So far, we’ve provided an overview of the metaverse in our introductory blog, as well as discussed other aspects of the metaverse including the role of artificial intelligence, crypto, and NFTs. Now, we’ll explore the roadmap for the metaverse, including:
- Where the metaverse currently stands
- What the future of metaverse spaces and experiences may be like
- How Veritone technology can help brands and creators make this vision possible
Where is the Metaverse today?
Although the concept of the metaverse was born out of science fiction in the 90’s, the metaverse as real concept is still in its infancy today with evolving technologies like VR goggles, synthetic voice, and avatars.
A key component of the metaverse experience is augmented and virtual reality (AR and VR), and the number of AR/VR users has more than doubled since 2017. What’s more, eMarketer has estimated that by 2023, there will be 110.1 million AR users and 65.9 million VR users.
One industry that has been pioneering the metaverse is the gaming industry. Popular titles include Minecraft, The Sandbox, and the mini-games in Roblox. All around the world, people have already spent over $200 million on metaverse items, including virtual goods, services, and land—needless to say, those figures have caught the eyes of companies and investors, garnering plenty of tangible investments.
Last year, Epic Games (the creator of Fortnite) raised $1 billion in funding for their metaverse plan, global VR video game revenues earned $22.9 billion in 2020, and the global AR/VR market is expected to reach $209.2 billion by the end of 2022.
While we see a strong presence of gaming in the metaverse and AR/VR now, other B2C and B2B companies are finding ways to connect with their consumers and build engaging experiences. In late 2021, Meta reportedly spent $10 billion on the metaverse while venture capitalists have also invested $10 billion. It may be too soon to tell how these different industries will put that money to use, but we have already seen examples such as:
- Mobile apps with mixed reality capabilities that use the device’s camera to place virtual elements into real-world contexts, like Snapchat filters, trying out a new hair color, or previewing a couch in your living room
- Brands offering VR test experiences of tangible products, like Jaguar, BMW, and Hyundai offering virtual test drives
As technology progresses toward more VR/AR experiences, physical and virtual experiences will become more blended, creating a wholly new channel not limited to one space. This will open up new ways of social interaction as well as how people will work and live their day-to-day lives.
What will the metaverse look like in the future?
With so much intrigue, funding, and effort getting poured into the metaverse, we can expect incredible things to happen there, as well as see how different companies will make use of the virtual world.
Some possibilities of what the metaverse will offer includes:
Virtual Social Spaces
Beyond what we’ve already seen in Second Life and Roblox, brands and artists are also finding ways to entertain and connect with their audiences. This includes shows like Lil Nas X’s Roblox concert, virtual tours of real museums around the world, and more. The metaverse also offers the opportunity for more lifelike virtual hangouts with family and friends. Heniken recently created a virtual brewery, releasing the first “metaverse beer” with plans to host physical events outside of Decentraland as part of their overall strategy to offer blended experiences.
With many companies offering remote status to workers, many who transitioned to this new experience miss the in-person connection. In response to filling this void, companies have created solutions where employees can create avatars and interact with each other in a virtual office. With the evolving workforce desiring more flexibility, remote work will remain part of the post-pandemic norm, spurring more professional virtual solutions.
Online Learning and Onboarding Experiences
One of the shortcomings of the eLearning experiences is truly bringing it to life. VR/AR is already being explored as a way for people to physically interact with objects in a virtual space to test theories, participate in interviews or onboarding, encourage interaction amongst peers, and further gamify experiences to maintain participation and increase retention.
While these are just a few examples of how the metaverse will be utilized, artificial intelligence will act as a key component in making much of it possible.
What role will Veritone play in the metaverse?
AI technology will be critical in not only managing the underlying infrastructure supporting these digital worlds, but also processing, analyzing, and providing insights into all the data segments it will produce. In addition, AI technology is essential to creating realistic synthetic media, such as synthetic voices and 3D avatars.
That’s why Veritone launched Veriverse, a comprehensive platform of solutions powered by aiWARE for creators and content IP owners who want to tell their stories and create AI-enhanced experiences in and out of the metaverse.
Within Veriverse, individuals and companies can explore tools that enable them to securely create, discover, manage, and monetize their digital content, then automate realistic digital experiences across devices. Solutions include:
Create brand likenesses with lifelike custom and prebuilt 3D avatars.
Mint and sell verified NFTs with other verified Veritone customers and partners.
Secure your digital identity, asset protection, and management services.
Assess, plan, and enter the metaverse with professional services.
Learn more about Veriverse and how this platform can help your brand stake its claim in the metaverse.