Metaverse trends: 8 to keep an eye on for 2023

The metaverse trends for 2023 are to be followed closely in light of the media explosion that the metaverse has created in recent years. Analysts, precisely McKinsey & Co have estimated that the metaverse will raise the global economic value by $5 trillion by the year 2030. Therefore, 2023 is seen as a milestone year for to understand the trajectory the metaverse will follow.

Why are metaverse trends important for brands for the upcoming year?

Brands to stay ahead of the curve and keep being relevant in the eyes of consumers should pay attention to metaverse trends. It can be really helpful to stay relevant in the marketplace. The Metaverse has a tremendous advantage due to its capability to construct virtual economies. People can acquire the native digital currency of a platform through different exchanges and use it to acquire digital property online. This can allow brands to take advantage of this opportunity by creating virtual stores inside various Metaverse platforms, or even build their own miniverse to connecting with their clients.

These virtual worlds offer consumers a heightened level of interactivity, allowing them to get a custom experience, as well as buy digital assets. Additionally, the Metaverse will be collecting a substantial amount of data that brands can analyze and act on right away, further showing why they can’t afford to miss out on this chance.

Metaverse trends brands must be aware of over the coming year and beyond

It is clear that Metaverse will be ushering in a new era of technology. Keeping up with the most recent developments in this domain can be beneficial for brands. Here are a selection of the main Metaverse trends to uncover how relevant it will be in 2023.

Digital twin automation is a game-changer for any brand, as well as for how customers interact with, experience, and analyze the physical world. This technology creates a virtual, precise representation of any asset or space. 3D modeling technology can be used to build the digital representation by creating patterns based on the physical data. Brands can create exact replicas of their actual items that can act as their own entities.

Customers can use digital twin technology to virtually try on clothes, explore a shop before it is even open, and visualize how new furniture will look in their home before they buy it, all without leaving the comfort of their house. For brands, METAV.RS is the solution that provides brands with an automated tool to quickly and easily generate digital twins in the retail and fashion industries.

Some metaverse trends are leaning towards avatars that are increasingly photorealistic. As of now, avatars come in various forms, from 2D representations to sophisticated forms that look almost identical to people in reality. Many concepts of metaverse include the adoption of avatars that portray users in the digital realm.

If avatars in the virtual world acts as a bridge connecting an actual user to their digital embodiment, their presence when users interact with each other in gaming, social media, or metaverse applications must look more realistic. Microsoft for instance is on using AI to generate avatars tailored for business use, with responsive motion. Apps such as Zepeto make it simple to create avatars and then export them to various metaverse applications.

The fashion industry uses diverse methods to upgrade clothing and ways to advertise them. It is not an unexpected development for fashion trendsetters to make signature applications to display upcoming collections and offer items. However, this alone is not sufficient to attract new consumers and retain a desirable marketing position. Stores are now delving further into the Metaverse since it functions as a successful and cost-effective marketing platform, permitting brands to make the customers’ experiences more unique and enjoyable. A few companies venture even further and use NFT technology to create Wearables or skins as in Fortnite online game.

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Gen.G collaboration with Puma_Wearables in the metaverse app Zepeto

Wearables in metaverses refer to virtual clothing that users can use to dress up their avatars. These accessories can be anything from pants, bags, hats, to rings, bracelets, make-up and more. The special thing about wearables is that they offer an infinite amount of creativity, allowing avatars to be dressed however the user desires.

The notion of immersive technology is major to the metaverse, whatever form it eventually takes on, it has to be more captivating than the digital realms users are familiar with today. Many concepts of how people will interact with metaverse include immersive technology such as virtual reality, augmented reality or even mixed reality. The Metaverse gaming sector for instance has been attempting to make the experience more realistic those Reality technologies. Companies invest a great deal of money in building 3D experiences or gaming that will fascinate users. Despite the Metaverse is not in its real form yet, the spike in Virtual Reality headset purchases demonstrates that people are still keen on getting virtual experiences.

Not all concur that entering the metaverse will need people to attach displays to their heads, but it is undeniably one of the ways for constructing immersive experiences which are eliciting the most enthusiasm, and 2023 will bring a slew of new advancements in this field. Besides headsets, we can anticipate to see fresh inventions in full-body haptic suits, which will be used to simulate harsh environments but will also be used to create metaverse experiences that are even more realistic and immersive for consumers.

  • Virtual corporate environments in metaverse trends

The Metaverse provides virtual setting wherein brands can relocate their activities. This system provides resources and whole virtual universes where companies can work remotely, with proficiency and knowledge. Microsoft Azure for example enables users to get look-alike avatars of workers and digital twins of workplaces, allowing for a dynamic area to cooperate, exchange ideas, and work from their homes. This can help cut down costs such as rent or bills for a given period of time. This makes it possible for employees to work from any remote location.

Working remotely has grown in fame in recent years, and the Metaverse provides an exhilarating method to ensure optimal effectiveness with lower expenses. For instance, in virtual offices, meetings and brainstorming activities can be conducted or much more. These technologies can be used for training purposes, assisting with hiring people, and other administrative operations.

  • Metaverse Events to become very popular

Due to the number of virtual events that have been held around the world in the past, it is expected that there will be an increase in the amount of virtual performances in the future. The pandemic has caused a surge in the number of digital events, making them a widely used phenomenon in the years to come. A noteworthy occurrence in the virtual fashion world was the very first Metaverse Fashion Week, which occurred in Decentraland throughout the month of March 2022.

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The Metaverse Fashion Week in Decentraland

To get an idea of the importance of metaverse events, a total of 10.7 million people have taken part in virtual concerts held on Fortnite. It is projected that the metaverse could reach a market value of up to $800 billion by managing live events and advertisements.

Even though the metaverse is to look more like an autonomous collectively-owned paradise, some large corporations such as Meta aim to have a bigger control over it. The web3 and blockchain technology are to create a new internet free from those large corporations control. I this way, the internet would not have the ability to censor opinions and users’ data not be held arbitrarily. In this vision, metaverse platforms such as The Sandbox and Decentraland will be organized as decentralized autonomous organizations. The ownership rights of individuals will give them power in the governance of the virtual domain, which could lead to the establishment of virtual democracies and communities that are managed and owned by the users themselves.

In the metaverse conception, Non-Fungible Tokens or NFTs are a significant element of the decentralized metaverse. These digital tokens can be used to represent unique online objects or properties and embody the link between the metaverse and the real world. Brands such as Nike or Gucci have made use of this technology in order to create digital items which can be exchanged, worn, and shown off by their owners in the metaverse.

  • The Metaverse for marketing purposes

The impact of the Metaverse stretches beyond the virtual world, with its waves spreading to intersect with other industries. For example, marketing must keep up with the times and incorporate the newest technologies to devise strategies that can reach the Metaverse audiences. Businesses are increasingly looking for novel methods of engaging with customers, and they can benefit greatly from using interactive shopping experiences instead of just having a website.

Gucci for instance provided its customers in the Roblox metaverse with a virtual space inspired by their brand, and within this virtual environment, there was also a Gucci store with virtual bags available for purchase at prices lower than real life. Nike on another note, employs a game-based marketing strategy with Nikeland, where users can play different sports-related games, as well as visit the virtual store to buy avatars and physical items. Early adopters of this type of virtual retailing will have a significant advantage, as they can experiment with and create attractive experiences to attract more traffic to their virtual stores.

 

It is essential for brands to stay up-to-date on any changes happening in the metaverse, since the virtual world is becoming just as important as the physical one. Everything, from direct-to-avatar to Web3 creator economy, is set to expand the metaverse to an even greater degree.

To learn more on trends in the Web3 space, read WEB3 TRENDS: 9 TO WATCH FOR 2023

For more, download our white paper ENTERING IN THE WEB 3.0 – A GUIDE FOR LUXURY FASHION IN THE METAVERSE