Introduction
For an industry to truly flourish, there needs to be constants that are non-negotiable. Irrespective of whether you’re talking about gaming, tech companies, e-commerce businesses or financial companies, they often fall into two camps. There’s the camp that embraces modern technology, moves with it and aims to create and innovate in its own way, and there’s a second group that fails to embrace change and either struggles or gets left behind entirely.
Slot machine gaming
It might seem obvious to highlight the casino gaming industry as something that is flourishing, due to the innovation and creativity that it embraces. However, dig deeper into the industry and you’ll find an entire subsection of game designers who prove to be as cutting-edge and game-changing as any other gaming designer. While video gaming might have a more robust financial and marketing sector that can bring in elite game designers, don’t underestimate how many of these game designers exist in the slot gaming industry due to the increasing profit levels in the gambling sector.
Over the last decade, standout titles have generated millions of dollars of revenue for slot game designers, and there continues to be somewhat of a gold rush in the industry as more US states repeal gambling laws and allow digital casino gaming companies to offer their services to millions of fresh customers throughout the nation. The Book of Dead casino slot game has pioneered a slot theme that many believe is crowded and oversaturated.
However, as with many game-changing designs, if the quality of the title is innovative and captivating enough, it will rise to the top quickly. Play’n GO is one of the most notable names in digital slot designs, and much of this has been down to their success with Book of Dead. However, other companies such as Microgaming and IGN have been able to expand the possibility of slot gaming, which doesn’t have the same constraints as traditional casino games. It has led to enhancements that now involve video and progressive jackpot slots, 3D games and titles that include nearly a dozen bonus games, adding new dimensions to the classic genre.
Virtual reality (VR)
Cutting-edge advancements and innovations in gaming have been galvanizing the sector for decades. Still, many analysts and gaming fans believe VR can change the gaming landscape forever. Many of the pioneers in the VR industry have explored how it can transform the gaming world. There have been talks of implementing VR into Call of Duty: Modern Warfare, but the main focus for the gaming industry is to deliver games where VR is the backbone of the game design.
Aside from AI, VR is the one area of technology that has simultaneously witnessed the most advancements and the most investment. These factors aren’t mutually exclusive, and often, one washes the hand of the other. Apple is the world’s biggest company and it has put its money where its mouth is regarding VR, plowing billions of dollars’ worth of profit and time into the design and marketing of its VR headset.
While there’s no disputing the innovation and enhancement of VR headsets, the main stumbling block at the moment is the price of the technology. With few people able to afford it, there will have to be a united front from tech companies to mass produce headsets and drive the price down before we can genuinely see a VR revolution in the gaming industry. However, early signs suggest that this is an avenue for future game designers to explore, and we will undoubtedly continue to see innovation as investment continues to soar.
Play-to-Earn gaming (P2E gaming)
Although esports focuses on gamers of elite skill levels battling it out for prize pools, up until a few years ago, the idea that gamers could make money from gaming seemed distant and unreachable. However, with the explosion of concepts stemming from VR, such as the metaverse and gamers having the ability to farm cryptocurrency, the rise of NFTs and live augmented realities through the prism of gaming, innovations throughout 2023 have highlighted just how much of an appetite there is for this type of gaming development.
Despite a sharp retraction in the price of many cryptocurrencies and the digital asset market as a whole, there’s still a lot of innovation and investment taking place behind the scenes. Although an industry can often experience a boom before a healthy retraction, it is ultimately the level of interest from crucial investment groups and how much the industry is generating that are the best measuring tools for success.
This innovation continues to attract an audience and considerable investment, so while it might not have experienced a mass breakthrough yet, it feels like P2E gaming will evolve, especially with world-renowned fresh chapters of games, such as GTA 6, reportedly exploring the option of introducing crypto P2E initiatives. It will also rely on legislation and another potential bull run in the cryptocurrency market. Still, many crypto analysts and investors believe there could soon be a significant price surge due to external variables like spot ETF applications and the Bitcoin halving. If either acts as a catalyst and brings in significant retail investment again, P2E gaming could be the indirect benefactor.
Final thoughts
It’s an exciting time for the gaming industry, and it is a sector that continues to have the financial muscle and global recognition to operate and innovate, even during economic downturns. One of the critical things about cutting-edge innovation in the gaming sector is that it’s a truly global market. Although many sectors exist and compete against each other on the internet, many don’t have the unison and competition that exists across continents, cultures and language barriers in the same way the gaming industry does.
The gaming industry generates tens of billions of dollars of profit per year. When there’s such a significant profit margin, this will continue to entice the greatest game-designing minds and innovations. VR, P2E gaming and casino gaming are consistently bringing out fresh ideas. As long as this continues to attract eyes to the sector and excite new and existing gamers, you’d imagine that innovations and cutting-edge advancement will be at the forefront of game designers’ plans.
