Cryptocurrencies in video games. Long before the term “metaverse” became popular, video games were at its forefront. Games make digital worlds engaging through fun gameplay that keeps users coming back for more. Developers are now increasingly looking at cryptos to transact in-game because they can boost sales via a play-to-earn model and function cross-border much more easily than fiat currencies.
Extended reality (XR) technologies—including virtual reality (VR), augmented reality (AR), and mixed reality (MR)—are still in the early phases of adoption, but they are evolving quickly. While most use cases for VR and AR are still related to gaming, entertainment, and social media, the variety of applications is expanding as more consumers and businesses test out immersive experiences.
The metaverse, and its video-game-like dynamic, has the potential to entice an increasingly sought-after younger demographic. Currently, the largest demographic group of Facebook users are between the ages of 25 and 35, per Hootsuite. Teen time spent on Facebook has also declined 16% YoY, per internal Facebook documents obtained by Bloomberg. Breaking down the pivot to Meta.
Marketer Takeaway: Facebook is no stranger to gaming: It is already home to some of the most successful social games, like FarmVille. That experience could help make it a major player in the sports betting world, at a time when many US states are loosening restrictions and the market for sports betting continues to grow. That could help bring in more engagement and revenue for the app.