February 5, 2023

alpha city

Remote work and education are two areas where the metaverse aims to innovate in 2023, as well as virtual real estate with projects like Alpha City.

JERSEY CITY, NEW JERSEY, UNITED STATES, Jan. 26, 2023 /EINPresswire.com/ — “Metaverse” has been one of the hottest buzzwords in the tech world in recent years. There has been a lot of mystery surrounding its nature, from the mainstream of virtual and augmented realities (VR/AR) to the advent of digital currencies and distributed ledger systems that underpin them. In reality, the Metaverse has it all.

Before we dive into the most promising application areas set to gain traction this year, let’s take a closer look at the current state of the market. According to one of the “Big Four” consulting giants, KPMG, leading financial firms estimate that the metaverse could stimulate significant value creation processes over the next 10 years. According to Citi, the Metaverse industry could top a whopping $13 trillion by 2030, while Goldman Sachs sees Metaverse as an estimated $8 trillion opportunity. At the same time, McKinsey puts that figure at $5 trillion.

Trend #1: Remote work
The Corona crisis has dealt a heavy blow to the economy worldwide. Unfortunately, many companies of various sizes have had to shut down and lay off their employees. Those who survived had to find a way to adjust to the dire economic conditions while complying with local lockdown regulations. As such, they have all adopted a remote-first policy, moving meetings and negotiations from offices and coworking spaces to virtual rooms.

Remote work is where the metaverse could thrive and deliver outstanding value as it allows for more personalized and richer interactions between team members who are otherwise disconnected. In addition, the Metaverse area could unleash the true potential of visualization, which is badly needed for planning and strategy development purposes, among others.

A major leap in this sector was made in mid-fall of last year when Microsoft announced its upcoming partnership with Meta to bring Microsoft Teams — as well as Word, Excel, PowerPoint, and Outlook — to Horizon workrooms.

Trend #2: Education
Russia’s war against Ukraine reinforced a swift response from the world’s democratic nations. A pillar of this response is advanced weapons systems that require extensive personnel training.

While most of this training is said to be physical and on-site, once the metaverses are sufficiently mature they could be used for this purpose, expanding existing supply chains that are also used in a non-military context. Additionally, artificial intelligence (AI) and virtual reality (VR) are now widely used for training surgeons and pilots, and moving to the metaverse could take things to a whole new level.

Trend #3: Virtual Real Estate
A trend that has emerged a while ago and is expected to evolve in 2023 is virtual real estate. Last January, an anonymous investor spent nearly half a million dollars on a decentralized property in The Sandbox just to become a neighbor of famed hip-hop artist Snoop Dogg.

Also last year, another well-known virtual real estate venture, Decentraland, was used to host a fashion week event that has hosted the likes of Dolce & Gabbana and Estée Lauder. Everything was run on-chain, with fashion items being bought and worn as NFTs. Another example of apparel integration is a special jacket launched by Coca-Cola that can only be worn on Decentraland soil.

As for the hyper-realism of the venues, newcomers like Alpha City, powered by Unreal Engine 5, come into play. Such projects could potentially allow brands to better showcase their product lines thanks to the immense level of detail.

other trends
In its June 2022 whitepaper, McKinsey lists several areas that are already getting a boost from the implementation of the metaverse. As a breakthrough innovation, the Metaverse needs a comparable payment infrastructure to run under the hood and one such technology is blockchain. The two often come bundled together, with crypto believed to be one of the building blocks of Metaverse and Web3, both of which strive for ultimate decentralization and transparency.

With the Metaverse still in its infancy for the most part, the real question is: will it live up to expectations?

May Arregui
alpha city
[email protected]
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