The Metaverse dominated the news in 2021. So what is its growth forecast for 2023 after such a difficult 2022?
In 2021, the metaverse media boom drove tokens like Decentraland (MANA) and The Sandbox (SAND) to all-time highs. However, investor interest only peaked when Facebook renamed itself Meta in October 2021.
According to several studies, the size of the metaverse market may reach about 1 trillion dollars by 2030. But what are the experts’ predictions for 2023?
The future of the metaverse is interoperability
Decentralization forms the backbone of the Web3 ecosystem. It would therefore be paradoxical for a single metaverse to monopolize the market.
If we take the example of social networks such as Instagram, Snapchat, YouTube or TikTok, we realize that each of these platforms offers unique use cases to users. Similarly, multiple metaverses can coexist and offer different services. For example, we may have one platform that offers immersive shopping experiences, another dedicated solely to games, etc.
Additionally, there are several tools like crypto bridges that help ensure excellent interoperability between blockchains. Therefore, users will not have any problem in transferring their assets from one platform to another. For example, you can buy a hoodie on a metaverse that offers both a physical and digital version. (ie an NFT version) of the article and wear it to attend university classes on another platform.
The metaverse attracts companies
The new virtual worlds have caught the attention of several large brands and companies. Between January and November, companies completed approx 5,364 trademark registrations in the US to launch on the metaverse.
This new technology has even won over luxury brands like Rolex and sportswear brands like Nike, Adidas and Reebok.
Even the car giants have landed on the metaverse. November 30, BMW has filed an application to register its logo on the metaverse. Recently, Mike Kondoudis, a trademark attorney, tweeted that Mercedes filed trademark applications for non-fungible tokens and the metaverse.
Jason Warnke, principal at Accenture, said: “We believe the metaverse will affect all aspects of businesses, including how work is done, what products are offered, how products are distributed and how businesses”.
Investment firms are also optimistic about the future of virtual worlds. For example, Animoca Capital, the investment arm of Animoca Brands, is set to conquer the metaverse with a $2 billion fund. The fund will be dedicated to mid to late stage crypto startups.
Which place for artificial intelligence?
2022 was a defining year for artificial intelligence (AI) technology, with some platforms such as DALL-E and ChatGPT making headlines.
Similarly, several major metaverse platforms have focused on user-generated content. Artificial intelligence can help these platforms achieve their goals. According to a PwC article, AI can enable even those without technical experience to create immersive experiences in the metaverse.
Sam Hamilton, creative director of the Decentraland Foundation, believes that technology could – and should – be used to create a better experience in the metaverse. “AI-generated images could be used to create more realistic and immersive virtual environments.” Actually the crypto community expect that artificial intelligence will be an integral part of the metaverse by 2023.
Nevertheless, some specialists express concern about the use of AI in the metaverse. According to them, malicious actors could use artificial intelligence to impersonate their victims in the virtual world. By processing data from a single image with AI, criminals can generate a metaverse avatar and commit fraud or other serious crimes by impersonating the person appearing in the image. To protect internet users from identity theft, the Chinese government has banned the use of AI-generated images without watermarks.
What about the rules?
With the advent of new technologies, it is likely that criminals will use them to achieve their malicious goals. Before the Internet was adopted, very few people imagined that it would be monitored by cyber crime agencies.
Likewise, some malicious actors could use the metaverse to commit crimes. As we have seen, artificial intelligence facilitates identity theft in the virtual world. Nor should we rule out the risk of sexual assault in the metaverse.
In September, a 30-year-old South Korean man sexually assaulted children using a false identity in a popular metaverse. Last December, a woman said she had been sexually harassed and gang-raped in the metaverse.
The Internet is indeed a breeding ground for hate, racism, bullying, etc. In addition to providing an immersive experience, the metaverse can exacerbate the problem of hate speech and emotional abuse against Internet users. Hence the importance of regulation.
“It is inevitable that some users will take advantage of others and that crimes will be committed. And unfortunately, we’re already starting to see some. Just as we have laws to deal with crimes in the physical world, it is also important to have laws to deal with crimes committed in the metaverse,” Jamilia Grier told the magazine. Financial magnates.
In Ajman, in the United Arab Emirates, law enforcement has begun monitoring the metaverse. A world news that grabbed the headlines.
After gaining unprecedented hype in 2021, the metaverse has lost ground in 2022. Google Trends data shows a gradual decline in interest for the keyword “metaverse”.
Nils Pihl, founder and CEO of Auki Labs, said: “The hype came from people who wanted to generate revenue, not from people who wanted to visit these virtual worlds. Everyone thought someone else would be interested”.
Additionally, Meta laid off 11,000 employees this year, suggesting that the Metaverse dream has begun to crumble.
And you, what are your metaverse predictions for 2023? Do you think it will survive the horrors of the bear market?
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