“Metaverse is the future of the internet.” 2021 and 2022 were filled with this buzz phrase as people mass-bought lands and virtual items seeing the worth of the metaverse. 2023 is going to be yet another big step into integrating the digital world with the physical.
This article is a dive into the metaverse market analysis and predictions for the year.
Whether it’s games or NFTs, every company or studio is aiming for the metaverse. Despite the bear market, the hype over virtual worlds didn’t stop. The biggest highlight would probably be the test launch of BAYC’s Otherside and The Sandbox’s Alpha Season 3 where a massive amount of users showed interest.
In 2023, virtual platforms will continue to grow into a trillion-dollar industry. According to the PEW Research Center report, 54% of experts from the collected survey believe the metaverse will become more immersive and highly developed by 2040, while McKinsey and Company research states a $5 trillion valuation of the virtual world by 2030.
“The metaverse will, at its core, be a collection of new and extended technologies,” says Laurence Lannom, VP at NRI.
Nonetheless, it is important to see what this year will unveil to reach there. Here are future predictions in the metaverse for 2023.
Creator economy is the new era
Just like last year, a large number of creators and artists are most likely to enter the metaverse seeing the various opportunities it offers to them.
Since the metaverse is all about digital stuff, users will want to buy from marketplaces. For small creators, it’s a great place to kickstart their careers.
Metaverse is going to be highly powered by the digital creator economy. In other words, fame and mass adoption will begin as people will be drawn towards the creative and entertainment sector.
AI devices will integrate into virtual platforms
Massive developments in Artificial Intelligence took over in 2022. In 2023, these technologies will merge into virtual platforms to provide a better user experience related to various sectors such as healthcare, gaming, marketing, business, management, education, and more.
Whether it comes to improving services, connecting with companies, or simple daily interaction, everything will be equipped with AI in the metaverse. Although this is quite a long-term project, the beginning of this phase is expected to be this year.
Issues of Cyberbullying
Cyberbullying will exist in the metaverse just like it does on the internet. As more and more people join, there will be threats to their finances and personal information.
Furthermore, social engineering and phishing will most likely also become common, especially since all the users’ funds are stored in crypto wallets which can be accessed once an individual signs approval on any link.
During this time, metaverse platforms will need to establish regulations and even get a police agency in virtual space to solve these problems and keep the environment safe.
Business in Web3
Traditional businesses will slowly expand into Web3 by releasing new products or testing services. Last year, many tech and manufacturing giants registered their trademarks for the metaverse including Porsche, HSBC, Fidelity, and BMW.
These companies will probably release their plans or services in 2023. Furthermore, investment ventures are also putting their money into Web3-based platforms. Animoca Brands, the company behind The Sandbox, dominates the game investment market.
It might take time for mass adoption
Although the above-mentioned developments will take place, there’s no guarantee that people will actually join the virtual world or not. Based on current sentiments, the market seems to be uninterested to join except for those who want to explore new technology.
However, you never know what can happen within a year, so we can hold on to the hope that the metaverse will massively be adopted by the end of 2023.
To achieve that, many media and Web3 platforms have begun educating the public about this new technology and how it can be integrated to change lives and establish successful careers.
After all, Metaverse is for all!
