A growing number of innovative blockchain-based projects across industries are aiming to tokenize real-world assets (RWAs) and replicate their values on the blockchain. This trend has been observed in the past several years. Real estate, fine art, commodities, and intellectual property are just a few of the many areas that have shown interest in tokenization due to the widespread conviction that it will lead to increased accessibility, liquidity, and transparency. With the emergence of some truly groundbreaking projects, the gaming industry is one of the many that is being considered as a potential tokenization target.
With virtual commodities like skins contributing a staggering $50 billion to the developing global gaming business, which is expected to reach $250 billion in 2022, the desire for a more equitable system is on the rise. Suppose there was a secondary market where players could buy and sell NFTs for in-game stuff like skins and other virtual goods worth millions of dollars!
The current market for virtual goods is privately operated by game producers. While they enjoy enormous profits from their monopoly, players are merely granted a license to use the products they bought. Even while gamers have paid real money for in-game assets like skins, they do not actually own them. The fact that these digital assets might be taken away at any moment is a very bad situation for players. However, gamers are demanding a more fair market and actual ownership as NFTs gain traction.
Assuming MetaZero fulfills its commitment and releases the platform they are developing, these players may soon see a brighter future than what they were expecting. In addition to building a platform for tokenizing gaming assets, the team is taking a giant leap forward in the direction of player ownership and freedom by letting players tokenize their own assets. The project’s timetable starts with CS2 assets, which have a market value of more than $3.5 billion as of July 2023, and then moves on to other gaming markets.
Investigation of the MetaZero protocol reveals its central goal as the liberation of the gaming industry’s behemoths from their long-established monopoly on asset trade, investment, and speculation. Vortex is a component of the MetaZero platform that allows asset owners to tokenize their assets. This process involves authenticating the owner, locking the original asset in a vault, and then receiving an ONFT that is a digital representation of the original asset with the same value. This effectively removes the ownership barrier.
You might have noticed that we used ONFT up there; it’s just one more fantastic feature that the team has integrated into their ecosystem. Users can access maximum liquidity opportunities by tokenizing their assets onto the blockchain of their choice using LayerZero’s omnichain technology. The first wave of digital assets from MetaZero, the Genesis Collection, has started selling, and purchasers are getting a lot of cool stuff, including the ONFT, an off-chain game asset.
A single CS2 asset can be traded for six-figure sums, illustrating the expansion in the digital asset market they can produce. MetaZero and other initiatives headed in this path should be actively observed given the sheer scale of the market.