In 2022, we have heard the word ‘Metaverse’ a lot.
The word ‘metaverse’ has stayed rent-free in our minds throughout 2022. The buzz of Meta increased when Facebook rebranded itself to ‘Meta’.
Metaverse is expected to add $5 trillion to the global economy by 2030. And 2023 will be the defining year for the direction of the metaverse. Here, we will see the metaverse trends 2023.
One thing is for sure; Meta will change people’s lives.
What is Metaverse?
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A hybrid online world is known as a metaverse. It is the first step toward the new internet trend known as web 3.0. It functions on blockchain technologies, keeping the information in the decentralized registers. A group of people will own the database.
It is a virtual space where humans can feel the experiences they could hardly feel in the current physical world.
Top Metaverse Trends for 2023
1. Virtual and Augmented Reality
Source: ediiie.com
The metaverse is built around the concept of immersive, experiential technology; whatever it looks like, it will be more fascinating than the digital worlds we are accustomed to today.
The use of virtual & augmented reality will be on boom in the gaming industry. As per the International Data Corporation (IDC) ‘s Quarterly AR/VR Headset Tracker, in 2021, the market for AR & VR headsets has increased by around 61%.
2. The Programmable World
Source: braingrid.io
As the world becomes more virtual, digital, and computerized, the ability to control and modify it also increases.
A few years back, when anything happened wrong with our car, we had to take the car to the mechanic and change the engine, brakes, or anything faulty. And, if we talk about the current times, we can just plug them into the computer and know the faults in the vehicle.
It is not just about cars; it is much beyond that. Like, today, vaccines and medicines can be made to target any particular disease.
3. Metaverse Events
Source: sweap.io
You can see a great rise in the metaverse trends.
At the time of the pandemic, attending physical events was almost impossible due to the restrictions. So, the place of physical events was taken by the virtual events, and the number of metaverse events and the people attending these events has increased significantly.
In 2022, we have seen people attending concerts virtually and enjoying the concert similarly to the physical world. It is just one example of a metaverse.
Around 11 million users have participated in the online concerts of Fortnite itself. According to an estimate, the market for online game makers and gaming hardware may surpass US$400 billion in 2024.
4. Motion Tracking
Source: ytimg.com
Metaverse bridges the gap between the virtual world and the real world. Motion tracking is one such example of it. We are heading towards a generation where there will not be much difference between virtual and real.
We will soon be able to be in both real and virtual places simultaneously. Additionally, stronger tracking technology is required to make this landscape possible. This allows users to keep an eye on each gesture and action.
5. Digital Workplaces
Source: cdn.huler.io
After the COVID Pandemic, most companies have to allow their companies to work from home. Even after the pandemic, many companies are interested in keeping the same working structure as it saves a lot of cost for companies. Many companies have also witnessed increased productivity with this working structure.
The work-from-home system may be great, but there are some challenges in this working structure; however, with the metaverse, these challenges are going to be eradicated easily.
Metaverse will be allowing next-gen technologies that can be used to provide training, manage supply chain issues, help in hiring, etc.
6. Metaverse Marketing
Source: popupsmart.com
Marketing with metaverse holds a totally different approach compared to traditional marketing.
Many people have bought land and installed advertisements to rent out in the virtual world. Many companies have set up virtual stores, and people can visit the store using their avatars and check out the digital & physical items offered by the store.
In the current times, companies are looking for different ways to connect with customers. Now, they can use metaverse to set up interactive shopping experiences instead of simple websites.
Nike has made the best use of metaverse for marketing. They have adopted a game-based marketing approach – Nikeland where people can play sports games while visiting the online store to buy the things for their avatar.
7. Advanced Avatar Technology
Source: avatarin.com
You may be using different characters in video games; in the same way, an avatar is a presence that we display as we engage & interact with other users. The avatar may look like us or like certain cartoon characters or some characters that may not exist in the real world.
Now, avatar technology will be getting very advanced; the avatars will look exactly the same as us.
In 2023, there will be more use of advanced technology like motion capture, which will make the avatar look, and sound and adopt gestures like us. So, you can expect all this to go to the next level. Thanks to Meta!
8. Virtual Art Galleries
Source: webflow.com
You may also have heard about virtual art galleries. More than merely a website with pictures of artists’ work can be found in a virtual art gallery. It is a completely participatory experience that, as one might anticipate, can take a variety of shapes.
NFT, digital assets and blockchain technology have contributed a lot to the growth of digital art. With a market value estimated at US$2.4 billion, virtual art galleries are one of the metaverse’s most popular business trends.
These art galleries are a new type of space where artists and digital creators can display their NFT exhibitions for collectors. Art lovers can encounter a breathtaking virtual world and even trade their favourites.
9. Data Science
Source: forbes.com
The metaverse will collect a lot of data, mine it and act quickly. Despite the metaverse’s use of distributed technologies such as blockchain, it’s still important to ensure that the data collected in one area reflects the user’s experience in another. It is one of the major trends in the metaverse.
10. Decentralization and Web 3.0
Source: weforum.org
Blockchain networks and distributed ledger technology will usher in a new network free from the influence of powerful businesses. It means the power to make decisions will be in the hands of the community instead of a single entity.
11. Parallel Marketing Method
Source: forbes.com
To draw attention to the brand, marketers must let the metaverse evolve spontaneously; otherwise, the product would be rejected. The parallel marketing plan is the ideal opportunity for those who have already created a real-world advertising agency.
Also Read: ChatGPT-3: Get to Know about AI Chatbot Tool (Updated)
How Can Businesses Prepare for the Future Metaverse Trends?
Source: forbes.com
Here are the ways businesses can start preparing for the upcoming metaverse trends:
1. Understand the Metaverse Concepts Clearly
If businesses want to prepare for the upcoming metaverse trends, then just knowing the basics won’t work. Businesses have to go deep down and understand the concepts of the metaverse thoroughly.
Companies can also hire dedicated employees to understand the concepts clearly. Knowing details about the metaverse concepts like – crypto, decentralized autonomous worlds, and other concepts can help you a lot to grow your business.
2. Create a Strategy
If you desire to travel into the metaverse, start by assessing your present channels to understand where you stand. It will help you know where you currently stand and decide your future direction and growth. Try to find long-term opportunities from the Metaverse concepts.
3. Test the Waters
Evaluate the danger. Many chances in the metaverse carry a lesser risk. Selling digital goods, services, and products or providing virtual tours of sites or products. All these categories are in trend and also are low-risk.
4. Building Trust
There are many opportunities in the metaverse, but there are also some regulations. There are compliances, privacy rights, cybersecurity, identity threats, and frauds. Thus, you must consider using security at the service level to ensure privacy even after the assets are lost. Security is important for building trust among users.
To earn a trustworthy reputation, you can work together with professionals who offer machine learning and artificial intelligence services and solutions and who can teach you how to use the metaverse’s advantages effectively.
5. Re-consider Core Competencies
With your present channels and resources, it may be difficult for you to move to the metaverse. To get the competitive advantage of the metaverse, you may need different skills and technologies. But for this, you will need to employ dedicated and new resources and try a totally new business approach to survive in this tough competitive world.
Final Thoughts
At last, we would say that metaverse will change our worlds. It has been in buzz a lot, and it will rise in the year 2023. It is important to look for trends for the upcoming year. Today, many companies are preparing for the metaverse. For them, these trends are going to be very important.
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