The Metaverse, is a whole new world of immersive online network of virtual reality or augmented reality, where people can interact with each other and enliven the excitement of exploring anything anywhere, the universe of internet. Metaverse is a three-dimensional digital environment that bridges physical and virtual experiences, complete with immersive display, virtual reality, blockchain technology and motion sensors, where humans can experience life like never before.
Metaverse is the next evolution of social connections and redefining online experience with real time interaction of users and digital objects. Whether it is experiencing goods before buying from e-commerce platforms, increased use of avatars for social interactions, enjoying virtual and augmented reality games, virtual therapy, metaverse education/ training, really live music events or investing in cryptocurrency all will be instantly available with a touch of reality.
Metaverse enables its users to surpass physical distance and barriers with an immersive experience, backed by highly sophisticated IoT technologies. As per a PC Magazine study, internet users of the world join metaverse as follows- 52% for work possibilities, 48% for live entertainment and art, 44% for investing money, 40% for education, 32% for dating online and socializing, and 29% for gaming.
Also known as Virtual Universe, metaverse has gained significant traction in the technology world. Here are promising trends in store in future, as metaverse continues to expand.
Top metaverse trends: -
Rapid investments in the Metaverse
Amongst the critical factors that will drive the growth of the metaverse market are the increasing adoption of new technology and the growing demand for metaverse users to interact and transact using cryptocurrency. Brands will have no choice but to invest and grow in this universal space of business opportunities. The global metaverse market size was US $ 47.48 billion in 2022 and is likely to grow to US $ 678.80 billion by 2030, with an impressive growth of 39.44% CAGR during the period 2022-30.
The industrial metaverse has started transforming how people design, produce and transact with physical entities across the manufacturing industries network. The fourth industrial revolution (Industry 4.0) has accelerated automation and digitization across industries, by fusing together physical-digital world in a humane approach. Industry 4.0 manufacturers are using metaverse to increase productivity and reduce operating cost with 5G, AirTaxi (eVTOL), factory control and robotics, to gain competitive edge.
With pure magical experience, metaverse is going to be a tremendous revenue generating opportunity for the early adopters. Metaverse is an intricately designed framework with its seven layers of Experience, Discovery, Creator economy, Spatial computing, Decentralization, Human interface, and Infrastructure. The metaverse is all about experiential discoveries for its users by creating infrastructure spaces for economic gains – selling commercial goods, brand promotion, and influencing buying. Not just VR headsets, all layers together create the expansive network of 3D environment that metaverse really is.
A realistic profile of the metaverse
Metaverse is not a specific technology but a network of six underlying technologies, christened as ‘BIGANT’ combining: blockchain, interactivity, game, artificial intelligence, network, and the Internet of Things. As the metaverse matures, technologies will evolve towards interoperable immersive experiences in new virtual economies by 2030. 2D avatars used to suffice, but the market is yearning for more sophisticated solutions. Microsoft and Meta are investing heavily in the future of the internet and developing innovative technologies to perfect virtual reality, what users really want.
Metaverse games in AR and VR
The metaverse has the potential to fascinate gamers with rich impression and true environment making online games a real-world phenomenon with augmented reality and virtual reality. The use of AR & VR technology can create a truly immersive 3D gaming experience. Besides software and hardware, metaverse enabled cryptocurrency tokens and NFTs will boost metaverse gaming market. Today, companies are investing vast resources to create visually appealing games, in line with surging sales of VR headsets. The metaverse gaming market is set to grow by 38% per year through 2027.
The metaverse is emerging as an exciting and fast evolving domain, with many trends redefining it in 2023. It is going to revolutionize how netizens connect, learn, shop and have fun with the growth of NFTs and social VR to the integration of virtual and augmented reality. Be a step ahead, and your startups in metaverse can be the next big thing on the horizon, by integrating your virtual vision with real world of profitable business growth.
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