.