Expert Predictions On The Metaverse in 2023

We’ve collected industry expert predictions on the metaverse in 2023

 
The metaverse continued to drive headlines in 2022, with brands and consumers experimenting in the space. However as we move into 2023, it’s unclear what the future holds for this technology.

We asked a panel of experts to provide their predictions on what the metaverse landscape will look like in 2023.

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Paul Sampson, CEO at Lickd

 

 
“In 2023, we’ll see an increase in music companies monetising in new digital worlds as contributors rather than as gatekeepers. With the increasing numbers of individuals making a living from content creation, it’s time for the music labels and social media platforms to take the metaverse, and its creator economy, more seriously.

“Music plays a vital role to the success of the metaverse, but with increasing interest and activations in the metaverse, music labels and publishers need to look at alternative ways of authentically engaging with both creators and their fans in 2023, and beyond.

“Take a platform like Decentraland that incentivises its global network of users to operate a shared virtual world, it presents a number of challenges, but, in equal measure, opportunities for brands. It’s time to assess whether existing business models are fit for purpose and if alternative solutions offer greater advantages to both creators and the industry.

“Creators like choice. By integrating micro licensing tools for music and offering mass distribution and user generated content, they can opt for what works for them. In the metaverse, it’s about being more open-minded, giving creators autonomy, decentralising content and permitting fair music licensing. It’s also about recognising that by changing the rules of engagement, the potential for overall industry growth increases.”
 

Alan Vey, CEO and Founder at Aventus

 

 
“To determine the real utility of a Web3 world, industry actors will need to re-define the metaverse. This term, come to be known as the metaverse – a reimagined internet, integrating both established and new technologies (think mixed reality) – should be reconceptualised. Though possibilities appear to be plentiful, the ‘digital reality’ perception of the metaverse is too far off in the horizon and not currently widely relevant.

“Rather than focusing on the metaverse, then, businesses need to consider the real-life use-cases for Web3 – including decentralisation, blockchain, and token-based economics – including crypto and non-fungible tokens (NFTs), to gauge their true value, sustainability, and future. Web3 has given us an incredible tool – the ability to create a ‘digital value economy’, whereby something can have value in and of itself online, without a trusted intermediary.

“NFTs could be key to unlocking the Metaverse’s potential in 2023. Despite recent volatility, last year’s intrigue in the NFT space was reminiscent of the early days of Facebook and Twitter, and curiosity will continue to build in the coming year. Not only do NFTs enable businesses to digitise assets, monetise intellectual property, and provide a new method of raising capital, they also have the power to redefine the way brands engage with customers, transform the financial ecosystem and create a more secure, efficient and fairer economy.”
 

Nina Müller, Director at The Ethical Commerce Alliance

 

 
“With new digital channels such as the Metaverse coming to life, we will need to see regulatory bodies keep up with the times. There mustn’t be a lag between digital adoption and regulatory enforcement as this will open a gap for misbehaviour we’ve historically seen.

“This is especially felt for new ecommerce channels, with the likes of TikTok and Instagram introducing shopping capabilities embedded in their social platforms. As of right now, there are no specific regulations around this fairly new concept, but with digital behaviour accelerating in the wake of the pandemic and a recession, both businesses and governments must consider the ethical validity of such a platform.

“From social media addiction to data transferring between social platforms and retailers, we need the same scaffolding we’ve seen uphold privacy standards. As more and more of users’ lives become more digitally integrated, the need for top-down protection grows ever more urgently. “
 

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Halli Bjornsson, CEO at Lockwood Publishing

 

 
“Consumers spend as much time in games and related media as they do on social media and platforms such as Netflix. Metaverse-type experiences are perfect for brand participation because of the deep, meaningful engagement they can provide in the exchange between brands and their audiences. Advertising rates are still much lower in games than in social so there’s an opportunity there for brands.

“I’m expecting more activity and growth for brands, developers and creators – but more focused on mobile where audiences are larger and more engaged. The second significant catalyst is going to be around the Creator Economy. We’re going to transition from the “feudalistic” economy we have now where most of the cash value is locked in with the big tech platforms to more of a free market.

“The historical end of the feudal system created huge economic wealth in Europe and I’m hoping for the same kind of disruption now. The younger generation deserves an opportunity to make a living from their engagement and creativity within the digital economy which can only happen if the platforms take an active step to be a part of that.

“I’m not sure if this will start to open up on mobile this year, and with all free-to-play, it’s challenging to build an audience on PC as the Metaverse is inherently social. I’m expecting some slower/gradual steps towards this in 2023 but gradually accelerating. I very much see the web3 movement as a reflection of the desire for this change.”
 

Alex Mills, Sales Director at Alphageek Digital

 

 
“The market will go through a lot this year, but I believe that ultimately the metaverse will be in a stronger position than ever before towards the end of 2023 / early 2024.

“Traditionally, the metaverse follows the wider crypto market, going through peaks and troughs in cycles and the present economic climate has exacerbated the current low; we have seen some large exchanges collapse and the situation looks bleak. But, I firmly believe that this coincides with overall crypto market cycles and that by the end of 2023, moving into 2024, the market will be in a strong position again going through its next growth phase.

“In fact, I think we can expect cryptocurrency to explode in value. We’ve seen it before; in 2017 following the previous bitcoin halving, prices were around $1000 but rapidly shot up to over $20,000 within 12 months. My belief though is that over time the peaks and troughs will flatten out as we move closer to mainstream adoption, so this could even be the last bull run. Potentially a good time to invest!

“By the back end of this year we will see the metaverse starting to gain more mainstream enthusiasm, and its use case within people’s daily lives will start to become apparent. It will begin to impact and eventually transform how people work, shop, interact and consume content. More companies will build their business presence in the metaverse, affecting which products are offered and how they are distributed, and the potentials are vast with NFTs, where the back-end coding provides unrivalled security and traceability. The potential for industries such as real estate are huge where immersive technology will bring designs to life. And the gaming industry is one to keep an eye on as it continues to develop within this space.

“When the Internet launched few people expected it to change our lives. Crypto, NFT’s and the metaverse have made their entrance and I think 2023 could be the year when we start to see just what an impact it’s going to have.”
 

Costas Michalia, Strategy and Innovations Director at Fiora

 

 
“From a practical perspective and we have seen this already, the Metaverse will allow businesses to build improved and more immersive digital twins. 

“Digital Twins have been in use for some time now but building them (especially for businesses that need to explore/operate/build in physical spaces) inside the Metaverse will create opportunities for businesses to identify issues, to brands exploring the best use of shelf space, layouts and store flow. 

“By 2030 every large business will have a variant within the Metaverse. Digital twins will also spill into customer support, can’t figure out how to wire up your new speakers, imagine your digital twin support agent guiding you through the steps. 

“One interesting and perhaps the most annoying change (well for Zuck anyway) I see coming is Multiple Metaverse (Marvel anyone?). However, one underlying rule will remain objects, assets etc will be transferable from one Metaverse to another. Think ready Player One. 

“The convergence of technology – Lidar, 3D modelling and rendering, processing power, connected to scalable multiuser environments will help the Metaverse expand pass the ‘virtual showroom’ into something more tangible and valued – this of course throws up a new set of challenges around security, privacy and data rights. “
 

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 José Somolinos, Solutions Strategist & XR Lead at Accedo

 

 
“Apple is on track to disrupt the sports broadcasting industry with the rumored release of its XR headset in 2023. The tech giant has been quietly building its capabilities in this field for several years now, acquiring VR company NextVR in 2020 and signing a multi-billion dollar partnership with the Major League Soccer (MLS) in 2022. The release of the XR headset is expected to bring about a new level of immersion in sports broadcasting, allowing fans to experience the action as though they were right there on the field.

“With the rise of immersive technology, sports organizations and broadcasters are faced with the opportunity to engage fans in new and exciting ways. By the end of 2023, many of these organizations will be looking at how they can kickstart their VR broadcasting efforts, with some potentially exploring direct-to-consumer sales of rights. As the market for immersive sports experiences continues to grow, companies like Apple that have expertise in this area will have a significant advantage in the race to deliver the ultimate sports experience to fans.

“Investing in VR technology now can help organizations get ahead of the curve and position themselves as leaders in this emerging field. With the right technology and strategy, sports organizations and broadcasters can create truly immersive experiences that transport fans to the heart of the action and allow them to interact with athletes and other fans in ways that were previously impossible.

“In conclusion, the metaverse presents a major opportunity for sports organizations and broadcasters to engage fans in new ways and create new revenue streams. With the rise of immersive technology, and companies like Apple leading the way, the future of sports broadcasting is looking more exciting than ever.”
 

Duncan Casemore, Co-Founder and CTO at Applaud 

 

 
“The metaverse has the potential to significantly improve the world of work by changing the way businesses collaborate. Companies will be able to interact with remote employees in a way that is far more similar to what they would experience in person. As the capabilities of immersive technology and artificial intelligence continue to grow, the use of the metaverse within the workplace will become more accessible, efficient, and cost-effective for organisations. 

“As a result of this, the metaverse has the potential to revolutionise employee training, as it offers a unique and immersive training experience. With the metaverse, virtual reality (VR) training can allow employees to interact with content and materials in a more realistic and engaging way. We experienced this ourselves, as we held an external Applaud roundtable in the Metaverse, attended by HR leaders. This was an incredibly positive step for us in exploring how we can use the Metaverse to expand our business. 

“In a recent survey, 51% of Gen Z and 28% of Baby Boomers said they foresee themselves working in the metaverse within the next two years. It was feared that this new mode of working would replace physical workplaces, but this is far from the case; face-to-face interaction will not disappear, instead, the metaverse will become a key tool in enabling hybrid, flexible working.”  
 

Andrew Roughan, CEO at Plexal

 

 
“The metaverse should never be pronounced in the singular. There are many metaverses and they will continue to proliferate.

“2023 will prove to be the year where the use cases for metaverses become better understood. What will drive customers, companies and collaborators to the immersive experience that they genuinely cannot get elsewhere? It cannot be about an isolated transaction, it must be an experience unparalleled in any current form.

“In my opinion, this is why extended reality, virtual reality and augmented reality have flattered to deceive thus far for mainstream adoption.

“2023 will show us whether metaverses are niche environments for experts and the privileged, or whether they are places to go for everyone to experience new ways of working, buying, socialising and learning. Is it for the creators, the consumers or the community? Can it ever be accessible or useful to everyone? No doubt this is the biggest year so far and the stakes are high for many. Virtually sink or immersively swim, some would say.”
 

Dowson Tong, President at Cloud and Smart Industries Group, Tencent

 

 
“Although the popular concept of the Metaverse has risen to fame over the last few years, a much more cautious approach should be taken to the virtual world concept.

“An alternative concept, “Quanzhen Internet” provides an alternative explanation of this future vision and the idea that ties many technologies together and expresses how they all interconnect.

“The focus should be on the connection between the real world and the digital world where the technical path of “full reality interconnection” is clearer, compared to the blurred concept of “metaverse” which focuses on purely virtual.

“It is important that technology should serve real scenarios, using technological integration and digital-real fusion innovative models that realise comprehensive perception, connection, and interaction of the real world through various terminals and forms. The maturity of digital twins, 3D engine, real-time rendering, edge computing, security, blockchain and other fields have already prepared technical reserves for “full reality interconnection”.

“For individuals, we’ll see this provide immersive experiences anytime and anywhere; for enterprises and organisations it will make services more measurable, optimise quality, and promote the improvement of organisational efficiency. For society, it can improve the efficiency of resource utilisation, bring innovation to the industrial development model, improve the efficiency of government governance, and promote the sustainable development of society.

“We will also see accumulation and ecological advantages helping the digital transformation of the real economy. Truly serving real scenarios, solving practical problems, and making the real world better should be the ultimate goal.”

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