Metaverse in 2023 and Beyond: What Recent Studies and Experts Suggest

There is no denying that 2022 was practically the year of Metaverse. From its introduction to making a place in our lives, Metaverse bloomed and blossomed into the lives of all techies.

Defined as a spatial computing platform offering digital experiences as an alternative to or a replica of the real world – the metaverse is founded on the bedrock of blockchain technology.

A survey by Statista proves that 35% of people are willing to spend between $700 to $1000 on VR gear so that they can physically feel and experience everything in Metaverse.

Marketing Technology News: MarTech Interview with Carol Howley, CMO at Exclaimer

According to many industry experts and leaders, here is how the metaverse will look like through 2023 and beyond.

1. Mass Adoption of Subsidized Metaverse Hardware

Subsidizing hardware always works, and if we want to boost mass adoption of Metaverse, the manufacturers must look at offering installment plans for metaverse hardware. The primary aim is to reduce the initial cost for the entry of consumers.

Experts have suggested that there is also a possibility to bundle connectivity with digital entertainment and other consumer services.

2. Going forth with Tangible Metaverse Use Cases

Metaverse has been a wow factor for the past year, and we have witnessed general experimentation on it through gaming and virtual reality. In 2023 and beyond, organizations will take efforts in delivering tangible use cases to better connect with people. Thus, we will see more opportunities in this field.

As more success stories will be shared on digital platforms, it will drive more adoption. As a result, companies will drive more sales by leveraging virtual reality.

3. Merged Reality and Metaverse

It does seem that the primary consumers of Metaverse will be gamers who are already soaked into their virtual gaming world, but the companies will soon find ways of using Metaverse to enhance their internal team collaboration. With more and more hybrid and remote working atmospheres, Metaverse will be adapted as a next-level digital twin usage combined with all kinds of AI.

4. A huge Potential in training and Mental Health

Metaverse is emerging as a viable option in a hybrid work environment so that teams can better collaborate around complex objects and environments. With this, Metaverse is also backed by capabilities to establish Holographic communication systems to offer photorealistic 3D images of people in a remote environment who are wearing VR headsets.

We are already witnessing that with immense value in training, design, and even mental health, various companies have already started investing in prototypes.

5. Time to define the limitations of Metaverse

The influx of money in the Metaverse environment suggests that this is not going to end too soon. Big global brands have already invested millions and billions to adapt to this new technology. For example, Nike sold an NFT sneaker for over $130,000.

Companies like Sony and Walmart have also entered the metaverse to deliver immersive shopping experiences. These scenarios prove that the metaverse has the potential to grow at an exponential rate. However, for metaverse to turn out more effective, the industry must clarify how and up to what extent it will participate in the activities.

How will Metaverse impact businesses in 2023

Imagine if you were to show Instagram Reels to yourself a decade ago, it would seem like a dream, right? And this will be the same case today and in a decade with metaverse.

Modern businesses must remain vigilant to whatever advanced technologies are peeping in. From AI technology and smart speakers to the ability to showcase the products in the consumer’s environment through an AR viewer, businesses have already adopted technological advancements and trying to meet consumer demands.

Metaverse will be no different here, and its adaption will only add a new dimension to engaging with and marketing to customers. For instance, 3D and virtual shopping experiences will remain here but with a boost of more interaction and in a far more immersive way. Metaverse will open massive market opportunities, and businesses must keep eyeing and adopting them.

Marketing Technology News: Community Engagement Platforms and Their Growth Over the Years

Metaverse Blooming in 2023

While it is difficult to foresee the future of Metaverse, predicting what will happen in 2023 is also a challenge. To add a baseline, we will soon witness powerful cloud computing capabilities as well as enhanced haptics and improved 3D graphics, allowing for more immersive experiences.