When we think of the Metaverse and the year 2023, it’s crazy to reflect on how far things have advanced. Neal Stephenson may have coined the term ‘Metaverse’ in his 1992 novel, Snowcrash. But trust us when we say that this new world is no longer the stuff of science fiction.
We’re inching towards a future where many concepts that have been long limited only to sci-fi novels are slowly being brought to life. And across a vast range of industries.
Wait, did we say ‘inching’? We meant ‘speeding’! Mckinsey&Co reported that 2022 saw more than $120 billion invested into the Metaverse – which was more than double what it was in 2021.
A rich, borderless world – loaded with promise and fulfillment – is moving within our grasp. The question is, what’s coming for the Metaverse trends in 2023?
1. Metaverse as a new marketing channel
If search engines were the technological enablers of Web1 and social media the power behind Web2, what would charge the next phase?
Looking at the big-picture of web technology history, we can see how the Metaverse will become a prominent player in future marketing strategies.
Granted, this new feat is still in its early stages. But many businesses are already staking their claim by building their Web3 presence.
Read more: Retail’s Road to the Metaverse
And yes, yes, yes – we may be biased, but the appeal is obvious.
It’s 2023! And with human attention spans at an all-time low, consumers are always looking for new, more engrossing ways to interact with brands. This year, businesses will seek to reach wider audiences in the virtual world.
With a focus on customer experience and brand-to-consumer connections, there’s no wonder that Web3 is already establishing itself as a new point of contact. A communication channel, unlike anything we’ve ever experienced before.
Case Study: Gamevertising
It’s time to say goodbye to traditional forms of advertising. 2023 will see brands creating exciting new ways in the Metaverse to reach younger generations, and you have to stay ahead of the curve to stand out.
Younger generations are already using Metaverse platforms like Roblox daily. What better way to appeal to the buyers of tomorrow by implementing strategies that connect with their digitally-native focus?
Gamevertising combines – you guessed it – gaming and advertising. It utilizes video games and virtual worlds as a medium to deliver ads to consumers. In the Metaverse, ‘gamevertising’ can take various forms depending on the game or virtual world. Some examples include:
- In-game ads. Appear within the game, such as billboards, product placements, a kiosk in the Meta Mall, or avatars wearing branded clothing.
- Sponsored content. Brands sponsoring in-game events, items, or experiences related to their products or services.
- Branded virtual worlds. Companies create their own virtual worlds within the Metaverse, where consumers can engage with the brand and its products or services in an immersive way.
- Influencer marketing. Partnerships with famous Meta-influencers to promote products or services.
So why does all this make a difference?
The thing is, nobody likes to be told what to do anymore! Or be made to feel like they’re being cold-called.
Consumers are less likely to engage with brands that are ‘too much’. It’s like a celebrity being approached during an intimate dinner date just as they’re tucking into dessert. Like, who does that? Let them scoff their hot chocolate fudge cake in peace!
In-game sponsorship can give your brand much broader visibility and a quirky edge over your competition. But the key here is subtlety. Virtual ads, much like their real-world counterparts, will have consumers absorbing your brand story without even realizing. That’s because this type of marketing is convenient.
It’s not in the consumer’s face – interrupting their favorite TV show or clogging up their email inbox. Your products are just there, in a place that your audience is choosing to be. Shown in dynamic ways and associated with the consumer’s idea of ‘fun’ and escapism. Everyone’s a winner, baby – that’s the truth.
2. The Corporate Metaverse
A decentralized Metaverse promises to provide platforms, tools, and entire virtual economies. In these microcosms, businesses will operate remotely, efficiently, and intelligently.
And 2023 will see a rise in Metaverse offices.
Imagine an exciting new world where the Metaverse becomes a reality, where communication and collaboration know no bounds! Through the power of Virtual Reality, teams can come together in a shared virtual space, regardless of their physical location. This opens the door to endless possibilities for companies, as this year will see them bringing together employees and partners worldwide.
Say goodbye to long commutes. Global conferences are about to take place from the comfort of your own home. We do recommend that you attend in something other than your dressing gown, though.
Money grows on virtual trees…
Ok, maybe not literally. But as more people spend time in the Metaverse, these economies will develop around virtual goods and services. From virtual real estate and fashion to in-game currencies and items, the Metaverse will offer new opportunities for entrepreneurs and businesses to create and monetize content.
So this year, financial banking institutions must consider the potential impact of Metaverse economies on their existing systems to continue their growth.
The way we work and earn is revolutionizing. Thanks to the Metaverse, in 2023 you’ll be climbing that corporate ladder to heights you’ve never even imagined.
3. Web3 and decentralization
We’ve talked a lot about one of the Metaverse’s fundamental principles, decentralization. And we ain’t done yet!
Scattered platforms powered by Blockchain technology will generate the next phase of the internet or ‘Web3’. This new internet will sit outside the control of global corporations, which will no longer hold power.
Users will have full ownership over their digital identities and assets. DAOs will provide secure and transparent ownership of virtual land and assets, enabling users to monetize their creations and experiences. Hassle-free.
They will also be able to have their say in the running of the ecosystems in which they function.
So land ownership in the Metaverse comes in exchange for monetary value and governance rights. In time, this will lead to the establishment of virtual democracies and user-owned communities. That’s right – you’re in charge.
And in the Exarta Metaverse’s first City of Valayt, these notions apply. By becoming a member of the Valayt Council, the City’s future is in your hands.
From deciding on the terms of any trade or peace agreement with the Anunnaki, to policy-making Valayti city rules and regulations.
Just remember that authority isn’t power. It’s a responsibility. And you’ve got this, champ.
4. Democratization of content creation
And what does decentralization lead to? It’s another big, long ‘d’ word.
Democratization. How’d you guess? (Those darned headers).
As tools and platforms become more accessible, we expect to see a surge in user-generated content, from independent Metaverse games and experiences to virtual art and music.
This year in the Metaverse, you will create and own your creations. It’s as simple as that.
5. Growth in social and interactive experiences
Social interaction is a fundamental human need. The last few years have highlighted just how vital digital connection is. The Metaverse will fuel it by providing new and exciting ways for people to connect and interact with each other online… People from all over the world. Hey, Australia! What’s it like down under?
Social media-wise, we have Instagram. We have email. We have messaging.
And then there are the real-life activities and social exchanges we love.
But while many people slander social media for detaching humans from the real world, what’s to say there can’t be an intersection between the two?
Enter: the Metaverse. Where the real meets digital as a match made in heaven and the ultimate facilitator of human connection.
The Metaverse will offer various social experiences, from virtual nightclubs and concerts to multiplayer games and collaborative educational environments. And with companies deploying 5G networks worldwide, more people will access virtual spaces simultaneously. By the day.
The Metaverse in 2023 will consist of interactions galore – and we’re here for it!
6. AI as a decision maker
2022 saw artificial intelligence (AI) find its place in mainstream conversations. People have begun using AI for creative practices, like creating art and writing content (and no, ChatGPT did not write this article).
But as the new year begins, experts predict that businesses will increasingly rely on AI to make decisions. To achieve this, the decisions made by AI must be transparent and understandable to humans. Therefore, companies are investing significant resources to make the decision-making and data collection process of AI more comprehensible.
Take Exarta’s proprietary AI assistant, set to launch early this year. Zeniva will eliminate the guesswork for you when collecting, managing, and distributing ever-growing amounts of company data,
Using automation, analytics, and data orchestration, my Zeniva’s astounding capabilities will provide valuable insights by analyzing customer data to depict a target audience’s interactions, interests, and preferences.
This year, Zeniva will no doubt become your most valued employAI.
The Metaverse is a rapidly evolving space, and 2023 promises to be another year of significant advancements. No doubt, in 20 years, we will look back on these days and recall them as pivotal moments. The beginnings of the virtual world that has become part of our daily lives. Exciting times are right around the corner. And Exarta is proud to be a charging force behind them.
Read More: What is the Metaverse?
No one knows what the winning strategy will be yet, but one thing is sure – you’ve got to be in it to win it.
Written by Hannah Clayton, Exarta.