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 into 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 real-time? 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 the mass adoption of Web3 technologies, it is also difficult to create a game from scratch and attract the existing gaming market, which has sunk its teeth into their favourites.
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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.
“We have seen a growing number of players create their own side hustles within Upland. These can be divided into three main categories: entrepreneurs, creators and developers. Through our entrepreneur hub, Metaventures, we encouraged the growth of niche economies within the platform, but we never imagined the pace of the uptake. We’ve seen over US$850,000 FIAT sales from metaventures in addition to over US$1.3 million in UPX transactions,” says Danny Brown Wolf, Chief of Staff at Upland.
“Developers use Upland as a layer1 metaverse or GameFi Platform, where they connect to existing games, services and experiences to a Upland structure and enjoy access to its community, payments infrastructure and dev tools. Since the Upland Developer network was made publicly available in June, there have been over 20 different applications, and their economic activity surpassed US$400k. When you give players the space and tools, it is fascinating to see how imaginations catch fire and breathe life into new games on top of existing ones,” she continues.
Industry-led platforms for experimentation
Research and training have already proved themselves to be valuable use cases in the metaverse. From emergency scenario training to architecting future cities, virtual landscapes are inspiring industry leaders to discover new opportunities and ways of working.
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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 in 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.
“Industry leaders must accept they’re not just playing around – they’re getting a front-row seat to what the next-gen crowd really wants. These digital natives are more than just users; they’re shaping their own worlds online. By taking a step into web3 and virtual environments, they’re doing more than just keeping up – they are getting an insider’s look at their world. It’s like learning a new language, one that’s all about what they value and dream about.
“So, they are not just building cool virtual experiences; they are tuning into the heartbeat of a generation that’s rewriting the rules of the game. The metaverse? It’s our way of staying connected, relevant, and totally in sync with what the future holds,” said Zara Zamani, Co-Founder of Neoki.
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, the customisation 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 are factored into all usage. As more people spend time in the metaverse, the discussion around policies governing these immersive devices is going to intensify.
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