The Metaverse has really tuned into shape over the past few years. With brands and audiences capitalizing on the endless potential that virtual spaces present, we’re only expecting to see the Metaverse grow into new trajectories with each passing year.
The Metaverse has really tuned into shape over the past few years. With brands and audiences capitalizing on the endless potential that virtual spaces present, we’re only expecting to see the Metaverse grow into new trajectories with each passing year.
With a market cap of $38.5 billion this year and a projected growth of 13.1% every year, 2022 saw 400 million active Metaverse users. Certainly, the Metaverse has cemented itself in the global economy, even expecting to add $5 trillion to it by the end of 2030.
This begs the question, what trends should you look out for in the Metaverse for 2023? And, how do you make the most out of them?
MMO Games / Experiences
Games in the Metaverse are on track to receive the highest amount of public interest and investment. With the Meta Quest Pro just releasing and the Quest 2 reaching an affordable standpoint, VR experiences are now more accessible than ever before.
The biggest caveat of VR experiences right now is their inaccessibility and their lack of graphical fidelity. Thankfully, with better headsets coming up and more affordable GPUs entering the market, we’ll be seeing a drastic increase in VR gaming in 2023 with about 25% spending an hour per day in the Metaverse according to Gartner by 2026.
In 2023, we predict a large rise in the number of high-quality VR games (especially ones being produced by AAA game studios.) Moreover, we’re also expecting to see more MMO Metaverse-oriented games jump into the mix that let players truly delve into a new dimension.
Metaverse Marketing
Corporate advertising expenditure has also seen a significant rise in the Metaverse. Brands now more than ever are capturing a new generation of audiences, from Gen-Z to individuals who might not have shown interest in their brand, through the Metaverse.
From fashion brands like Gucci and Vans to automobile juggernauts like Mclaren, all of them have seen positive results from having their presence in the Metaverse reaching collective audiences of over 50 million.
Surprisingly, advertising in the Metaverse doesn’t cost an arm and a leg. And, it offers far more variety in terms of targeted advertisement allowing brands to truly pick out the audience they wish their ads to be exposed to.
Lifelike Avatar Creation
Avatars in the Metaverse have certainly gone through a lot of refinement. From looking like pixelated blobs to now being able to dawn official branded merchandise from Gucci and Versace, avatars have started to look a lot more realistic.
In 2023, we’re expecting to see the use of motion capture and further enhancements towards CGI alongside the aforementioned increase in compute power lead to lifelike avatar creation. In essence, the tangible difference between an avatar and an actual human being will soon cease to exist.
This will allow individuals to truly express themselves in the Metaverse as their avatar will appear as a virtual embodiment of themselves which they’re free to customize to their liking. Moreover, fashion brands will also be able to reflect how someone would look in their clothing completely virtually, allowing for greater sales conversions.
In conclusion, 2023 is shaping up to be an exciting year for the Metaverse and we can’t wait to see how these emerging trends affect the lives of millions around the globe!
