A New Era for Digital Interaction: What’s Next For The Metaverse?
What's on the Horizon for the Metaverse?
Just a year prior, the Metaverse was the talk of the tech industry. However, it took a brief step back as AI breakthroughs from late 2022 took centre stage. Now, it's back on the stage and gaining momentum, in part thanks to the recent AI advancements. Like a well-timed software update, the Metaverse is ready to hit new heights, unlocking features that were unthinkable just a year ago. In this piece, we explore the resurging enthusiasm on the Metaverse, its intersection with AI, and the potential it holds for the future. Intergalactic, recognized as one of the top 100 Metaverse companies in 2022, is keeping a close eye on these new possibilities and will be an active participant and influencer in the Metaverse's exciting next steps.
(TL;DR at bottom)
Brand Leaders Investing in the Metaverse
Recently we've observed renewed interest in the Metaverse, fueled by technological advancements, particularly AI innovations that perfectly complement the Metaverse, and the shifting consumer preferences to virtual products and online interactions. Brand leaders like Amazon, Adidas, and Gucci are embracing this shift, unveiling virtual product releases that underscore their faith in this up-and-coming domain. Many brands are looking towards Metaverse-friendly gaming platforms such as Minecraft and Roblox to help them secure a foothold in this virtual realm. Not to be outdone, tech giants are on a quest to bolster their Metaverse strategies through acquisitions, with Microsoft leading the charge in its ongoing bid to secure one of the top cross-platform gaming companies Activision Blizzard.
This recent commitment to the Metaverse by some of the industry leaders may signal a turning point. A study commissioned by Meta suggests that the Metaverse could contribute an impressive $760 billion, or about 2.4% to the U.S. annual GDP by 2035. This echoes the sentiment shared by 60% of telecommunications and consumer goods executives surveyed by Kearney, who are bullish on the Metaverse's impact on business.
An Immersive, Interactive, and Personalized Experience
The Metaverse's emergence reflects a broader trend toward immersive, interactive, and personalized experiences. As consumers increasingly seek out these experiences, businesses have an opportunity to forge deeper connections, foster loyalty, and tap into new revenue streams. Allowing immersive experiences through a form of extended reality, such as augmented or virtual reality, and leveraging machine learning for user personalization, the Metaverse is perfect for catering to modern consumer needs. If you're not quite sure what the Metaverse is, imagine a digital space where people can have their own custom virtual experiences, either by themselves or shared with others online. You can interact with digital surroundings, represent yourself with a digital avatar, buy and sell using a special kind of currency, or even own property there. The Metaverse can be any one or all of these features. Think of it as the next phase of our online web experience.
Bringing AI Into The Metaverse
With the advances of AI in just the last half year, incorporating them into the Metaverse can boost the immersion and interactivity for users in uncanny ways. Stanford and Google Research's study on generative agents - AI that can mimic human behavior - shows that NPCs (Non-playable characters) in games already have the capabilities to imitate realistic human interaction. These AI agents can simulate personalities, skills, and conversations that feel authentic, as well as remember and build on previous interactions with the user or between themselves, making for a very customized experience. This is anticipated to revolutionize gaming platforms, and once this is leveraged in the Metaverse, there is no doubt that brands will be able to cater to user needs to bring a fully personalized experience. Game developers are already harnessing the power of ChatGPT to generate realistic conversations by the NPCs, as shown in the video above. Adding to this, AI could enhance user experience through machine learning, offering customized virtual environments or conversation patterns based on user preferences. There’s also the benefits of using generative AI to automatically create these 3D environments, or other customizable elements such as user avatars.
Seizing the Metaverse Opportunity
However, investing in the Metaverse does come with its challenges. Issues like cybersecurity, data privacy, and ever-advancing technology require a tailored approach to find solutions that meet stringent standards. Having tackled issues such as cybersecurity and tech standards for the Metaverse, Intergalactic can be a proven guide in this terrain. With our expertise in innovative solutions we can help businesses navigate these issues and successfully leverage the opportunities offered by the Metaverse.
Intergalactic is one of the Top 100 Metaverse Innovators for 2022.
Looking ahead, we envision the Metaverse becoming a linchpin in the future of digital interaction. Over the next 3 to 5 years, we anticipate an acceleration in Metaverse technologies and infrastructure, culminating in its deeper integration into everyday life. This viewpoint aligns with the study done by the economic experts at the Analysis Group last year, which suggests it could potentially contribute around $3 trillion to the global GDP by 2031. For businesses, this means focusing on the development of Metaverse-ready products and services, and adapting their strategies to fit the consumers’ needs for an immersive or gamified experience. This strategy is not just about getting a step-up on competitors, but about future-proofing their operations in a rapidly evolving digital world.
Although we are undoubtedly at the early phase for the Metaverse, for businesses ready to seize the moment it is a golden opportunity to outpace the competition and invest in an industry that is expected to be mainstream alongside the AI evolution in the coming years. And with the right strategy, you have the potential to shape a future where technology, people, and imagination intertwine in a new era of digital interaction. If you need expert advice on implementing Metaverse solutions or have any questions, Intergalactic will be here to guide you on your journey.
Intergalactic's expertise in the Metaverse is best showcased through our recent projects, such as the Foundry Virtual Youth Centre interactive multi-player Web VR tour experience, the Minecraft Quest AR retail activation for Big W, and the tokenized Web 3 STN Charms gamified loyalty program for Station Casinos. These innovative projects highlight our ability to develop unique, engaging experiences and solutions for diverse clientele, cementing our reputation as a leading Metaverse agency. Intergalactic’s capabilities to do CG, 3D modelling, photogrammetry, volumetric capture and more allows our clients to have access to assets suitable for a Metaverse existence.
TL;DR
The Metaverse is regaining attention, with its growth catalyzed by recent AI advancements.
Major brands such as Amazon, Adidas, and Gucci are showing interest in the Metaverse, using gaming platforms like Minecraft and Roblox to make a mark.
Tech giants are enhancing their Metaverse strategies via acquisitions, with Microsoft leading by trying to acquire gaming company Activision Blizzard.
The Metaverse could contribute $760 billion to the U.S. GDP by 2035.
60% of telecommunications and consumer goods executives are bullish on the Metaverse's impact on business, according to study.
AI integration, especially generative agents that simulate human-like behavior, will further enhance the Metaverse experience.
Challenges to the Metaverse such as cybersecurity, data privacy, and needing to keep up with advancing technology, require a tailored solution that can be provided by innovation agencies such as Intergalactic.
The Metaverse is expected to become a critical part of digital interaction in the coming years, with businesses needing to develop Metaverse-ready products and services to stay competitive.
For expert support on implementing Metaverse solutions or for any related queries, Intergalactic is a proven guide with a track record of successful projects and a deep understanding of the Metaverse landscape.