According to several studies, the size of the metaverse market could be in the region of $1 trillion by 2030. Experts believe that laws are needed to deal with crimes in the metaverse.
The metaverse and virtual reality were the talks of the town in 2021. What are the predictions for 2023 after a challenging 2022?
The hype for the metaverse led the bull run in 2021, with leading tokens like Decentraland (MANA) and Sandbox (SAND) pumping nearly 100 times. Excitement among enthusiasts peaked when Facebook changed its name to Meta in October 2021.
Studies have projected that the size of the metaverse market will be between $500 million and $1 trillion by 2030. How would the market develop in 2023?
Multiple Metaverses to Coexist
The pillar of the Web 3.0 ecosystem is decentralization. So it would be ironic if a single metaverse had a monopoly on the market.
Think of it as different social media platforms, be it Instagram, Snapchat, YouTube, or TikTok. Each of these platforms offers unique use cases to users. Similarly, multiple metaverses can coexist, serving special utilities. The potential is huge for multiple metaverses to coexist. Platforms can offer interoperability for users to transfer their assets from one platform to another through bridges.
If a person buys hoodies from a metaverse that provides offline delivery and NFT hoodie for the online avatar, they would want to wear that hoodie on a different platform where they attend college lectures, for example.
Metaverse-Based Enterprises
The metaverse has attracted the attention of leading brands and companies this year. In November, companies filed about 5,364 US trademark applications for metaverse and related services.
The technology has attracted luxury watchmakers like Rolex and shoe brands like Nike, Adidas, and Reebok.
The virtual world could give a thrill ride to car lovers soon. BMW has applied to trademark its logo for the metaverse. Most recently, Mike Kondoudis, a trademark attorney, tweeted that Mercedes has filed trademark applications for NFT, metaverse, and related services.
AI-powered Virtual Worlds
Notable metaverse platforms have focused on creating user-generated content (UGC) experiences. According to a PwC article, AI can make it possible for even those with no technical background to create immersive metaverse experiences.
Sam Hamilton, the creative director of the Decentraland Foundation, believes that technology could, and should, be used to create a better metaverse experience.
Critics, however, have raised some concerns about the use of AI in the metaverse. There are fears that bad actors will use AI to commit identity theft in the virtual world.
In addition, AI technologies not only facilitate identity theft in the virtual world, but also serious crimes such as sexual assaults. The metaverse can intensify the hate or emotional abuse of users. With the potential for these crimes, there is a need to keep an eye on the metaverse.
By Audy Castaneda
