Has the Metaverse forgotten its Fun Factor?

The rise of the Metaverse has opened up exciting opportunities for people to interact, explore, connect, and be creative. However, it has potential risks, including negative press, over-commercialisation, digital surveillance, and cyberbullying. Investors and Companies may be interested in the latest crypto token prices and possible monetisation, but this should never take precedence over the primary purpose of a Metaverse platform which should be engagement.

Metaverse Companies should prioritise the Fun Factor and create addictive applications, incorporating metanomics with customisable avatars and reward systems that allow users to buy, sell, and virtual exchange items. The aim should be to create an all-encompassing interoperable medium that merges relationships, work, commerce, and entertainment – a “Metaverse” where people can be “in it”, revolutionising consumer goods by allowing users to transfer digital avatars from one platform to another.

Companies often monetise their Metaverse platforms to maximise profits before the audience arrives. However, this can lead to a lack of user engagement if users need more incentive to explore the medium. It is paramount to balance monetising the platform and creating an engaging experience that encourages users to stay and return.

Roblox and Fortnite have successfully created a secure gaming environment for their users and incentivised them to stay active. These platforms have provided users with a reward system through virtual items and currency, allowing them to customise avatars, purchase additional items, and participate in tournaments. They have also allowed advertisers to buy ads from within the platform. Helping to drive revenue and allowing both Companies to maintain an active user base.

Decentralised platforms offer users a stake in their Metaverse, and this web3 technology has proved extremely popular with blockchain-based gaming projects. The NFT (Non-Fungible Token) economy has taken off as users own, trade, and monetise digital assets. Successful Metaverse projects provide secure, immersive experiences with customisable avatars, monetisation, rewards systems, tournaments, and sponsored events. They prioritise safety with parental control settings, moderators, and digital asset ownership and trading opportunities in an NFT economy. But more important than that, they are fun to play.

The success of gaming platforms demonstrates how important it is for companies building Metaverses to prioritise user engagement and safety while still allowing for monetisation. By providing users with incentives to stay engaged while also providing advertisers access to their users, Companies can create an immersive and profitable experience. Apps can stand out and attract users by introducing extended reality features and in-game experiences to popular applications such as gaming, education, shopping, events, and socialisation in the Metaverse.