How much closer did we get to the Metaverse in 2022?
The development we’ve seen within the Metaverse this year has been substantial, with many sectors getting involved in their own metaverse-based projects. We’ve seen luxury brands, financial institutions, and tech giants all doubling down on their preparations for this growing digital industry.
Specifically, the gaming industry has made incredible strides in its development into the Metaverse. With the advancements in VR technology, the massive global gaming audience, and the introduction of Play-to-Earn (P2E) Mechanics into new titles, gaming is developing in an unprecedented way and is set to revolutionize the industry.
As a whole, it’s estimated that the global metaverse market size has grown from $63 billion in 2021 to over $100 billion in 2022. This is a monumental feat, especially in a time of worldwide uncertainty, and it’s only the beginning. Many forecast the metaverse could be worth well over $1 trillion by 2030.
High points of 2022
2022 held many high points for metaverse development, and the industry achieved many milestones. Not only did we see massive investment in specific areas, but huge players made moves in their own platforms and product development. Key takeaways from this year include:
● Massive tech companies, Meta, Google, and Apple all developing their own metaverse-based products
● Microsoft’s acquisition of Activision Blizzard is one of the biggest deals in gaming to be utilized in Microsoft’s metaverse development
● Huge brands such as Adidas, Gucci, and more beginning to develop their own virtual spaces
● Educational platforms finding their footing in the metaverse, using the technology to develop virtual learning environments
● Metaverse investment doubled from $57 billion last year to over $120 billion this 2022
Low points
Despite the great developments we have seen in the metaverse over the last year, we cannot ignore the low points that the space has seen in 2022 either. The start of the year began tremendously, picking up right where 2021 ended. However, it didn’t last forever.
Unfortunately, in the year’s first half, we witnessed the monumental crash of Luna and UST. An unprecedented collapse of a stablecoin, alongside a currency that millions around the globe had major investments in, set the market on a period of downturn and into a bear market we still currently reside.
On top of that, a few major scandals, such as the recent FTX news, have placed a certain amount of FUD into the entire market, which has slowed the industry’s growth.
However, despite this, the fact we’ve seen such developments in metaverse projects is a testament to our faith in this technology, its applications, and the future of metaverse projects as a whole.
How many people actually visit the metaverse?
As metaverse development has increased substantially within the last year, as has its popularity and user base. It is estimated that around 400 million people actively visit the metaverse monthly in 2022, and the number continues to grow.
In addition, reports suggest that around 83.7 million people use augmented reality at least once a month, which is expected to increase to around 110 million in 2023. Now what a metaverse constitutes as specifically is vague in its own right, but generally speaking the growth trajectory is substantial.
What do they actually do there?
With metaverse development continuing in several different ways, the opportunities and activities users can participate in are expanding rapidly. From gaming, hanging out with friends, attending events such as concerts, and shopping, the possibilities are truly endless in what you can do.
For example, we have already seen multiple high-profile artists, such as Travis Scott and Ariana Grande, perform virtual shows in the popular online game Fortnite.
We’ve seen a rise in virtual art galleries, showcasing mixes of priceless art and NFT collections that people can access, admire and even purchase.
Amongst the gaming side of the metaverse, due to P2E mechanics, users can compete in mini-games, challenges, and more to earn tokens that have real-world value, providing a brand new way for people across the globe to earn a new income stream doing what they love.
Interoperability – can people move NFTs from one to another?
Interoperability will be a significant part of the metaverse and will be paramount to its longevity. Right now, many metaverses are quite closed in their own worlds and the ecosystems within, however, over time, we see a future where users will freely be able to move their assets across platforms, integrating their wallets, tokens, and NFTs across multiple metaverses.
As a project already striving for innovation with our metaverse-building mechanics, we want to give our users, both consumers and businesses, the freedom to create their own worlds, games, events, stores, and more. For MetaMetaverse, Interoperability will be an important aspect in this regard as we create a platform that allows cross-compatibility with all corners of the metaverse. Given my position within the OMA3, along with Animoca Brands, Upland, Space, Sandbox and so forth, my position holds strong that interoperability will be the next big thing within the space.
Does P2E have a place in the metaverse?
We’ve seen the evolution of standard gaming accelerate rapidly over the last couple of years. With the integration of blockchain technology and cryptocurrencies, P2E has gained a huge foothold in the lives of modern gamers.
It is estimated that 17.5% of people aged 18-34 currently participate in P2E games worldwide. That translates to millions of people globally consistently playing, and that is just for one demographic. Providing gamers with a new income stream doing what they love its easy to see why its popularity has skyrocketed recently.
With all the possibilities of the metaverse, and specifically within the gaming sector, naturally, we believe that P2E will integrate very well into these platforms, where users will be able to earn through competing in games just as easily as they will be able to participate in all other aspects of the worlds.
Has the downturn / NFT bubble burst turned people off metaverses?
Of course, the market downturn and NFT bubble burst have affected all aspects of Web3 to some extent. The FUD it has instilled has slowed down the adoption of the space, and people have lost a certain level of faith in the industry, however, to say that it has turned people off metaverses isn’t quite correct.
Those who are currently involved in metaverses, either those who actively visit these virtual worlds or those of us who are focused on their developments, still believe in the future of the space. The underlying technology, the possibilities, and the opportunities that the metaverse creates are so significant that those with interest have not been turned off from their belief. Yes, we may have slowed our growth recently, but you just have to look at how much development, investment, and adoption the metaverse has received in 2022 to show that this industry is still only just beginning, with no plans of slowing down.
Is metaverse all about gaming – or entertainment – or education?
It is understandable to believe that metaverses only focus on one single aspect of entertainment. Gaming has become such a huge part of Web3, and many associate metaverses the same way, however, it would be wrong to believe that gaming is the sole focus of the metaverse.
Building MetaMetaverse, we are focused on incorporating all aspects into our platform. While its true gaming will have a big place in our platform, we divide equal attention to creating worlds for people to hang out, see concerts, explore new lands,
and many more activities.
We also believe that education will have a huge place in the metaverse. Not only educating people on the topics of Web3 and blockchain but to be able to provide places where all educational content can be accessed in fun and engaging ways, creating a new way for users from all over the globe to expand their knowledge and horizons on whatever topics they wish to explore.
How are brands getting the metaverse, and do they like the experience?
In 2022 we have seen tremendous growth in brands accessing the metaverse. Many huge names across all sectors, tech, fashion, music, and more, are seeing the potential that these worlds offer and are beginning to adapt to a digital age that is on the horizon.
Although many brands are looking to move into the metaverse independently, some lack the expertise or the know-how to set up their digital presence in these worlds. This is where metaverse builders and architects come in, and MetaMetaverse is primed and ready for this.
We are already starting to partner with brands to help them set up their own virtual worlds. With our metaverse-building mechanics within our platform, we assist brands in creating their worlds and building their presence within the metaverse.
What are they learning from the experience?
Already brands are starting to see the benefits of interacting with consumers in a new and innovative way, creating a fresh way of engaging with their audience in the digital age. With the adoption of metaverses continuously increasing, these brands are ready for the years to come.
Not only are they learning how to engage with consumers through metaverses, but as virtual retail stores open up inside these worlds, they are also learning how to create brand-new revenue streams. As in the past, people could purchase goods in person or through websites; now, these brands have a presence in worlds where users can finish exploring, competing in games with their friends, and dive into a virtual store to treat themselves to digital or real-world goods. It’s just another opportunity that the metaverse provides.
How important is ownership in the metaverse?
Ownership has been a cornerstone of the entirety of Web3. Blockchain technology has allowed full transparency of transactions and ownership across all digital assets worldwide. It is the underlying technology that has made this entire space a possibility.
This translates seamlessly into the metaverse. Users will have many digital assets, from tokens, NFTs, and more, that will change how they interact and enjoy the metaverse. Moreover, with MetaMetaverse, we are creating a platform where users can create their own worlds. They will have to opportunity to design, develop and own their metaverse within the MetaMetaverse, adding a whole new dimension to consumer ownership within Web3.
Is meta a metaverse? Likely to become one despite/because of its huge R&D spend?
It can be argued that Meta has some aspects of a metaverse. It provides a space for social contact and activities digitally across the globe. People can interact with each other, play games, watch videos, and more. However, I don’t believe we can call Meta a metaverse. Yet.
In its current form, a metaverse to many, is described as a persistent blockchain-based digital world accessible by immersive technologies and the internet. As it stands, Meta does not quite hit that mark. However, we are seeing increasing amounts of investment and developments on their end, which shows that they are serious about developing their presence within Web3. We believe with their vision, and massive R&D spend, we would not be surprised to see Meta as one of the big players in the metaverse in the years to come.
