The popularity of the gaming world has only been increasing consistently over the years, especially as individuals look for more creative ways to socialise and interact with others. In fact, the gaming market has surpassed the sporting and movie industries in size and value.
SuperData, an industry research company, reported that the gaming industry grew to $139.9 billion in 2020 and is expected to reach $260 billion by 2025. With the help of technological advancements and easy internet access, this industry continues to grow immensely, and Augmented Reality (AR) technology is only taking things further.
How Has AR Helped the Development of the Gaming Industry?
AR is an immersive and engaging means of transforming 3D videos and objects into a 3D space. It is responsible for redesigning top-tier games with exceptional sound effects and thrilling visuals. A well-known example of the popularity of AR technology in games is how the smart-phone wielding Pokemon Go players crowded plazas and parks in the Summer of 2016.
Suppose you are not familiar with Pokemon Go. In that case, it is an AR mobile game involving colourful avatars, commonly known as Pokemon, which perform various actions within the natural and real world. The game sold more than $5 billion worth of merchandise and was most people’s introduction to augmented reality, and is still the most notable application of the technology.
However, the adored intellectual property of Pokémon Go is only a small component of the game’s overall success. People can also spend time with Pikachu and Ash Ketchum in various other games, novels, and movies. The game’s secret ingredient is the interaction between digital characters and real-world locales.
People are interested in games that interact with reality rather than removing them from it, which is one reason why AR is gaining traction more quickly than Virtual Reality (VR). AR can embellish even dull moments with excitement, enlightenment, and discovery. Peridot is another example of a successful AR mobile game.
Peridot is teeming with wildlife and combines real-world and augmented reality, similar to Pokémon Go. It resembles the Tamagotchi game created by Niantic. Players in Peridot have to take care of the creatures by interacting, teaching, and nurturing them. Additionally, you would have to assist them in developing into fully fledged adults before you could begin breeding them again.
Mobile phones have thus far seen the most success with AR gaming. However, internet giants like Apple (NASDAQ:AAPL), Facebook (NASDAQ:META), Magic Leap, and Snap (NYSE:SNAP) believe that the future of augmented reality will be experienced through specialised eyewear.
Impact of AR Technology on Play-to-Earn Games and the Metaverse
It is currently impossible to discuss AR technology without mentioning P2E and the Metaverse in the gaming world. There has been a surge of interest in Metaverse globally arising from questions on how the economy supports the virtual world.
Around 20 years ago, classic “pay-to-play” (P2P) forms of video game monetization gave way to subscriber-based and “free-to-play” (F2P) internet games.s to advancements in blockchain technology, especially with regard to non-fungible tokens (NFTs) and digital assets, some forward-thinking game producers have created a new revenue game model known as “play-to-earn” (P2E). In turn, this has spawned cutting-edge economic theories in the rapidly developing “GameFi” industry.
Virtual resources, such as things and coins, have long been a part of video games that players may use to enhance or equip their virtual characters. More recently, players have been able to trade these resources with one another on online marketplaces. But throughout most of gaming history, such resources belonged to the gaming businesses rather than the players.
That changes with P2E games. According to this blockchain-based paradigm, players own any assets they acquire through gaming (or build in-game) and can sell them for real-world money. P2E gaming assets can be “exported” from the game and traded on NFT marketplaces. They can also be sold to anybody with a crypto wallet by being transformed into a token as NFTs. These items can also command a high price because they have worth both in the game and in the Metaverse ecosystem. Players may also receive rewards in digital currencies like Bitcoin in some P2E games, such as Sorare.
Introducing Hololoot – The Newest and Most Exciting AR P2E and Metaverse Economy in the Crypto Space
Hololoot is a fantastic illustration of a crypto project that uses blockchain and augmented reality (AR) benefits. It incorporates AR and NFT assets into a blockchain-based ecosystem, providing a metaverse for users to discover and produce user-generated material stored on the blockchain.
Hololoot also allows its users to engage in various activities without taking risks or needing to travel. Users can even mint and trade NFTs in the virtual world while earning money in real life. For instance, an artist can opt to produce a digital replica of his real art in the form of an NFT and sell it in the Hololoot NFT marketplace. Then, just like in a physical transaction, anyone has a chance to view the NFT and choose to buy both the NFT and actual artwork on the Metaverse.
Hololoot seeks to provide a comprehensive AR NFT ecosystem for worldwide use. It enables users with an opportunity to create and interact with assets using a combination of an AR NFT Launchpad, an in-app marketplace, an AR metaverse, and an AR NFT Generator. Developers and users must make their apps simpler if AR and NFTs genuinely enter the mainstream. Hololoot, therefore, grants everyone the freedom to fully explore the potential of NFT and AR assets, even if they do not have the requisite knowledge.
The cloud-based application allows users to browse and examine 3D AR NFT models instantly and even create new ones using any mobile device. It is an entirely self-service operation, unlike other AR apps that call for a backend administrator. As a result, it is an exquisite ecosystem that primarily benefits gamers, brands, creators, marketers, and artists. Due to such easy-to-use functionality, this project is a strong competitor in the AR market.
Hololoot functions using its $HOL native token, which allows users to add to their capital and receive incentives from the ecosystem. Such incentives include discounts on real-life assets, special NFT drops, and more. Note that this project has partnered with several reputable names in the industry, including Effinity, CryptoBlades, FOTA, ScottyBeam, Pluto Alliance, Revolve Games, AltcoinBuzz, and Uniquely.
Conclusion
The gaming market is the world’s most extensive entertainment industry. Even though P2E games currently only account for a small portion of that market, it comes with several new opportunities, including giving gamers access to digital wallets, taking custodial rights of digital goods, providing exclusive services to in-game groups, guilds, and digital corporations, and assisting in the integration of NFTs in various activities.
Hololoot is the first-ever AR NFT marketplace, generator, and Metaverse. The Switzerland-based project leverages exclusive AR technology to bring the Metaverse’s 3D assets to life. It also allows investors to create their own AR NFTs without the need for any in-depth coding language. The Metaverse offers a play-to-earn (P2E) game where the built assets can function. Thus, users can trade AR NFTs, view them in the application, and even create their own models from pre-existing 3D assets on Hololoot.
Its AR NFT Marketplace offers a variety of incentives for intrepid testers. By installing the android beta software, which was released recently, and complying with the set requirements, you can join this revolutionary NFT movement and enjoy the massive benefits. Note that the Hololoot ecosystem flourishes solely based on the inventiveness of its users.
For more information and updates on this project, visit the official Hololoot website and its social media pages. Twitter (NYSE:TWTR) | Website | Telegram | Discord | Medium