Introduction
With the rise of virtual reality and the internet becoming more immersive than ever, the concept of Metaverse has become increasingly popular in recent years. The term “metaverse” was everywhere in 2022, and you can’t deny that Metaverse has become the new craze, especially after Facebook’s big rebranding announcement at the end of 2021.
The term “Metaverse” was first coined by Neal Stephenson in his 1992 novel, Snowcrash, but now, only to remain just as a coined term. However, you see now, Metaverse it’s no longer just a concept limited to science fiction. There is no doubt that we’ve come a long way when it comes to the Metaverse and the year 2023.
We’re actually making huge strides towards a future where many of the things we thought were impossible are becoming a reality. And this progress isn’t just limited to one industry – it’s happening across the board.
In fact, we’re not just inching toward this future; we’re speeding toward it! According to McKinsey & Co, over $120 billion was invested in the Metaverse in 2022, more than double what was funded in 2021. The metaverse concept is a big deal, with predictions that it could add a whopping $5 trillion to the value of the global economy by 2030. That’s why 2023 is shaping up to be a crucial year for defining the direction the Metaverse will take.
Isn’t it exciting to think about the possibilities of a borderless world full of promise and fulfillment? So, what do you think about the upcoming trends of Metaverse in 2023? Let’s dive into this blog which explains it all.
What Is THE Metaverse?
Have you ever encountered a place that employs augmented reality, virtual reality, and other cutting-edge internet and semiconductor technology to give you a lifelike online experience? That is, after all, what THE Metaverse is all about. Moments are everything in the Metaverse.
Let me take you to a realm of imagination. Imagine living, working, shopping, learning, and interacting with others in a virtual environment alongside a billion other people doing it from the comfort of their sofas in the real world. This virtual world where you fantasize about yourself in a world that feels dreamy and everything that you might have imagined is what Metaverse speaks about.
It’s basically an online 3D world where people can interact with each other and with computer-generated objects and characters. It’s like a virtual world that exists on the internet, and it can be used for all sorts of things like gaming, social networking, education, and more.
The cool thing about the Metaverse is that it can mimic the real world or be an entirely new and imaginary world. It’s like stepping into a new dimension, where you can explore, create, and interact differently than what you’re used to online.
The internet will inevitably evolve, and so will the Metaverse. The Metaverse is constantly changing, offering endless possibilities for exploration and interaction.
Extra point: Metaverse is the new craze, and to make you even more thrilled, watch Ready Player One. I bet you won’t be able to refute what’s coming in the next 5 to 10 years.
The Upcoming Trends of Metaverse
Here are 5 most exciting upcoming trends in the world of Metaverse that we will see in 2023:
1. Greater Integration with The Physical World
Although the Metaverse is a virtual environment, it is not surprising that it is also starting to influence the real world. It would not be surprising to see further integration in 2023, such as virtual events linked to physical sites or any virtual events that take place there.
We already employ this technology, what say? You may be familiar with the recent Digital Fashion Week, which is the first virtual fashion event to ever take place in Dubai.
Considerably shaking the stage, don’t you feel this trend is already making the waves?
2. More Realistic Avatar Technology
There’s no denying that we’ve gone a long way from 2D avatars. In 2023, we anticipate seeing considerably more advanced avatars as the globe gets closer to developing complete virtual reality immersion. We may anticipate seeing lifelike humans roaming the Metaverse, thanks to the improved physical character depiction and more fantastic customization choices. Don’t you think that it would be a great option if we get to see the freedom for avatars to move across several Metaverse platforms without being restricted to just one?
Although organizations like Meta have been working on developing photorealistic avatars for a while, there is still a lot of space for advancement. Let’s hope these Avatars are created just as we wish to see them for interaction!
3. Metaverse Marketing
We all know that search engines and social media drove web 1.0 and 2.0, respectively. So, what will be the game-changer for web 3.0? Well, the answer is quite apparent – it’s the Metaverse!
Although it’s still in its early stages, companies from various industries are already jumping on board, including big names like HSBC, JP Morgan, Nike, and Gucci. They are all working on creating their metaverse presence and for good reason.
Whether it’s through creating their own platforms or joining existing ones like Meta Horizons, Fortnite, VR Chat, or Decentraland, companies are getting ready to occupy this new and exciting space in the next 12 months. The only sure thing is that being a part of the Metaverse is vital to winning.
Those who act early will gain an edge in 2023, as they will have time to test and create compelling experiences to attract visitors to their virtual storefronts.
Extra Points: The younger generations are already spending a lot of time on Metaverse platforms like Roblox, making it essential for businesses to connect with them in a digitally native way. Try Gamevertising. If you are still asking yourself what’s this, it combines gaming and advertising. It involves using video games and virtual worlds to deliver ads to consumers. You see, again, Metaverse it is!
4. The Corporate Metaverse
Get excited because how businesses operate is about to get a serious upgrade! According to BCG, the decentralized Metaverse will be a game-changer in the corporate and enterprise spaces.
2023 will bring Metaverse offices where people worldwide can come together in a virtual space using VR technology. You won’t have to worry about long commutes or expensive conference travel costs anymore! You can attend from the comfort of your home, but remember to dress up a bit to look professional in the virtual world.
The decreasing costs and easy access to augmented reality and virtual reality headsets will make this all possible.
Two primary use cases of the Metaverse will become famous – digital twins and training applications. Digital twins are like copies of the natural world but simulated. They’re linked to IoT, which means businesses can quickly and efficiently process complex data sets.
The second use case is training. Companies like Accenture have already created metaverse environments for onboarding and other HR-related tasks. It’s like conducting business in a virtual world.
Sounds pretty cool, right?
5. Decentralization And Web 3.0
The internet is about to get a significant upgrade, and it’s called Web3. Okay, so here’s what it is: the future of the Metaverse is a trending topic, and one big question is whether it will be centralized or decentralized.
Decentralization is a crucial part of Web 3.0. Basically, this new version will be powered by Blockchain technology, and it will be free from the control of large corporations. That means you’ll fully own your digital stuff, like your identity and assets.
Web 3.0 is all about creating a more open and democratic internet, and smart contracts are a big part of that. They enable decentralized apps that give users more control over their digital stuff.
And get this, with DAOs, you can securely own virtual land and assets and even make money off them. Plus, you’ll have a say in how things are run in the virtual communities you’re a part of. It’s like you’re living in your own little democracy.
Extra Points: Take the Exarta Metaverse, for example. In their first City of Valayt, you can become a member of the Valayt Council and have a say in the city’s future. You’ll get to make decisions on trade, peace agreements, and even the city’s rules and regulations.
Conclusion
Well, we’ve reached the end of our journey exploring the top 5 upcoming trends of the Metaverse in 2023! And oh, do we have some exciting things to look forward to!
It’s safe to say that the Metaverse will be one wild ride! From the rise of more realistic avatar technology to the evolution of new ways of the corporate world entering the Metaverse, the Metaverse is shaping into a whole new world of possibilities. And let’s not forget about augmented reality’s mind-bending potential and brain-computer interfaces’ mind-reading capabilities.
But don’t just take my word for it, folks. Strap on your virtual reality headsets, grab your haptic gloves, and get ready to dive headfirst into the Metaverse! Who knows, maybe you’ll even run into me there, dispensing wise advice and terrible puns like there’s no tomorrow.
So, what are you waiting for? The Metaverse is calling, and it’s time to answer!
