Jan 3 2023
Our Metaverse Predictions for 2023
Just over a year ago, the Metaverse and Web 3 were in a very different position. We were swamped with hype, SAND and MANA were many times their current value, and many large metaverse land sales were being made. You probably know what happened next, war → inflation →
NFT trading volume plummeting→ FXT collapse. The Web 3 hype has certainly cooled. But this is exactly what we want to see. Because for an industry to go the distance, it can’t rely on hype.
The businesses within Web 3 must have strong, irrefutable use cases. Our crypto winter is where Web 3 and the Metaverse knuckle down and work on those use cases. Because you can kill a (bad) business, but you can’t kill a good idea. And in this blog, we’ll outline all the ways that the Metaverse could start demonstrating that it’s too good an idea to ignore and make our 2023 metaverse predictions. Firstly…
We’ll see more metaverses emerge
The Sandbox and Decentraland are just the start. It’ll be interesting to see more players like
TCG Worlddevelop in 2023. This raises the issue of interoperability: the ability for different metaverses to seamlessly interact with each other. The success of the Metaverse probably
depends on it. And the more metaverses that emerge the more important interoperability becomes.
Big names could change the hardware game
Given what the iPhone did to the smartphone market and Web 2, it’s not too outlandish to imagine Apple’s mixed-reality headset being a watershed moment. And that moment
looks like it’ll arrive in 2023. To make things a little more interesting, Meta’s new version of their Quest VR Headset will also arrive in 2023.
Less big investment, more quiet building
Yes, metaverse real estate values have slumped (for now). But any serious metaverse real estate participant won’t be deterred by this. There have been some very
expensive metaverse land sales, and right now, the owners of these – and many other owners no doubt – will be focusing on the other aspect of metaverse real estate success; building infrastructure/experiences, etc.
NFTs will mature
Since the market has cooled and the hype has gone, successful NFTs will need tangible, desirable utility and rely less on simply being a stunt or a “flex.” Brands like
Nike and Starbucks exemplifythis new maturity by using NFTs to act like a loyalty/members club.
More realistic and tangible use cases will occupy people’s attention
Meta’s metaverse push has been
pretty damaging to themso far. Of course, Zuckerberg is taking it on the chin and is reminding himself that Rome wasn’t built in a day. No doubt he knows that if he’s going to turn this around, he’ll need to make the Metaverse solve real problems for people. Here are some areas that the Metaverse could genuinely improve.
recent reportconcluded that whilst there are certainly mental health risks, it’s possible that “very soon, we will see a sprawling mental health space in Web 3.0 that may revolutionize the mental health field.”
Metaverse work environments and improved office tools
With technology like
Microsoft Meshand its Microsoft Teams integration, we’ll see more metaverse environments mimicking and (hopefully) improving on in-person interactions. Virtual whiteboarding, conference calls, virtual onboarding could all be improved.
Digital twins of the end user’s technology can
make support and troubleshooting easier, minimizing downtime.
A specific note about digital twins
This development is pretty significant so it deserves its own segment. Digital twins are by no means an exclusively Web 3.0/metaverse phenomenon. Nonetheless, we’ll undoubtably see the Metaverse supercharge their prevalence. A digital twin – i.e. a realistic, virtual replica of a real-world product, process, etc. is a game changer for many reasons. Here are a few.
Digital twins can be used to experiment with 3D space. Managers can play with office layouts, without any impact on business operations. And employees can use the space to virtually convene and achieve a convenient middle ground between in-person meetings and video calls.
The Nth Floor, developed by Accenture, is a great example of this. It serves as a replica of their offices to “bring Accenture people together to meet, collaborate, and learn.”
Digital twins can be great for teams creating physical objects. Engineering teams could work on a digital twin as they create, using the twin as a simulation/virtual prototype. This could save considerable resources that would have otherwise been spent on creating multiple physical prototypes.
Business operations could start to shift
Following on from the previous point, any business that embraces the full capacity of the Metaverse may start to see their business shift in ways they’d never have predicted. Their hiring practices could involve more remote talent. New products could form; businesses might start creating “metaverse-only products” in much the same way you can choose a digital-only copy of a piece of media. Basically, digital twins and having a metaverse meeting or two are just the start.
Anyone serious about the Metaverse is in it for the long haul. Opinions vary but many say that the Metaverse is currently where the internet was anywhere from the late 80s to early 90s. We’ve got a long way to go and Jason Warnke, IT consultancy Accenture’s senior managing director and global digital experience lead believes that eventually “the Metaverse will impact every aspect of every business, including how work is performed, what products are offered, how products are distributed and how businesses operate.”
We could eventually arrive at a mixed reality world, where a headset is as necessary for interacting with the modern world as a smartphone. Holidays could have both a Metaverse and an AR component. Car dealerships may offer on the spot, metaverse test drives. It’s a future like this that has got McKinsey and Company anticipating that in aggregate, the metaverse could "generate up to $5 trillion in impact by 2030.”
The final metaverse product is nowhere near finished. There’s a lot of education and experimentation to do. At VerseProp we’re doing everything we can to advance Web 3’s progress by optimizing the experience of purchasing metaverse real estate via our marketplace – launching in beta in Jan – and our advisory service – launching in Q1 2023.
In the meantime, we’ll continue to publish content on all aspects of the Metaverse and Web 3 via our blog. If you haven’t already, click below to sign up to our newsletter where you’ll receive regular updates delivered straight to your inbox.