Get ready to be stunned by the Metaverse this year and beyond!
The fictional universe, metaverse, was one of the favorite topics of 2022. It will stay trending in 2023 and keep wowing humans in the future. 2023 is going to be a turning point in the metaverse development and will determine our digital interaction!
What Is the Metaverse?
Many of us are not familiar with this hype. The metaverse is a system of interconnected, realistic virtual worlds where users can interact with one another and with computer-generated objects, play games, shop, and even work. It is a 3D virtual world, almost like our physical world, that people create and maintain. Besides exploring and interacting with it, you can use the metaverse world for social networking, online gaming, business, entertainment, training, and education.
The Metaverse – How It Started?
Metaverse history began about 30 years ago. The word “metaverse” was first used by American science fiction author Neal Stephenson in his novel Snow Crash. The novel portrayed a dystopian future society where people use virtual avatars and flee into a different 3D, connected reality.
The exciting era of Metaverse started in 2021, when Facebook’s CEO, Mark Zuckerberg, modified Facebook’s name to “Meta”. That’s when Meta captured the interests of many of us real quick! Mark Zuckerberg introduced Meta with the aim of generating immersive digital environments.
The Metaverse – How It’s Going?
As soon as it was launched, several companies, such as Nike, Gucci, and Hyundai followed the suit in a wink. Including these, big companies such as L’Oréal, Louis Vuitton, Disney, Warner Bros. Pictures, Microsoft, and Coca-Cola are also leveraging metaverse’s benefits.
Globally, 400 million people use the metaverse. And by 2030, the global economy is predicted to sprout by $5 trillion – thanks to the metaverse. Roblox, Sandbox, Decentraland, Otherside, and more are some platforms that contribute to the metaverse’s current state.
Many people are taking advantage of the expanding market to explore the boundless opportunities that the virtual world can provide. The metaverse’s potential to reinvent the digital experience is what makes it so stunning!
Leading Metaverse Trends To Watch In 2023 & Beyond
Let’s look at the trends that will rule this fast-expanding tech sector in 2023 and beyond and how they will influence the way we use technology.
Artificial Intelligence (AI)
The Metaverse relies heavily on artificial intelligence (AI). In order to advance their digital transformation efforts and Metaverse capabilities, IT giants have already started investing in next-generation AI services. As an example, Qualcomm announced $100 million in investment to help businesses and developers incorporate artificial intelligence (AI) and augmented reality (AR) into their Metaverse platforms.
Meta is working to develop unified AI-powered and machine learning (ML) models that can learn and comprehend a variety of capabilities, such as reading user lips for better speech recognition or tracking social media content/posts that violate policy by simultaneously analyzing video, image, and text.
It’s interesting to note that although social media firms are using AI for content privacy, safety, and moderation, game makers are using AI to increase the intelligence of some non-playable characters or avatars. Additionally, AI can help design inclusive user interfaces, facilitating everyone’s trips through the system, including those of persons with impairments. Therefore, AI can contribute to the Metaverse being a user-friendly and simple-to-use platform.
Avatar technology is now advancing rapidly to the point where it will resemble humans perfectly. An avatar is a 2D or 3D representation of you that makes interaction much richer. Due to the rise in Metaverse users looking for unique ways to express themselves online, the direct-to-characters or avatar business is expanding hugely. Companies like Gucci and Nike are creating accessories for avatars that can be bought with cryptocurrencies.
In the beginning, Meta only provided extremely primitive cartoon-like avatars, which were widely mocked. Nevertheless, more recently, it has developed technology that allows us to appear virtually as real as possible. As a result of systems such as Zepeto and Ready Player Me, avatars are not limited to a single platform and can be placed anywhere in the world, including virtual worlds. One example is memojies. Memojies are a new thing. You can create your own memoji on your iPhone or iPad Pro to match your personality and mood.
The usage of cutting-edge technologies like motion capture, which will enable the avatar to mimic our appearance, speech, and gestures, will increase in 2023. You should anticipate that everything will advance. Gratitude to Meta!
The metaverse’s potential as a digital marketing platform will increase as it expands. In order to reach a larger audience in the virtual world, firms are turning more and more to metaverse marketing. Businesses can gain deeper insights into the consumption patterns of their clients by monitoring how they respond to diverse goods and services in a fully immersive environment.
There are countless opportunities for metaverse marketing, and some companies are currently utilizing it! For example, Nikeland is a spectacular metaverse that enables users to try on sneakers, enjoy basketball and soccer games and socialize with other users. According to the company, it received over 19.6 million visits over the course of August 2022! Likewise, Benetton offers a metaverse store that lets visitors play games and earn QR codes for use in physical stores.
Metaverse Corporate World
The metaverse will be a platform that provides tools and an entire virtual world to encourage productive remote work in addition to giving business owners the ability to become more marketing-savvy. Without being constrained by geographic distance, the metaverse office enables us to speak with clients worldwide, collaborate with team members who are located remotely, and onboard and train new personnel. This would significantly lower operating and business costs, which would be especially advantageous for companies with limited budgets.
Metaverse collaboration working environments will grow in popularity as teams experiment with new ways to work remotely while staying engaged with coworkers and their creative process. Accenture, for example, has developed “The Nth Floor”, a metaverse setting that simulates actual offices to allow current employees and prospective hires to do HR-related activities and collaborate digitally. These technologies can be utilized for administrative tasks like hiring people, managing supply chain problems, and training. For instance, Accenture has created a virtual workspace where employees may carry out HR-related functions online.
3D Digital Twin Technology
In the coming years, we’ll soon witness companies merging the metaverse concept with the 3D digital twin technology. 3D digital twin technology is the virtual simulation of a real-world product, process, or operation for testing and prototyping novel ideas within a digitally controlled environment.
We can now think of a substantial change in the way businesses run and how customers view, interact with, and evaluate their physical surroundings. The ingenious 3D digital twin technology uses smart sensors that collect data from the product to create simulations. So, you’ll be able to replicate many real-world items precisely. From a single piece of equipment in a factory to even an entire city!
For instance, the automobile manufacturer Ford develops seven digital twins for each model of vehicle it produces. Besides, from wind farms to Formula 1 cars, designers are creating physical objects inside virtual worlds to stress-test their efficiency in any conceivable condition without incurring the expense of testing them in the real world. Furthermore, practitioners in the healthcare sector can use it to make copies of their patient’s organs to stimulate procedures before trying them in real life.
Augmented Reality (AR) & Virtual Reality (VR)
Many extended reality (XR) technologies, including virtual reality (VR), augmented reality (AR), and mixed reality, have recently entered the consumer market (MR). New iterations of its wildly popular Quest VR headsets, as well as new VR/AR/MR headsets from businesses like Apple, Google, and Microsoft, will be available in 2023. Beyond headsets, IT companies are working to develop haptic bodysuits, 3D treadmills, and AR contact lenses.
Startups, like OVR Technology, are working with features that enhance virtual experiences with the addition of smells. Aside from giving users a multisensory virtual experience, VR and AR might also play a more prominent role in manufacturing. For example, the German automaker BMW is creating and prototyping new items using AR technology.
Additionally, users of AR/VR technology can engage with virtual 3D objects even while not donning a headset. Disney is creating augmented reality (AR) experiences for its theme parks that don’t require 3D glasses, as one example. It has also announced the creation of a virtual “Disneyland” where visitors may ride roller coasters, meet their favorite Disney characters, and do much more. So, we should anticipate even more lifelike experiences in the upcoming years.
Decentralization & Web 3.0
Some believe that decentralization will determine how the Metaverse will evolve. Distributed ledgers and blockchain technology, according to web 3.0 proponents, will create a new internet free from global corporations’ control. These corporations will no longer be able to suppress viewpoints they disagree with or shut someone down completely.
A blockchain-powered Metaverse will eradicate instances of identity fraud or theft. This will enable Metaverse users to participate, contribute, spend, and converse securely. Also, blockchain would protect digital information, digital artwork, virtual products, and Metaverse content.
The mainstay of this future will be distributed autonomous organizations (DAOs), which will rule over decentralized Metaverse networks like The Sandbox and Decentraland. Following the sale of ownership rights, consumer-owned organizations and virtual democracies will emerge, allowing users a say in the organization that is creating the virtual world. However, centralized Metaverses like Horizon Worlds will continue to be very important because of their compelling characteristics. This conflict of virtual cultures will doubtlessly unveil in fascinating ways in 2023.
The metaverse trends are clearly on the rise. An interactive event that takes place on a unique online platform is referred to as a metaverse virtual event. Events in the metaverse are not confined to a single location, unlike events in person. Plus, participants can join from anywhere in the world. Virtual conferences, webcasts, webinars, training meetings, podcasts, online radio, ceremonies, concerts, exhibitions, excursions, hybrid events, and trade shows are the types of metaverse events.
Popular performers, including Justin Bieber, Marshmello, Lil Nas X, and the Foo Fighters, have already given performances within the Metaverse. This allowed fans to watch their favorite artists’ concerts from the comfort of their own homes! Fortnite’s own online concerts have seen participation from about 11 million users.
Physical events were difficult to attend during the pandemic because of strict limits. Thus, virtual events took the place of real events. About 91% of respondents in the 2021 research expressed high satisfaction with online events. Moreover, Grand View Research predicts that by 2028, the global market for virtual events will reach more than $500 billion.
Meta sparked a tremendous interest in all of us in no time. From the expansion of AR/VR products to metaverse marketing, we are witnessing innovation and development from all aspects. Metaverse is proving itself as a fantastic way to promote a product, engage audiences, and boost a brand’s recognition!
The metaverse’s future will only improve as more businesses start investing in immersive technologies. We can predict that the year 2023 will bring a lot of innovations within the Metaverse space. It will definitely alter people’s lives, and we can at least be certain of that!