Metaverse Trends to Look Out For in 2024

The increasing integration of 3D technologies across industries is orchestrating a shift in how we engage with the digital world, blending virtual and augmented reality, artificial intelligence, and blockchain. As we approach 2024, the metaverse is on the brink, bringing forth trends that will redefine the digital landscape. This blog dives into major metaverse trends shaping the next year.

Virtual economies

The metaverse has become far more than just a gaming space or entertainment hub - it's a new economy. This digital space has created an ecosystem where users buy, sell, and trade virtual goods and services using virtual currencies. Users can create, monetize, and exchange digital assets, from virtual real estate to in-game items and digital art. This economy mirrors real-world market dynamics but functions within the unique confines of virtual worlds, often running on the blockchain to ensure secure and fair transactions. As this virtual economy expands, it faces challenges in regulation and security, highlighting the need for frameworks to manage these digital interactions.

However, keeping obstacles that arise in check, the metaverse market is projected to reach $800 billion by 2024, as reported by Bloomberg Intelligence. Projections by the Analysis Group also estimate that the global metaverse economy would be worth over $3 trillion within a decade, contributing 2.8% to global GDP. 

Several key elements are shaping the 3D Internet’s virtual economy:

• NFTs (non-fungible tokens): These unique digital assets on the blockchain have gained massive traction in industries like digital art, gaming, and virtual real estate owing to their ability to prove ownership and provide provenance. These tokens create a transparent and accountable ecosystem, allowing creators to monetize their work, create new revenue streams, and engage their communities. Though NFTs have seen a slight slowdown in the past year, the market is estimated to nearly double from $1.6 billion in 2023 to $3.2 billion by 2027, based on data published by Nansen.

  
  

• Virtual marketplaces: The metaverse creates a platform using the blockchain ecosystem for trading goods and services in the 3D internet. These decentralized trading platforms are increasing through the growing popularity of marketplaces for virtual real estate, digital art, and e-commerce. Play-to-earn games are also gaining traction in the metaverse, creating a larger scope for gaming marketplaces.   

  
  

• DAOs (decentralized autonomous organizations): These member-owned, decentralized entities indicate a shift towards democratic governance in the digital space. Tokens are sold to members to crowdsource funds for projects and give token holders voting rights. Marketplaces in the metaverse are beginning to adopt a DAO structure to create autonomous organizations regulated through member voting and proposals.

The metaverse’s virtual economy is being fueled by a growing number of creators and artists looking to build new revenue streams. Platforms like Matera Protocol are leading the way in leveraging this digital world by enabling creators to verify, tokenize, and monetize their virtual creations. Matera allows creators to integrate virtual 3D experiences and assets onto the blockchain, enabling them to tokenize and securely record their digital works. This ensures ownership, asset history traceability, and transaction transparency.

Architecture and urban planning

The influence of the metaverse on urban development and architecture is becoming increasingly significant. Several vital aspects showcase the impact the metaverse will have on the way we plan and design our cities in 2024:

• Simulation and visualization: The metaverse provides a platform for virtual urban planning, allowing city designers and planners to create digital simulations of urban environments using tools like Unreal Engine, Unity, and Twinmotion. This simulation enables the testing of various scenarios, evaluating the impact of different design choices, and predicting outcomes before implementing changes in the real world.

  
  

• Data-driven decision-making: Metaverse technologies leverage vast data to inform urban planning decisions. By analyzing historical data and real-time data collected through Internet of Things (IoT) sensors, digital twins of urban projects in the metaverse can predict traffic patterns, energy consumption trends, and the utilization of public spaces, contributing to more informed and data-driven city development.

  
  

• Global collaboration: 3D virtual replicas of city projects within the metaverse can be viewed by multiple stakeholders as avatars and serve as collaborative design spaces, allowing architects, designers, and urban planners worldwide to contribute to a project in real-time. This global collaboration brings diverse perspectives to the design process and allows for quick problem identification and improvements.

  
  

• User engagement and feedback: Metaverse-based urban planning enables direct engagement with end-users. Virtual environments allow citizens to explore and interact with proposed urban developments and understand how infrastructure, transportation, and urban planning changes will affect their daily lives, providing valuable feedback. This participatory approach can lead to more inclusive and citizen-centric city planning in the real world.

AI and machine learning

The integration of artificial intelligence (AI) within the 3D internet is a crucial driver behind the evolution of better user experiences, paving the way for a more immersive and dynamic virtual environment. As AI tech advances in 2024, various metaverse features will become increasingly sophisticated, enhancing interaction, personalization, and overall engagement.

Here are some key AI-driven developments shaping the metaverse:

• Virtual assistants: AI-driven virtual assistants within the metaverse are evolving beyond basic functionalities, offering users more natural and interactive experiences. These assistants can understand and respond to complex queries, providing real-time information, guidance, and assistance within the virtual space. Intelligent virtual assistants can employ machine learning algorithms to adapt and learn from user interactions, anticipate user needs, offer personalized recommendations, and continuously improve the quality of assistance provided.

  
  

• Realistic NPC interactions: Natural language processing (NLP) in the 3D internet incorporates advanced capabilities for non-player characters (NPCs), allowing for more realistic and context-aware conversations. Users can engage with NPCs in a manner that resembles human-like interactions, creating a more immersive and socially dynamic virtual environment. In the realm of the 3D internet, NPCs are being enhanced with advanced AI models that can detect and interpret user emotions through various cues such as interactions, voice tones, or facial expressions to respond empathetically. Furthermore, these NPCs are embedded with sophisticated decision-making models of decision trees, allowing them to assess a range of scenarios and potential outcomes. Their actions are not random but are instead prioritized based on a combination of predefined rules, historical data, and learned patterns derived from previous interactions with players. 

  
  

• Personalized experiences: AI algorithms analyze user behavior and preferences to deliver personalized content and experiences within the metaverse. Whether suggesting virtual events, personalized virtual spaces, or tailored in-game challenges, AI enhances user engagement through customized curation. AI can dynamically adjust virtual environments based on user preferences and behavior. This adaptation could include changing the appearance of virtual spaces, adjusting lighting and ambiance, or altering the behavior of virtual objects to suit individual user tastes.

  
  

• AI-generated content: Users and creators increasingly use generative AI algorithms for procedural content generation within the metaverse. Content like virtual landscapes, structures, and even characters can be created through simple prompts, optimizing the development process and ensuring a diverse and dynamic virtual world. AI tools like Landvault Create, NVIDIA's GauGAN, and Alpha3D empower users to create unique digital assets and democratize content creation within the metaverse.

Brand marketing through gamification

The next year is expected to witness an increased integration of gamification and gaming elements in brand scenarios as companies explore innovative ways to capture and retain audience attention. The ‘Perceptions of the Metaverse’ report published by Sitecore shows that half of all brands are leveraging or planning to utilize the 3D internet as a gamification tool for buyer engagement. The hype is in sync with the benefits that gamification can reap, with evidence suggesting that using these strategies can see up to 7 times higher customer acquisition rates, as per a report by Research and Markets. 

Brands are likely to adopt the metaverse to implement more unique strategies to appeal to and engage their audiences, leveraging the immersive and interactive nature of the platform. Brands like Wendy’s, Nike, and Burberry have already set foot into the virtual world to enhance their gamification marketing campaigns by launching virtual stores, games, and immersive experiences. These virtual activations could involve interactive experiences, challenges, or quests encouraging user participation and interaction through rewards like virtual collectibles and digital assets.

AR and VR hardware costs are also decreasing, making the technology more accessible. Based on data from Grand View Research, the augmented reality (AR) industry was valued at nearly $39 billion in 2022. It is projected to expand at a compound annual growth rate (CAGR) of approximately 40% from 2023 to 2030. Brands might create virtual experiences or use augmented reality to blend the digital and physical worlds, providing consumers with unique, immersive, gamified encounters.

Are you looking to build immersive experiences in the 3D world? We can help you build, scale, and monetize your creation in the metaverse. Get in touch with us!