What Will Become of the Metaverse in 2023?

The concept of a “metaverse” has been gaining a lot of attention in recent years, with tech experts and futurists imagining a virtual world where people can interact and experience a fully immersive digital environment. The year 2023 is going to be a significant one for the future of the metaverse, as new technologies emerge and more people become interested in this idea of a virtual world.

The metaverse can be a difficult topic to understand as it encompasses a lot of things within technology.  But to break it down into simpler terms, the metaverse acts as a shared space where people are able to interact in a variety of activities that are realistic and engaging. These activities include, but are not limited to, commerce, games, concerts, and other events. A prime example of a subset of the metaverse is a VR headset, such as the Oculus Quest 2 headset that takes you to a realistic, yet imaginary world. 

The first person to coin the term “metaverse” was a science fiction writer by the name of Neal Stephenson. He wrote a book in 1992 called Snow Crash, which discussed a metaverse that essentially allowed people to escape into an alternative three-dimensional reality. 

Obviously, back in the ’90s, a world even close to what Stephenson was describing seemed impossible. This was until the major technological advancements that began to take place in the 21st century. Now we are at a point in time where the metaverse is beginning to come to fruition and advance close to what Stephenson wrote about in his book. 

Via Meta.vrs

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Breakdown of the 2022 Metaverse

The 2022 metaverse had some groundbreaking advancements and achievements. However, it was also in its somewhat early stages of development, with a lot of experimentation and innovation taking place. 

Upsides of the 2022 metaverse

• Increased Investment: In 2022, there was a huge increase in investments in the Metaverse. Tech companies, celebrities, venture capital firms, and even traditional media companies began to invest in Metaverse start-ups and technology. The Nasdaq Stock Market writes that many retail companies also joined in to invest in the metaverse because they think it can help with experiential brand engagement for their customers.
• Advancements in Technology: Some major advancements in technology took place in 2022 for the metaverse. There were advancements in areas such as virtual and augmented reality which enabled the creation of a more immersive online environment. This has made it easier for users to connect and engage with each other in virtual spaces.

Downsides of the 2022 metaverse

• Technical Challenges: Despite the advancements in technology, the Metaverse continues to face significant technical challenges. These include issues such as latency, a time delay caused by managing huge amounts of data that the metaverse must use.
• Another challenge the metaverse is facing is the idea of ownership when it comes to digital assets. Since this is a relatively new platform, there have been some difficulties in regard to figuring out how to verify ownership, as well as grant rights to digital creators on this platform.

The future of the metaverse

So, what will become of the metaverse in 2023? The answer is uncertain. However, here are some potential developments that we may see in the coming year.

1. Increased investment in the metaverse

With the increasing popularity of virtual experiences, it is likely that there will be more investment in metaverse technologies and platforms. As stated before, a multitude of companies joined in on investing in the metaverse in 2022 because of its growing popularity and the future potential it holds. This increase in investments can lead to faster development and more advanced features for the metaverse in 2023.

According to a report by Grandview research, they predict that by 2030, the global metaverse market is expected to grow to $679 billion. This is a huge increase from the past few years, which means a lot of this funding will probably happen within 2023. 

2. Growth of the metaverse economy

As the metaverse gains more traction, we may see an increase in a virtual economy, with virtual goods, services, and currencies being traded within the metaverse in 2023. The World Economic Forum shows that recent forecasts and statistics suggest that 15% of the digital economy has already shifted to the metaverse. This has the potential to provide new opportunities for businesses and entrepreneurs, as well as new jobs within the metaverse in 2023.

Via Forbes

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3. Integration with existing technologies

 As the metaverse continues to grow, it is likely that we will see it become integrated with existing technologies, such as augmented reality (AR) and virtual reality (VR). This could lead to a more seamless and immersive experience for users, as they can seamlessly switch between the physical and virtual worlds.

According to Pew Research Center, some of these investments to the metaverse may include upgrades in gaming, entertainment and business/education communications. 

4. Growing User Base

The Metaverse saw a huge increase in the user base for 2022, as more people have become aware of the technology and its potential. This has led to a wider range of applications for the Metaverse, including gaming, education, commerce, and entertainment.

Since many companies are starting to take advantage of the current and future potential of the metaverse, this has helped increase the user base significantly. According to a start-up company Metav.rs, which helps brands that want to enter the metaverse, there are already over 400 million active metaverse users every month. This shows the growing popularity of this platform and how it’s only going to continue to increase as the technology becomes more advanced and reliable. 

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These developments tie into some of the promises the metaverse holds for us in the next few years. These promises include:

• More Immersive Experiences
• Increased Economic Opportunities
• New Forms of Interaction
  

In conclusion, the metaverse is a quickly evolving concept, and 2023 will hopefully be a significant year for its development. While we cannot predict the future, it is evident that the metaverse has the potential to revolutionize the way we interact and experience the digital world. While the technology still faces some big challenges, soon enough the metaverse will become increasingly immersive and integrated with our daily lives.