Top 10 Metaverse Trends of 2023 – GKM IT

Top 10 Metaverse Trends of 2023

‘Metaverse’, a term that has become a rage within three years since Mark Zuckerberg changed FB’s corporate name to ‘Meta’. This blog post will help you understand and update your knowledge about Metaverse and its Trends for 2023. For those of you who are aware of the term but not what it means, I’ll break it to you. Metaverse is a virtual world created on the internet with the intention of replicating experiences from the real world like living, working, shopping and mingling with others. In other words, it is a virtual universe that merges different aspects of digital technologies such as video conferencing, virtual reality, networking, and live streaming. According to the trends report by Globe News Wire, the Metaverse was worth USD 63.83 Billion during its base year in 2021 and is forecasted to reach USD 1527.55 Billion by 2029. To satiate your curiosity, let me throw some light on the

Latest trends that will take over in 2023 without further ado

1. AR & VR

Augmented Reality and Virtual Reality markets are said to be reaching a worth of 60 Billion USD by 2023 with 1.4 billion users worldwide. Commercial businesses and gaming industries have been investing in the global metaverse markets with an intention of improving customer experiences (CX) and user experiences (UX). The AR and VR developers have been meticulously working on developing and improving the 3D effects to enhance and provide us with an experience that is just as good as real.

For those of you who are unaware of the difference between the two, I will try to explain the difference with simple examples. Snapchat Filters and the game Pokemon GO are the best examples to understand what AR or Augmented Reality is. In this, the smartphone cameras are used to shoot live views like your face or the scenery using the back cameras after which the AR comes into play by reflecting digital elements within milliseconds.

VR or Virtual Realityis a virtual or reality replicated environment which can be experienced through sight and sound simulations supplied with the help of a computer.This can be experienced using the VR Headsets that replace your vision of the real world with that of a 2D or 3D-designed graphical world for each eye allowing for depth of vision.

2. Metaverse Events

As you all know that virtual and hybrid conferences, webinars, and presentations have become a popular way of interacting with people thanks to the Pandemic. Now the metaverse has begun to develop different methods of events that will improvise networking using AR & VR technologies. A lot of event businesses have now started arranging for metaverse events which provide virtual fairs and booths that enhance networking amongst people around the world, as well as, accomplish the event goals. The metaverse events industry has been predicted to become worth up to 80 Billion USD by the end of 2024.

According to metamandrill.com the upcoming metaverse events in 2023 that you can anticipate are

• Expoverse – March 2023.
• IEEE Conference on Virtual Reality – March 2023.
• AI VR Conference Japan – July 2023

3. Metaverse Avatars

The Metaverse Avatars are just an identity of a person in the Metaverse that can either be customised according to your fantasy or be a 3D replication of you (made using frameworks like MetaHuman). This feature would help you move around in the VR world and interact with many others. You can create Meta Avatars for purposes such as gaming and virtual events like VR fairs, exhibitions, business meetings, parties etc. Currently, the rates of creating meta avatars start from a few hundred Dollars and go up to 10,000 USD. As interesting as this sounds, I am now considering joining the Metaverse just for its look and feel. How about you?

4. Performance Capture

You may enter the VR world with the help of a VR Headset but without your Meta Avatar and the ability to capture your movements, you would technically be paralysed or frozen in one place of the Metaverse. It takes a meticulously developed performance capture to accomplish in-sync movements and define the success of the enticing environment. Famous A-listers like Justin Beiber and Ariana Grande have been massively successful in performing live Meta Concerts that connected with millions of fans worldwide on one platform. The attendees of those events were able to interact with the artists, as well as, with many others in real-time, thus, making it a synergistic social experience.

5. 3D Digital Twin Technology

The 3D Digital Twin Technologies uses AI and Machine Learning algorithms to replicate anything from physical objects to entire cities. This gives the businesses a new height as you will be able to look, feel and analyse what and how the object or space would appear in the reality. Currently, there are some businesses that have already started using this technology namely, IKEA and TESLA. Major fashion brands like Gucci are now looking forward to developing and using 3D Digital Twin Technology so that you can virtually try on clothes without having to leave your rooms.

6. NFT- Non-Fungible Tokens

NFT’s are digital assets (art, music, buildings, cattle, etc) that are created using Ethereum Blockchain which can be bought and sold using cryptocurrencies. If you remember playing community-building games like Cityville and Farmville on Facebook a few years ago, then you will be able to better understand the idea behind NFT. Nowadays, plenty of people have been investing and selling Non-Fungible Tokens on ‘Decentraland’ which is a 3D virtual world browser-based platform.

7. Programmable World

With so many technological developments happening around us, it is about time that even the connectivity of daily objects also becomes a part of the smart environment. Imagine your car broke down and you just have to maybe plug in or connect a cable between the car and your phone or laptop and diagnose the problem. Or maybe your body can be microchipped to effectively fight diseases. With so many daily used items like electric kettles and lights being microchipped that enable and enhance the connectivity to motion sensors or our phones, the Programmable World would just simplify our daily tasks with just a swipe, a click or our voice commands.

8. Super Apps

A super app is an app that provides you with multiple mini-app for customers that merge services, features and functions into one single app. One easy example would be the fintech apps like Paytm, GPay, PhonePay, etc through which you can receive and make multiple transactions. You can pay bills(Credit card, Loans, EMI, Insurance), recharge your subscriptions (DTH, Monthly call and internet packs, Broadband, etc), transfer money to bank accounts and donate money to NGOs.

9. Virtual Art Galleries

With NFTs becoming highly popular, a large number of artists and designers have taken a step and are creating their very own Virtual Art Galleries where the collectors, bidders and buyers are purchasing art collections via crypto payments. This industry is trending on the Metaverse as digital artists are finding low-cost methods to sell their artworks on a global platform.

10. Data Science

Data Science and Mining will become an integral part of the Metaverse as the number of people joining the verse is increasing. With the Metaverse trending and entering 2023, we need to be better equipped with the huge data collected. As you all can understand that assembling so much data is a difficult task, hence, we require Data Scientists to systemise it all through a data interpretation programme to help businesses improvise on their trades digitally.

Conclusion

The Metaverse mania is catching up across the globe just like the fire that spreads in a forest. And India is not that far from levelling up with the current Metaverse Trends of 2023. I just can’t wait for the fashion and decor brands to develop super apps with 3D digital technologies through which we can try on different garments, as well as, experiment with how much space a decor item or furniture piece would take in our homes and offices. The latest trends of the metaverse would help boom not only the IT sector but also many other industries like fashion, cosmetology, medicine, architectural interior designing, etc.

I hope you enjoyed reading my blog post. Do leave your thoughts/suggestions about what you liked most and what is the future of trending technology. Do visit our website www.gkmit.co to know more about us. Or click on https://www.gkmit.co/#services to avail our services.