Almost a year ago we wrote about investing in the Metaverse. As we noted at that time, the Metaverse is a work in progress similar to the internet in its early stages, full of promise but with the final form still unclear. Big tech companies like Meta and Microsoft are positioning themselves to be major players. However, there are a lot more companies in the potential mix. The Federal Trade Commission will likely have a say in how big tech companies will be able to pick off potential competitors such as with the lawsuit regarding Microsoft’s buyout of Activision Blizzard. Thus, there are two issues to consider in regard to what 2023 has in store for the Metaverse. One is how the technology will develop and how it will be used. The other is which companies will try to control this technology, who will succeed, and where the profits will lie.
The Many Facets of the Metaverse in 2023
The changes in the Metaverse as we experience it will, we believe, be incremental in 2023 and the following years so that by several years from now the sum total of changes will be dramatic. Bit by bit the promise of interactive virtual experiences and whole new worlds, immersive experiences will take shape and gain dominance in gaming, television, films, and uses yet to be envisioned. Think of virtual concerts, interactive story lines that draw you into brave new worlds.
Ecommerce and Business Applications of the Metaverse
As businesses apply Metaverse technologies we expect to see virtual storefronts and other marketing approaches for products and services. Realtors and hotel properties already use video tours as promotion vehicles. These will only get better, more compelling, and potentially more profitable as Metaverse technology becomes increasingly applicable. Add features like tying on garments, test driving vehicles, and more. The winner in this niche will be companies that can market plug and play products for immediate use and companies that can most efficiently adapt to new opportunities provided by newer and more powerful Metaverse technology.
Learning and Education in the World of the Metaverse
Virtual classrooms will gradually become the norm allowing students from anywhere in the world to learn from the best teachers, interact with their professors and do their assignments from several time zones away. The Covid pandemic lockdowns introduced many to the concept of remote learning. What the Metaverse will do is fine tune the experience and, hopefully, make teachers more effective, learning easier, and education outcomes superior. A major factor in this area will be making the necessary technology like headsets available, affordable, and adaptable to different cultures, customs, and languages.
Workplace Collaboration Via the Metaverse
Collaboration at a distance has been common in business for years. What the Metaverse will be able to offer is touch and feel immediacy where practical demonstrations are useful. We expect that in the business world practical applications will succeed more than any workplace avatar approach. The best uses will probably be in technical situations such as remote repairs or remote medicine.
In technology we see 2023 as being one of several successive years of steady improvements culminating in a Metaverse substantially more advanced and integrated into our lives than it is today.
Metaverse Winners and Losers in 2023
Part of what is going on in the background as Metaverse technology gets honed is a setting of the ground rules. The Metaverse is going to have lots of practical applications in the worlds of blockchain gaming, NFTs and decentralized finance. What will be worked out in the coming year, or more is how regulation of cryptocurrencies and DeFi will affect how we use these tools and where the profits end up. Along the lines of Metaverse profits, Meta (formerly Facebook) has seen its stock recover from its November 2022 low of $88.91 a share to trade in the $131 range in early January of 2023.
What Does 2023 Have in Store for the Metaverse? – SlideShare Version
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