The Metaverse: A digital space in which we can do everyday things. It is projected to be worth between $5 billion and $15 billion by 2030. Nevertheless, the majority of people have never dealt with it. To make sure you don't miss the latest trends in the Metaverse, we'll show you where the industry is headed.
A place where we meet friends, lie on the beach or go partying. A place where we can easily enter via computer, VR glasses or other device. And yet few people have engaged with the Metaverse until now.
Before Mark Zuckerberg drew attention to the virtual world by renaming Facebook to Meta, it was mainly Sandbox and Decentraland in the crypto area that were well known. On the other hand, the players in the classic market included companies such as Roblox, Animoca Brand and Unity Software. They all benefited from the hype surrounding the Facebook renaming: most companies were able to grow in the double-digit range.
But where is the Metaverse headed now? Which trends can be identified? We've scoured Newzoo's latest report to give you a glimpse of what's to come.
Trends in the Metaverse: what does the future hold?
“Big-Player” companies are making inroads into Web 3.0
It is above all the large, wealthy customers, such as Gucci, HSBC or Nike, who secure a place in the virtual worlds of Roblox, Sandbox or Decentraland. According to the report, the companies are trying to tap into future young users in particular - a bet on the future.
In complete contrast to the Baby Boomer generation, Generation Z and Alpha can no longer be reached via conventional means such as TV advertising, but rather via Twitter and TikTok. Companies know this and try to generate customers through marketing in the virtual world.
For example, one of the largest American banks, HSBC, wants to bring educational games to the Metaverse through its partnership with Sandbox. Sporting goods manufacturer Nike bought RTFKT, an entire studio that specializes in digital art.
The report cites Ariana Grande's Rift Tour of Fortnite as a successful example of a virtual world concert. An unbelievable 1.3 million users watched the concert at its peak, resulting in over 11 million live hours on YouTube and Twitch.
But the blockchain offers lucrative incentives not only in terms of user numbers, but also in terms of the musicians’ fees. Typical record labels keep between 50 and 90 percent of sales from artists. The best example of this: Spotify. The American streaming service only pays musicians around $0.003 to $0.005 per stream.
Through NFTs, musicians can sell their art at a fair price, grant entry to special events, or even develop a deeper connection with their fans.
Roblox
The Roblox company is in full swing just months after Zuckerberg's meta-marketing move. According to the 2021 annual report, Roblox had 53 million active users, a significant increase over the previous year. Since the company offers much more than just gaming, Newzoo sees a clear trend from young users towards Roblox.
Yonatan Raz-Friedman, CEO of Supersocial, sees the trend given by four points. First of all, the company provides the entire gaming platform, which developers can use to design their games on it. Users also meet, similar to a social network, and share their content. In addition, Roblox was able to build its own cloud infrastructure and is therefore no longer dependent on Amazon Web Services.
In the last decade, gaming has developed into more than “just” playing: users want to watch others, communicate and become active. Since Roblox is more than just a platform, this is the right place for it.
Metaverse Fashion Week? Tommy Hilfiger? Dolce & Gabbana? The high-priced fashion houses were already there in March 2022 at the first decentralized Fashion Week in Decentraland. According to the report, more than 108,000 users took part in the event.
The authors assume that the fashion houses are shifting part of their marketing to the digital world. Since young users will mainly be in the Metaverse with their 3D avatar, this seems to make sense. A digital identity will make physical appearance superfluous, at least for some everyday things.
So it only makes sense for brands like Tommy Hilfiger to also focus on fashion for avatars in NFT form. Just imagine going shopping on Zalando with VR glasses.
AR filters allow you to try on the right clothes without being there. Ultimately, as technology advances, we will move into an ever richer experience. Will we be able to detect the smell of certain clothes, for example unfortunately, in the future using technology?
Play to Earn und Blockchain-Gaming
Play to Earn (P2E) has developed at breakneck speed, especially during the Covid pandemic. According to Newzoo, it was mainly the players in developing countries who were unemployed due to the pandemic who saw blockchain games as a new source of income.
Despite all the euphoria, the partly rudimentary games cannot keep up with the games already established on the market, such as Fortnite, in terms of gameplay. Financial reasons were the main focus for the players from the Philippines, Vietnam or Brazil - an uneconomical system.
As long as the game was able to attract new players, the values of the in-game NFTs continued to increase. At some point this was no longer possible and the house of cards began to crumble.
As you can see, there's a lot going on in the Metaverse! It is not for nothing that the virtual world is said to reach up to 15 billion US dollars by 2030.
Disclaimer
All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.
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