The following are three different trends that brands and businesses need to be aware of considering the metaverse in 2023:
Tokenization of the Experience Layer
LandVault capped off 2022 with the official announcement of Matera Protocol - a technology solution that, for the first time, will make it possible to tokenize metaverse experiences. By tokenizing the experience layer of the metaverse, Matera creates a completely new investment class while placing the greatest layer of value generation on-chain for the first time ever.
The opportunities this unlocks is extraordinary, making it possible for anyone with a crypto wallet and means to invest in any given metaverse experience. The creation of this new market will help to drive considerable growth to the metaverse over the next several years while ensuring that the web3 qualities of decentralization and permissionless building become a real attribute to the metaverse.
Improving stakeholder coordination and build times
A major component of scaling the metaverse towards millions of users is improving the coordination and efficiency associated with planning, building, and launching metaverse experiences. To date, the process of developing the land layer into the experience layer of the metaverse has been a methodical, manual process. There is considerable effort needed to properly coordinate actions and resources between stakeholders and even greater efforts required to successfully execute this process hundreds of times.
According to LandVault’s internal data, one metaverse experience requires an average of:
14 Designers, Creative Directors, Account Managers
55 Email Exchanges
$15,000 in Admin Expenses (excluding costs of build or land)
This is in addition to the necessary project management expenses, resource costs (buying land and/or compensating builders), and legal fees. To scale the metaverse from a few hundred metaverse experiences to millions, optimizing the development process is crucial.
Luckily for 2023, this is a primary objective of Matera. The protocol helps to automate the coordination between stakeholders on-chain in a way that is permissionless. For instance, anyone with skills (i.e. labor), time, resources, or ideas can indicate that via Matera. The protocol can then coordinate these inputs together to initiate the creation of a project.
Put simply, by coordinating these inputs on-chain, it will be considerably easier to plan, develop, and launch metaverse experiences. Essentially, this would unlock an exponential growth curve of metaverse experiences over time quite similar to that of the traditional internet as the appropriate technologies were put in place to make it as easy as possible to launch a website. Once the barrier to entry for publishing websites came down, the internet saw the number of live websites grow from several thousand to over 1.7 billion today.
Brand monetization and revenue generation
With more investments, interest, and user activity now steadily increasing throughout the metaverse, there have been major improvements in development speeds, monetization technology, and revenue-generating opportunities. 2022 saw some of the world’s largest brands, including Nike, Heinekin, and Mastercard, all on-board into the metaverse. Ultimately, this leads to two things for 2023:
1. The rate at which new brands will on-board into the metaverse will continue to accelerate
2. Brands already on-boarded into the metaverse will continue to experiment and adjust their strategies to optimize their monetization techniques, generating greater amounts of revenue in the process
Globally renowned brands such as Nike and Adidas proved to the world that it is possible to generate considerable revenue within the metaverse already. This was fully demonstrated by major brands in 2022 that saw over $200 million in revenue generated. For 2023, the proof of concept is now out there for other companies and brands to take advantage of. However, like all technological breakthroughs, first movers often gain an advantage when adopting a new medium. This was seen with the internet and mobile. The opportunity that a new technological medium offers is unprecedented when it comes to the release of new business models that aim to capture value. Brands like Nike and Adidas already establishing themselves in the metaverse allows them to gain a competitive advantage over their competitors in terms of knowledge in what works in the metaverse and what doesn’t. Over time, this could equate to potentially billions in new value captured as the metaverse grows. Many research reports have shown that the future total value of the metaverse is expected to be well into the trillions.
2023 will see the metaverse continue to grow
Matera Protocol makes it possible to accelerate the development of metaverse experiences while placing experiences on-chain for the first time ever via a tokenized experience layer. The opportunities this unlocks is unprecedented and will help to attract and on-board countless more brands and stakeholders into the metaverse.