TOP METAVERSE TRENDS: FROM CONCEPT TO REALITY
The metaverse is no longer just a concept but is rapidly evolving into a tangible reality. Digital realms are gaining immense popularity, with projections indicating significant growth. According to Statista, global revenue from the metaverse is forecasted to surge from $65.5 billion in 2022 to surpass $930 billion by the end of the decade.
Furthermore, Gartner Inc. predicts that by 2026, a quarter of consumers will spend at least an hour daily immersed in the metaverse. They will engage in various virtual activities like work, learning, sports, recreation, and shopping.
As 2024 unfolds, it’s evident that this year will be pivotal in shaping the metaverse’s growth, marked by several exciting emerging trends.
Let’s delve into some emerging trends in the metaverse:
THE NEW MARKETING LANDSCAPE
Brands are increasingly tapping into the metaverse as a novel marketing channel. They leverage these virtual realms to reach new audiences and gain insights into consumer behavior. The immersive nature of the metaverse raises creativity, as seen in Nike’s Nikeland within Roblox, where users engage with Nike products and sporting events. Similarly, Benetton’s PlayChange store offers interactive experiences, blending virtual and physical retail.
ENHANCED REMOTE COLLABORATION
The metaverse is revolutionizing remote work dynamics, providing a dynamic space for global collaboration. Platforms like Horizon Worlds facilitate seamless interactions among team members regardless of location. Accenture’s “The Nth Floor” exemplifies this trend, offering a virtual office environment for HR activities and collaboration. Employees can engage in lifelike interactions, resembling face-to-face meetings, thus enhancing productivity and reducing operational costs.
DIGITAL TWINS
The metaverse is set to drive the adoption of digital twin technology, allowing us to simulate real-world products, machinery, and properties. These digital twins serve various purposes, including testing, monitoring, operational assessments, and prototyping. They can be hosted within virtual worlds, enabling users to explore them as if they were physically present.
For example, Nvidia’s Omniverse platform empowers designers to create interactive digital twins of industrial facilities and manufacturing sites, optimizing operational efficiency. Similarly, Ford utilizes the metaverse to develop digital twins of vehicles, analyzing their performance and experimenting with design modifications.
AUGMENTED REALITY
While many envision the metaverse as a fully immersive virtual reality experience, significant progress is also being made in augmented reality metaverses. These metaverses overlay digital objects onto the real world, enhancing user experiences.
Peer’s AR-based metaverse will be intricately mapped to the real world, allowing users to explore any location on the planet and discover posts from fellow users. Users can also drop and collect digital objects like NFTs. The potential of Peer is vast, demonstrated by the ability to embed large 3D dinosaurs into the real world, serving as a marketing tactic for attractions like dinosaur museums.
Another notable application of AR is seen in the latest Mercedes-Benz EQS, featuring a built-in Head-Up Display that overlays navigational directions onto the windshield, enhancing the driving experience. Additionally, Disney has developed AR experiences for its theme park visitors, offering virtual Disneyland adventures and thrilling rollercoaster rides.
IMMERSIVE VIRTUAL EXPERIENCES
One of the most promising trends is the surge in immersive virtual events. These events unfold entirely online, breaking geographical barriers and allowing participation from anywhere in the world. From concerts and ceremonies to trade shows and conferences, virtual events encompass a wide array of experiences, including webcasts, training sessions, and podcasts.
Notably, top-tier performers have embraced this trend, hosting virtual concerts in the metaverse. These events offer fans the thrill of a live performance, all from the comfort of their own homes. Initially popularized during the COVID-19 pandemic, virtual events have continued to gain momentum, demonstrating their staying power.
As businesses increasingly explore immersive technologies and as technology itself advances, the metaverse is primed to become an integral part of everyday life for people everywhere.
