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Tech Trends 2023 – Metaverse Development in 2023

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Featured image for Tech Trends 2023 – Metaverse Development in 2023

A metaverse is a three-dimensional world. The experts claim that shortly people will be able to spend an entire day in this digital environment. The developers work on improving the functionality and making the characters and the digital world realistic. Today people can use metaverses to shop, train, meet, and do almost any other real-world activity.

Technology for metaverse implementation

The necessary technologies that will keep a metaverse running are currently available, yet they will not suffice for mass deployment. The issue lies within technical and economic parameters. If there are 300-500 million metaverse users, things will start changing rapidly since
  1. Gadgets and other devices that provide quick access to metaverses will become cheaper since the cost will be distributed to numerous people.
  2. The metaverse holders will profit because they are rewarded for collecting data and facilitating trading products and services within the metaverse.
Metaverses can become beneficial for people. A digital world will save funds. During the pandemic isolation, the metaverses allowed spending time with friends or colleagues, working, or visiting a meeting without leaving home.

In terms of technologies, machine learning and artificial intelligence will contribute to metaverse development. It will help the subjects and objects to function without human intervention. VR and AR technologies are also necessary since they animate virtual objects. Full implementation requires time because all components currently operate separately. There are some issues in transferring, processing, and computing information. 

Probably, in the future, we will have more than one metaverse. There will be many competing metaverses. Some will be bigger, others smaller, and some will be helpful, while others will be useless.  The global community will benefit from such a development. For example, it will be possible to test vaccines and other drugs on avatars, thus seeing how they will affect humans.

The prime risk of the metaverse is the human experience. The changes will be tremendous; therefore, all sectors must adapt, from the economy to society. 

Metaverse volume

Since the pandemic of 2020, there has been a decision made to make more use of cloud systems and technologies. They were the catalyst for growth. The expenses on cloud services became greater compared to typical IT means. Expectedly, in 2025 about 75% of costs in IT will be spent on cloud services.

According to Gartner, the prices of information and communication technologies are the following:

Source: Gartner (January 2022)

Source: Gartner (January 2022)

Big tech companies want to get a high margin share in the new primary market. Therefore, data, applications, and the natural world must be transferred to cloud services.  The metaverses will become the solution for these tasks. Furthermore, cryptocurrency will be a vital part of the system since the transactions within the infrastructure will be done in crypto. 

The experts' opinions on technology development and metaverses significantly differ since it is difficult to define all niche components. 

Grand View Research — American research and consulting company, estimates the industry in 47.5 billion dollars in 2023 and claims it will reach $679 by 2030. Other companies predict 22% to 47% of growth a year for the metaverses.

Source: Grand View Research, Fortune Business Insights, Brand Essence, Finam

Source: Grand View Research, Fortune Business Insights, Brand Essence, Finam
JP Morgan emphasizes several technical tasks that metaverses can solve:
  1. New realistic in every detail avatars.
  2. Receiving, storing, and employing data.
  3. Reducing the pressure on users’ devices.
  4. Facilitating digital asset management standards.
  5. Open and transparent data analytics.
Currently, but for big techs, there are other significant players in the virtual world:
  1. Roblox, Unity — game industry.
  2. Sandbox, Decentraland — cryptocurrency and community creators in the digital world
  3. Cloud storage operators.
  4. Companies that produce computer parts and semiconductors.
  5. FMCG brands as the leading advertisers and land tenants in the metaverses.
About 200 global brands stepped into the virtual world, and even more are about to dive into it in the short future.

Niches and technologies required for metaverses

Video games will become a significant part and niche of the metaverses. The reason is that currently, it is possible to mix 3D graphics and virtual reality. It is expected that by 2023 the video game market will have 3 billion users, and by 2030 it will reach 4.5 billion. The considerable interest in the virtual world, new opportunities and experiences drive the demand. 

Metaverses boost the development and help to create new entertainment formats. For instance, concerts and other events can take place in a metaverse. The main benefit is that there is no limitation for users. In addition, more effects and colors can be added, and the artists can communicate with the fans easier. 

Social networks employ AR/VR for a new-level communication similar to real one, yet the people can be in different parts of the world. 

Working processes get different with metaverses, too. Commerce is emerging where tangible and digital assets and goods are involved. The idea of NFTs is buying a service or product on one platform and using it on others. Digital assets are secure since they function on a blockchain. This is how brands work when they sell products in both virtual and real worlds. 

Production tasks in the field of engineering and design are stimulated. Work with doppelgängers is gaining popularity when a factory, any construction or location is created that exactly represents a place from the real world. The possibility of such a view helps not just to develop a project but also to test the object for further optimization. If all goes well, investing real money in construction is advisable. 

Meta universes increase interest in sports. Virtual games force numerous people to get off the couch and do boxing, fitness and other sports, paying attention to their physical form. Immersion in the process is much more than in the real world, and the training itself is interactive, where there is an effect of competition with other users or artificial intelligence.

The virtual world has had a substantial impact on educational findings. With the help of virtual and augmented reality, it is possible to increase the interest and involvement of students, and teachers can move everyone to a separate classroom or library. Languages, history, and sciences are studied more actively through headsets, and any museum in the world can be visited at home. Currently, there are schools in metaverses that are active and fulfilling their purpose.

Along with the niches and advances described, hardware is rapidly evolving. In today's world, semiconductors will be needed for a new kind of economy. The metaverse needs to get a 1,000-fold increase in computing power. By 2030, the software vendors will have to try because algorithms, AI, and neural networks will be behind them, and such companies will significantly increase power and growth.

Semiconductors and their development will touch the following sectors:

  • Storing;
  • Data transfer;
  • Analytics;
  • Creating information bases. 
Considering the metaverses and artificial intelligence, the main task of AI within a virtual world will be lowering the cost of work with databases and information received. The cheaper the information processing, the faster metaverses will attract the masses. Since 1977, the world population has grown 86%, to be more precise, from 4.2 billion to 7.9 billion. As a result, this led to a 40-fold increase in semiconductors per capita, from 2 to 80. According to this trend and statistics, by 2030, the number can increase twice more. 

Source: Statista

Source: Statista

A critical component for metaverses is an Internet connection and data transfer. To realize all the plans and opportunities of the virtual world, traffic providers need to think about a significant increase in bandwidth. The new era is characterized by investment in network infrastructure.

According to analytical company Technavio, the average annual growth rate of the global market for data centers, including equipment, software, and services, will be 21% over the period 2020-2025. It is expected to grow by more than $500 billion in monetary terms.

According to statistics, in 2011, users used 29% of their traffic to watch videos on the Internet, and 13% were on social networks. In 2021 the share of video content was 69%; by 2026, experts estimate an increase in interest in video content to 77%. Ericsson provides these data. Each year the demand for Internet traffic increases by 30%. It is easy to suggest that a small request and virtual worlds will cause a 10-20 times increase in traffic use in the next ten years.

Today, the Internet is used more for audio and video content. With the development of VR/AR, the requirements for networks will begin to increase rapidly, and it will be impossible to achieve without 5G and 6G coverage.

Internet traffic consumption in the USA

Source: Cisco, Ericsson, US Census Bureau, Credit Suisse

Seven technologies that contribute to the development of metaverses 

The global trend in the cryptocurrency industry in 2022 is metaverses. It’s essential to understand why they are so popular and discussed. Let’s shortly introduce the seven best technologies that will help the virtual world grow. The metaverses are a symbiosis of the natural and virtual worlds and make a good business team. This combination provides an environment where people can communicate with each other and objects. 

VR/AR/XR

The main technical issue of metaverses are several realities:
  • Virtual (VR);
  • Augmented (AR);
  • Extended (XR).
People use VR glasses for diving quickly into the virtual world. Furthermore, there are mobile phones adapted for this purpose.

VR and AR sets are the base for metaverses that allow high-resolution immersion in the virtual world. There is already a demand for the products, not only in the gaming niche. Headsets are actively used in construction, education, and health care. 

According to experts, in five-ten years, there will be a rise in start-ups in the public sector and commerce. It will become a new trend. 

Modern VR sets have the following disadvantages:

  1. Unfinished color scheme, distorting the actual color.
  2. There are gaps between pixels and squares.
  3. Slow processing speed.
  4. Large mass of devices.
Improving the hardware, displays, cameras, and optics will positively impact the devices. AR sets have even more issues since the developers can’t determine the creation approach. Furthermore, AR glass costs a lot. 

5G

The metaverse can host a limitless number of users; hence steady, nonstop internet is crucial. The load on the virtual world and the volumes of data grow each month. Wireless internet can’t cover the need for data transfer, yet 5G is a significant advance that helps the metaverses develop.

WebVR

This technology provides direct access to the digital world and content from a standard web browser. Employing it will not require a particular application or equipment. For example, giants like Google and Microsoft adapted their products to WebVR. The users must have a 5G network to connect to the information streams. 

Blockchain

People can buy products and services in the metaverses, just like in the real world. Any product can be used for the avatar. Tokens are the virtual world currency. Many metaverses offer to pay in digital currency. Users can buy tickets, products, accessories for the avatar, training, etc., for tokens. 

AI

The virtual world has real users — avatars and NPCs. They function on AI, and the better the algorithm, the closer are NPCs to humans. 

Game engines

Metaverses use loads of graphics. It helps make the virtual world realistic. The image runs on engines like those used for video games. 

User actions control

This technology helps to track the users. It allows the AI to develop. Gestures, movements, and other avatars' actions will become more detailed and similar to real life. 

Innovations and earnings in metaverses

In 2021, the metaverses set off the users; in 2022, the trend only becomes more popular. Starting in 2023, virtual reality and digital technologies will probably actively integrate with real life to take their place in culture and communication. Understanding how everything works and what projects are worth attention besides Decentraland and Sandbox is vital. 

Bit.Country

Bit.Country is an excellent Sandbox and Decentraland alternative. The platform is based on Metaverse.Network. The users can develop their small country, with its regulations and laws, cryptocurrency, and user incentives. Also, the platform has its economy and many other helpful tools. 

All countries employ the Polkadot blockchain. The users directly affect how the virtual world looks. The locations are represented in blocks, and each block is distributed in 100 sections. These sections can be traded and used for storing assets, NFTs, or starting events. The users can transfer any cryptocurrencies from the market or make their own if necessary for the ecosystem.


Moonscape 

It is a platform where people can earn money on NFTs and DeFi instruments. The events take place on the moon. The participants' task is to create a base, explore locations, and equip their armies.

The game is based on a blockchain network with a high elaboration of every detail. This is one of the most recent projects, and the primary token appeared in early 2022; currently, the cryptocurrency has not yet been listed on exchanges.


PlayMining 

PlayMining is a blockchain platform created by Digital Entertainment Asset. The project’s purpose is to revolute the online games and change the users’ perspective on this kind of entertainment and earning. The central concept is gaining rather than spending to get benefits in the game. The project has its economy and employs blockchain, NFT, and cryptocurrency. These resources help reward the users for their in-game activity.


STAR ATLAS DAO

A Solana-based project with advanced graphics in real-time and uses DeFi technologies. The plot s based on building a spacecraft that will allow exploring the metaverse and its locations. The main difference from other games is using NFTs for buying and designing a spaceship.

Based on the above, we can draw a single conclusion: whether we want it or not, meta-universes, virtual worlds and a new reality are what the future prepares for humankind. Technology is actively integrating with life, improving various secrets of living. In several years, the trend will only intensify, and maybe now it is worth thinking about buying a plot in Sandbox, start studying NFT, blockchain and deciding on the most convenient, suitable virtual world, both for life and work and commercial activities.

The best technical trends and the development of metaverses in 2023.

AI promotion, its adaptation to modern realia, developing and sophisticating it, and adjusting it for mass employment are vital elements of technologies in recent years. Metaverses actively use machine learning and AI. Let’s cover the primary trends in metaverse development in 2023 and other technology opportunities.

Metaverse as a new marketing channel

Likewise, search engines or social networks that actively developed Web 1.0 and 2.0, an advertisement that involves marketing helps to speed up the development of Web 3.0 and metaverses, making them mainstream. The model is not yet thoroughly developed, yet numerous organizations, including some significant international finance industry leaders (HSBC and J.P. Morgan) and fashion bosses like Nike and Gucci, claim to explore and establish in metaverses. The clients are always looking for new communication means with brands, so the benefits are apparent.

The metaverse focuses on user experience and communication as an additional channel. It is worth noting that the new age's digital environment, compared to social networks and search engines, allows the user to play, influence new collections, and introduce other changes. During 2023 significant companies will do their best to position themselves in promising metaverses. One of the best locations will be:

  • Meta Horizons;
  • Fortnite;
  • VR Chat;
  • Decentraland.
It’s hard to determine the best approach since nobody knows it for sure, yet this industry requires pioneers who will succeed tremendously in the future.

Corporate metaverses

In addition to marketing products, metaverses can provide tools and platforms where business becomes automatic, remote, and efficient.

Metaverse supports the idea of creating digital twins. Namely, it will help to create a real-world product or service simulation to test it and make prototypes for new ideas. Designers can implement their imagination in the virtual world by recreating physical objects. These conditions allow testing the efficiency under stress without additional expenses and resources that can be used in the real world.

Another way to use metaverse and technologies in a corporate environment is by studying. The Nth Floor – a metaverse by Accenture copies actual offices so employees and new staff can work on their tasks in a virtual environment.

Web3 and decentralization

Decentralization is the fundamental idea of metaverses. Web3 enthusiasts believe blockchain and distributed ledgers will help the new internet age establish and grow. Big corporations will not control it like now. These corporations will not own the copyright, censor the opinions, or delete users whenever they need.

Finally, the new internet age will introduce virtual democracy and whole communities governed by users. NFT is the other essential element of a decentralized metaverse. Non-fungible tokens help to provide unique products and services. Nike, Adidas, Forever 21, and other corporations used the technology to develop new digital products. Their owners can use, show, or sell them.

Blockchain

It’s a standard technology for the finance sector, yet in 2023 the following ones will start using it:
  • Health care;
  • Education;
  • Government.
Blockchain allows storing non-financial information like health care records. Furthermore, everything can be facilitated with AI. Combining a healthcare service with this technology improves the security and reliability of medicine supply and other services.

Wi-Fi-6 and 5G

Integrating the technology will significantly develop the Wi-Fi industry and theoretically achieve up to 9.5 gigabytes per second data transfer speed. Availability is a possible development factor.

The article discusses the TOP 5 opportunities for metaverses and other technologies to improve people’s lives and companies’ businesses. The corporations can integrate the innovation to achieve more testing, development, and service and product providing opportunities. The virtual environment doesn’t limit people in anything.


Tech Trends 2023 – Metaverse Development in 2023 key takeaways:
  1. Technology for metaverse implementation
  2. Metaverse volume
  3. Niches and technologies required for metaverses
  4. Seven technologies that contribute to the development of metaverses 
  5. VR/AR/XR
  6. 5G
  7. WebVR
  8. Blockchain
  9. AI
  10. Game engines
  11. User actions control
  12. Innovations and earnings in metaverses
  13. Bit.Country
  14. Moonscape 
  15. PlayMining 
  16. STAR ATLAS DAO
  17. The best technical trends and the development of metaverses in 2023.
  18. Metaverse as a new marketing channel
  19. Corporate metaverses
  20. Web3 and decentralization
  21. Blockchain
  22. Wi-Fi-6 and 5G
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Yuri Musienko
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