Experts are saying the metaverse market is slated to climb to more than $947B US in the next eight years. At the same time, Meta executive producer Ruth Bram is on record saying, “Both the hardware and software need more work, and it may take five to 10 years to fully bring it to life.” While the metaverse may still be in its developmental stages, we believe it’s already alive and well. And a few of the latest metaverse trends indicate that both consumers and corporations are diving in head-first.
Retailers have entered the metaverse
In a sense, retail has been a part of the metaverse since the very beginning. According to eMarketer, there’s always been a “retail component to gaming and nascent metaverse platforms.” Think of the pay-to-play apps you’ve downloaded on your phone and the bonuses and features that players can buy for their avatars in games and other virtual experiences. This kind of retail is growing with the metaverse, and brands are taking advantage of it with stores, venues, and events in Decentraland.
Decentralization is going beyond gaming
Decentralization is on everyone’s mind in the gaming world and in the metaverse. For decades, gaming has become more and more proprietary and siloed. To enjoy a new game, players must have the right hardware and purchase the right software. When a new console comes out, there’s a rush to buy it, and older consoles quickly become obsolete and useless – along with all of their games. With the metaverse, gamers are taking over ownership of their games and their online experiences.
And the same thing is happening outside of games, in virtual communities, with decentralized autonomous organizations (DAOs). DAOs “give users more control over deciding what they want out of each digital platform, good, or service.” And, according to Prashant Sharma writing for The Decrypting Story, they’re likely to become the future of cultural communities, especially for people living in nations with unstable governments and/or in places where they cannot easily or safely gather to exchange ideas and build communities.
A new look at virtual learning spaces
Along with the retail industry, financial institutions are taking the leap into the metaverse. Fidelity Investments has just launched The Fidelity Stack, an immersive educational experience in Decentraland, where users can learn the ins and outs of savvy investing. We expect to see a lot more moves like this in the coming months (and years), as companies discover the advantages of presenting and educating in a more immersive environment than your typical video call.
These are just a few of the trends we’re watching as the metaverse takes off. But, of course, we’re not just watching – we’re actively participating in the future of Web3 and online experiences. Check out our recent press release for updates on TerraZero’s efforts in our development studio, technology division, and data analytics.