Gamefam, a key player in metaverse game development, showcased remarkable financial growth in FY ’23, calling it as their most successful year yet. In 2022, the metaverse landscape saw significant shifts as industry giants such as Meta and Microsoft reevaluated their stance on this digital realm. Despite this reconsideration, open-world gaming platforms like Gamefam, Roblox and Fortnite maintained their strong influence.
With a notable 35 per cent year-on-year revenue surge and the expansion of their gaming network to 30 titles, Gamefam recorded 16 consecutive quarters of consistent growth, accumulating over 29 billion gameplay sessions. Their achievements included successful launches like Barbie DreamHouse Tycoon and NFL-themed games on Roblox, highlighting the increasing significance of virtual merchandise. Collaborations with brands like Hugo Boss for NFL apparel and digital concerts featuring Saweetie and Bebe Rexha proved to be significant milestones.
Gamefam’s sales of more than 2.3 million virtual merchandise items, doubling from the previous year, emerged as an effective strategy for enhancing brand exposure and engaging fans within these virtual platforms. Despite uncertainties surrounding the future of the metaverse in 2024, Gamefam expressed optimism, foreseeing increased investment from major brands and the rise of new metaverse gaming platforms.
Recently, Roblox also unveiled its 2023 Digital Expression, Fashion & Beauty Trends Report, uncovering insights that spotlight the growing importance of digital self-expression, particularly among Gen Z. The report highlighted that over half of Gen Z users prioritize styling their avatars over their physical appearance, marking an increase from 2022. Additionally, a majority of users consider digital fashion increasingly significant, emphasizing the evolving landscape of self-expression within the digital sphere.