Now that the metaverse has firmly established itself as a term worth noting, it is time to discover the future trends that will have an impact on many of our hybrid lives. From headsets to NFTs, the metaverse is blurring the lines of virtual and physical entertainment. What was once deemed only tangible in reality is transformed as a digital asset with real world value using the most advanced technology.
Let’s discover future trends that demonstrate the value in a convergence of realities. Immersive interactions in decentralised worlds have the potential to transform the internet as we know it. Here are five metaverse trends to watch out for in 2024.
Our Social Evolution
In 2023, digital creatives embraced all things visual, from bite-sized snippets to in-depth vlogs. In 2024, will they move towards virtual? An ever-growing cohort of users is stepping beyond the two-dimensional screen to experience a virtual reality where social interactions transcend the constraints of pixels and text.
Our connection to online social entertainment has shifted dramatically in the last ten years as we moved from text to video to virtual spaces. Social digital entertainment consumption is transitioning from 2D to 3D. Moving from zoom calls to virtual meetings with avatars is no longer the seismic shift that it used to be. Technology has brought us closer to newer forms of content consumption. Why read the paper when you can watch the news in realtime? Youtube live has pushed the boundaries here. Do you watch live videos online? Moving into immersive landscapes of the metaverse is a natural progression and certainly a trend to keep a close eye on.
Music Festivals, Fashion Shows and more will have digital twins and virtual expansions. Welcome to the age where the journey from text to video seamlessly evolves into an exploration of immersive digital environments.
Gaming Entrepreneurs
Game within game economies is a novel concept in digital media. Although gaming is said to hold the key to mass adoption of Web3 technologies, it is also difficult to create a game from scratch and attract the existing gaming market who have sunk their teeth into their favourites. With 214 million monthly active players in Roblox and 231 million monthly active players in Fortnite they certainly stand out from the pack and have created attractive environments for wide cohorts of gamers.
However, there are platforms creating easy on ramps and tools that can add new economic value to existing games while also allowing gamers to create new assets to be shared amongst the gaming community. Upland, Illuvium and The Sandbox are pushing the boundaries with new business models, ownership of digital assets and creative ways to allow players to create revenue opportunities from the time they spend gaming. Both Upland and the Sandbox are positioning their metaverse platforms for game creators. Allowing them to carve out space within their virtual worlds to bring gaming communities together.
How many apps on your phone have allowed it's players to receive over $13.5m? We can only think of one: Upland. #GameFi pic.twitter.com/4wSA3cA7Aq
— Upland (@UplandMe) December 14, 2023
Industry led platforms for experimentation
Research and training has already proved itself as a valuable use case in the metaverse. From emergency scenario training to architecting future cities, virtual landscapes are inspiring industry leaders to discover new opportunities and ways of work.
No longer confined to the realms of gaming and entertainment, the metaverse is evolving into a multifaceted space where industries harness virtual environments to innovate, collaborate, and push the boundaries of possibility. From architecture firms envisioning futuristic cityscapes to healthcare pioneers conducting groundbreaking simulations, these industry-led platforms serve as crucibles of innovation.
As sectors come together to discover opportunities of the metaverse, a playground of innovation is created. One example of this is via the Neoki Metaverse platform. They are focusing on bringing the world of design into the metaverse, enabling them to experiment, create new revenue streams and adopt the technology that brings virtual realms to life.
The Virtual Self
What does my avatar look like? What does it wear? Where do I hang out? As we slowly immerse ourselves in virtual environments we begin to create digital versions of ourselves. The Metaverse is proving to be an innovative place for acquiring new skills. A study by the University of Bath found that in virtual reality (VR) learning environments, customization of virtual instructors to resemble the learner enhances the learning experience significantly, even with minimal adjustments.
This finding aligns with the growing trend of leveraging immersive technologies across various industries for staff training, especially in situations where in-person training is impractical, such as in hazardous environments or health and safety scenarios. In 2024, more skills will be tested in the metaverse and traditional training processes will be adapted to include metaverse features. Perhaps the metaverse will house the classrooms of the future.
Now for the boring bit, policy considerations for the future of the metaverse.
Metaverse policy and regulation
In a leak earlier this year, it was unveiled that Meta has successfully distributed nearly 20 million Quest headsets. With such an impressive adoption rate, it brings us closer than ever to the seamless integration of our virtual and physical lives. A heightened policy debate becomes inevitable as the metaverse becomes more intertwined with our daily lives.
As users navigate these new landscapes, new policies will be shaped to ensure safety, security and privacy is factored into all usage. As more people spend time in the metaverse, the discussion around policies governing these immersive devices is going to intensify.
