The Metaverse 2023: What Does It Mean for Businesses?

The term metaverse has somewhat become a buzzword in recent years, but what is in-store for the metaverse in 2023? And with some of the world’s most recognised brands, including Meta, Google and Microsoft entering the scene, it’s hard to see a future without it.

So, what actually is the metaverse?

The metaverse has many interpretations and definitions. But to us at REYDAR, the metaverse is an umbrella term to cover a totally new dimension for digital experiences. 3D and augmented and virtual reality technology will enable it to essentially become the 3D version of the internet.

A collection of devices highlighting unique 3D experiences on each on them.

Many agree that the metaverse is going to be a place that parallels the real world, digitally. This digital world will encompass everything that the real world does, and beyond. Anything could be possible, from shopping and ‘eating’ a meal with friends to going to new worlds and exploring uninhabitable territories.

The real truth is that because the metaverse is not directly accessible yet, there is no combination of words to provide a truly accurate definition. So, right now we’re working with assumptions, ideals and potentials.

Our owner and founder, Matt Key, believes it will combine all disparate digital products and experiences into one. Here is what he has to say about the metaverse:

“The end goal of the metaverse is to have digital worlds where everyone can connect. These digital worlds will be limitless, you will be able to explore, interact, purchase, socialise and beyond, but that’s probably 5 or 10 years away.”

The Metaverse in 2023: A Merging of Digital and Physical Realities

The lead-up to 2023 came incredibly quickly, and the concept of the metaverse has somewhat shifted with the introduction of advanced artificial intelligence somewhat putting the metaverse in the shadow, but this isn’t to mean that we expect less from it in 2023 and beyond.

This new digital landscape, where the lines between our physical and new virtual worlds blur, is the metaverse taking over. The metaverse in 2023 promises to revolutionise the way we work, interact, and play, and here we are going to explore what this could possibly look like.

Rapid growth in users and revenue

In 2023, the metaverse is expected to experience some serious growth in both users and revenue. According to reports from Global Data, is set to reach a staggering market value of $996 billion by 20230, with a compound annual growth rate (CARG) of 39.8%. The rapid expansion is set to be driven by increased investments and consistent user growth.

The rise of virtual real estate

One of the more intriguing aspects of the metaverse in 2023 will be the continued growth of virtual real estate. As digital land becomes increasingly valuable, we can expect to see more users and businesses investing in virtual plots of land, with some properties selling for millions of dollars. This is a trend that is likely to accelerate as people become more comfortable with owning digital property.

New Opportunities and Challenges

The metaverse of 2023 will undoubtedly present a wealth of new opportunities for users, businesses, and developers. For instance, the rise of virtual economies will create new markets for digital goods and services, while the growing appetite for immersive entertainment experiences will fuel demand for innovative content and experiences. However, this rapid growth will also bring its own set of challenges, from regulatory and privacy concerns to issues surrounding digital inequality and access. As we move into this brave new world, it will be crucial for stakeholders to work together to ensure the metaverse remains an inclusive, accessible, and ethical space for all.

The metaverse in 2023 promises to be an exciting and transformative landscape, as technology continues to advance and more users embrace the possibilities of digital life.

What does the metaverse mean for businesses in 2023?

But what does this reality beyond reality mean for businesses? If you were to show today’s technology to yourself a decade ago, you’d probably believe you were dreaming. And this will be the case again today and in a decade’s time. Technology has accelerated exponentially in the last decade and has transformed how businesses operate.

From AI technology in smart speakers to the ability to display your products in the consumer’s own environment through an AR viewer (see below how REYDAR helped HP to innovate using this technology), businesses have had to adapt to technological advances and meet consumer demands.

The metaverse will be no different and will deliver a new dimension to engaging with and marketing to customers. For example, 3D and virtual shopping experiences already have and will continue to become far more immersive in the digital and physical realm. Digital spaces can fully represent the brand down to a T, and in the future, even digital products and services in the metaverse are likely to become as, if not more expensive than real ones. Although it may not be in full fruition by 2023, businesses need to begin preparing to enter it or risk missing out on massive market opportunities.

There is a lot of mixed news coming out about the metaverse in 2023, and the rise of artificial intelligence (AI) has somewhat shifted the opinions of experts to that being the technology of the future. We’re not saying that there is not a place for the metaverse in 2023 and beyond, investments and projects in the idea alone are enough to show that the technology has a future. Despite people’s belief, we are still moving towards the metaverse in 2023, it just looks slightly different to what people expected, and maybe not happen as quickly as anticipated.

What other business aspects will the metaverse impact in 2023?

Although the customer experiences are where the profits are to be made, this is not where business efforts within the metaverse should end. The metaverse provides new and exciting potential scope for businesses. Including, but not limited to:

Remote working

With virtual spaces closely replicating work environments, promoting interactions and collaborations with colleagues will become all but physical.

Optimised training

Although interactive training exists, training in the metaverse will become far more practical, with more specified scenarios and fewer interruptions.

Enhanced marketing

Marketing in the metaverse presents an opportunity for experimentation. How could you use your 3D and virtual assets to your business’s advantage?

What’s happening with the metaverse in 2023?

It is incredibly difficult to predict the future of the metaverse, even predicting what will happen in 2023 is a challenge. But we are likely to see more powerful cloud computing capabilities as well as enhanced haptics and improved 3D graphics, allowing for more immersive experiences. But just how connected these experiences will become is still unknown.

Two people sat on opposite desks in different spaces but in the same room in the metaverse.

What we can guarantee is that more investment, time, research, and developments are going to be made throughout 2023. More businesses, both large and small will begin and continue to invest in making sure that their brand is ‘metaverse-ready’ in 2023.

What does it mean to be ‘metaverse-ready’?

Despite not being able to strictly ‘enter’ the metaverse just yet, areas that will form the metaverse are accessible. From 3D and AR product viewers all the way through to virtual event spaces, businesses are starting to adapt these applications into their practices. Having these spaces and models ready will enable them to be used at any point between now and the full development of the metaverse.

At REYDAR, we specialise in 3D, AR and metaverse solutions designed to bring your products to life anytime, anywhere. We can create, manage and store your 3D products in the ReyBeam Product Network. Our network is the first end-to-end 3D product marketing platform. Once your models are uploaded to the Product Network, they can be easily integrated into your website, augmented reality, or metaverse experience using our suite of products. We ensure that your 3D products are automatically optimised for the channel or device being utilised, future-proofing your 3D content for the metaverse and beyond.

Become ‘metaverse-ready’ in 2023 with REYDAR

Contact us today to book a demo and find out how powerful Reydar is in 2023. Unlock the true potential of your brand and ping your products to life to create unique and immersive experiences for your customers.