Following Facebook’s rebrand to Meta, the metaverse became the center of discussion in tech. 2022 saw a proliferation of metaverse projects and widespread brand adoption.
However, the year has not been without setbacks. The 75% collapse in Meta’s stock price, and a recent drop in patent filings related to the metaverse, invited critics to take shots at the concept.
Still, opportunities in the metaverse space are likely just beginning to emerge. 2023 promises to be a year of rapid growth in the metaverse as companies look for ways to capture a share of the emerging industry. Here are some trends to look out for.
The gaming industry has recognized the potential of metaverses and is investing heavily.
VR systems like Valve Index and Meta Quest have seen a lot of use as gaming platforms and for good reason. VR allows for a truly immersive gaming experience, something that gamers have dreamed about for decades.
It’s important to note that the VR gaming space is still in its infancy. Metaverse games still have inferior graphics compared to classic MMO games. Their vast, open world pushes the limits of the capabilities of today’s hardware. Advances in chipmaking could solve this problem in the future.
2. Education and Training
Metaverses could also revolutionize how we learn. The use of VR in education offers the potential for a more engaging learning experience, as students can be immersed in virtual classrooms and simulations.
This trend is already becoming a reality. Business schools are exploring using VR in the curriculum. They believe that VR has great potential to teach crucial soft skills to students.
Companies have jumped on this trend even more quickly and are starting to use VR’s potential in learning. Microsoft HoloLens, a newer edition of a VR headset, is an example. With its hefty price tag, the headset was mostly marketed to corporate clients. Firms across the globe now use it to train employees.
3. Virtual Cities
We have already seen the emergence of virtual cities in the metaverse. Projects such as Umetaworld are creating a virtual replica of the real world, city by city.
This could allow users to come together and interact in a 3D environment without leaving home. These decentralized projects also allow users to own pieces of land and other items in the virtual world as NFTs.
Beyond just changing the digital world, these projects could have real-life tangible effects. For instance, they could help expand access to the services people need.
Companies are already exploring how VR could help make public transportation more accessible. For better or worse, governments could also use these technologies – potentially for emergency and safety updates.
VR headsets could let users see augmented reality maps for easier urban mobility, with real-time updates on the state of the rush hour. Virtual cities could become a platform on which all such services are built.
On the Flipside
- It’s impossible to predict where metaverse tech will go in the future. Moreover, higher interest rates and geopolitical instability could hurt its prospects in the short run.
Why You Should Care
Metaverse tech has the potential to transform multiple industries in the future. This would have ramifications for the careers of most people as new jobs emerge and others become obsolete. It will also impact their portfolios, as companies that adapt to the new reality see increased growth and earnings.