3 New Metaverse Trends For 2023.

December 19th 2022

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SUMMARY / KEY TAKEAWAYS

  • In the incoming year, Metaverse will transform multiple industries.

  • In this article, we introduce and discuss three of the most notable new Metaverse trends in industry: new practices in recruitment-, retail-, and real estate industry.

  • We also list a few sources of information where you can learn more about Metaverse and progress in this space.

Metaverse Is Coming! What Can We Expect In The Incoming Year?

The term “Metaverse” refers to a shared virtual space, typically consisting of a 3D environment that can be accessed and explored by multiple users in real-time. Russell Brand famously called Metaverse “the colonization of consciousness” which reflects the controversial nature of Metaverse as a conceptual capture of our minds.

However, as more and more sectors undergo rapid digitalization and experiment with tech, the birth of the Metaverse came at the best time possible and subsequently inspired new investments. According to a CNN press article dedicated the Metaverse, corporations and venture capitalists alike have invested $120 billion in the Metaverse between January and May of 2022 alone. 

The Metaverse’s influence on the tech industry is far reaching. In a relatively short timespan, the development of the Metaverse space prompted innovative changes for numerous industries, including that of retail and real estate, and has likewise changed how recruitment processes are being conducted.

Interestingly, it’s these sectors that will continue to grow taking advantage of possibilities provided by Metaverse in 2023. Please learn more about three of the most notable Metaverse trends next incoming year below.

New Metaverse Trend #1: A New Approach To The Recruitment Process.

Recruiting talent is vital in any organization. Thanks to the Metaverse, the ways in which companies can hire international talent will change in 2023, as it provides a new platform for employers to connect with job seekers and for job seekers to showcase their skills and abilities. 

In the next few years, Metaverse has the potential to revolutionize the way employers and job seekers connect and interact with one another.

More Inclusivity.

The 2022 DXC Technology report, which identifies how the Metaverse will transform businesses in the next five years, shows that preliminary job interviews hosted in the Metaverse can help foster inclusivity in the hiring process. 

This is because, rather than hinging on CV credentials or outward appearances, recruiters can identify candidates who have the right behavioral profile.

Virtual Office Tours.

In addition, as mentioned in our article “What Is Metaverse And How Will It Influence The Economy And Job Market?”, companies can now create 3D mockups of their offices and as such, present the workplace to potential candidates. 

This makes the employers more competitive as it lets the job candidates — and especially remote talent — to gain a better feel for the work environment and make better-informed decisions.

Such services are already available in the market but in a few years time, such a virtual tour might become the new norm expected by job candidates.

Career Fairs in Metaverse.

One more way in which the Metaverse could affect the recruitment industry is by providing a new venue for job fairs and other recruitment events. 

Employers can use the Metaverse to host virtual job fairs or career expos, allowing job seekers to learn about job opportunities and connect with potential employers in a virtual environment. This could be especially useful for job seekers who are unable to attend physical events due to distance or other constraints.

New Metaverse Trend #2: More Retailers Creating AR Shopping Experiences.

AR in Retail.

We can expect that in 2023, the Metaverse will continue to tie augmented reality (AR) to the retail industry.

In a way, AR has already changed today’s retail landscape. The Daydreaming in Paradise’s publication introducing the topic of AR in retail points that, due to the popularity of smartphones worldwide, companies can now provide unique shopping experiences to their consumers.

For instance, the renowned Spanish brand ZARA has launched an AR shopping assistant app that virtually displays clothes to its users. Nike went one step further and created an app that scans customer’s feet to suggest a shoe size (yes, you can run this app from your phone!).

Furthermore, an article on fashion retail by Yi Fang Wu and Eun Young Kim reveals that the AR technology was positively received by today’s consumers. This is because, as a form of a shopping tool, AR boosts user control via providing information and provides quick responses to any queries. 

On the other hand, consumers are quick to mention that retailers should work towards developing more precise 3D images of products. This is where Metaverse comes in. This new tech is able to fill the aforementioned demand via creating highly detailed virtual worlds.

Virtual Stores.

In the Metaverse, retailers could create virtual storefronts or interactive experiences that allow users to browse and purchase products in a virtual environment. This could be especially appealing for retailers who are looking for ways to reach new customers or who want to offer a more immersive shopping experience.

Through this technology, consumers can experience a more seamless consumer journey. Some retailers are already optimizing the convergence of AR and the Metaverse through projects such as AI avatar shopping.

Non-fungible Tokens As a Representation of Physical Products.

Some retailers already assign physical products with Non-Fungible Tokens (or, NFTs). Such an NFT contains unique identifier to prove your ownership of the product even if it is not physically in your hand. Please find more information on NFTs in our article “What Are Non-Fungible Tokens and What Do They Tell Us About The Today’s Job Market?

Virtual Events or Trade Shows.

Another potential impact of the Metaverse on the retail industry is the ability to host virtual events or trade shows. Retailers could use the Metaverse to showcase their products and interact with customers in a virtual setting, potentially reaching a wider audience than they would be able to through physical events.

Retail Design.

Finally, the Metaverse could also have an impact on the way retailers design and market their products. In a virtual environment, retailers may need to consider how their products will look and function in a 3D space. 

Marketing.

Brands are doubling down to reach consumers via virtual worlds. In the referenced CNN write-up, the value of e-commerce in the Metaverse is predicted to reach a $2.6 trillion market by 2030. 

This trend might also lead to developing new marketing strategies to reach potential customers in the Metaverse. For instance, LandVault, a renowned land developer in the Metaverse, frequently rents its lands to businesses and creates their campaigns.

New Metaverse Trend #3: Increased Real Estate Activity in the Metaverse.

The Metaverse will remain a hotbed for real estate in the coming year. Why? Well, as a virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented realities, and the internet, it has the potential to significantly impact the real estate industry.

Virtual Land as a Store of Value.

One potential impact is the potential for virtual real estate to become a valuable asset in and of itself. As more and more people spend time in virtual environments, there may be demand for virtual spaces for various purposes, such as virtual offices, virtual event spaces, or virtual retail storefronts.

These virtual spaces could be bought and sold just like physical real estate, and may even have the potential to generate rental income for their owners.

Commercial Metaverse Buildings.

In 2023, another factor that will bolster real estate in the Metaverse is the surge in the number of real estate Metaverse projects. For instance, digital architecture studio Voxel Architects has built over 100 infrastructures in the Metaverse, including a replica of Sotheby’s auction house and multiple fashion week venues. 

The studio bills hundreds of thousands of dollars for a single project, and with this payment rate as reference, it’s no wonder that many more designers and architects will develop new buildings in Metaverse in 2023.

Virtual Offices.

Yet another potential impact is providing a platform for remote collaboration and communication. With the ability to meet and interact with team mates in virtual space, there may be less of a need for physical office space and conference facilities. This could lead to a shift in the demand for commercial real estate, as well as the way that commercial space is designed and used.

Conclusion: Are New Metaverse Trends Here To Stay?

The concept of the Metaverse has been around for several decades. However, it came to the spotlight in recent years as advances in technology have made it more feasible to create an immersive virtual environment.

It is difficult to predict the future of the Metaverse with certainty, but it is likely that it will continue to evolve and become more prevalent in the coming years. 

The increasing popularity of virtual and augmented reality technologies, as well as the growing use of the Internet for communication and entertainment, could lead to the development of more sophisticated and visually stunning virtual environments.

However, the adoption of the Metaverse will depend on a variety of factors, including technological advancements, consumer demand, and the availability of content and services. It is also worth noting that the Metaverse is still in its early stages of development. Time will tell.

Article prepared by Sheila Linnette Desmond
for ontologyofvalue.com

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Please cite as:

Desmond, S. L. (2022, December 19th). 3 New Metaverse Trends For 2023. Retrieved from https://ontologyofvalue.com/new-metaverse-trends

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