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I have the unique privilege of learning from some of the most brilliant minds on the web3 and metaverse Space, from customers to partners and beyond. Through these conversations and my own observations, I’ve gained an overview of where the Web3 and Metaverse industry is headed in the coming year.
As a rule of thumb for predictions, the more inputs you have, the better. So here I have compiled the predictions from different points of view, reading avidly to hear all the opinions and thoughts and listening to my customers and partners what is important to them.
Forecasts for 2023
1. Digital identity is the gateway to the metaverse
Web3 Digital identities will be as ubiquitous as email, giving people an identity they own and control. Plain names instead of wallets will be onboarding points.
2. Blockchain gaming is coming out of the basement and into the boardroom
Games are demonstrating the capabilities and potential of decentralized technologies like blockchain and smart contracts, and we will see even more gaming companies adopt this new technology.
3. Metaverse spend exceeds traditional advertising spend
There are so many companies now that are beginning to realize the power of metaverse. As a former CMO with over a decade of experience, I expect more budget to help raise awareness of younger generations through the metaverse.
4. Web2 companies split up
Web2 companies will split between those who are brave and those who are afraid. We’ve seen bold moves in Web3 from Starbucks, Nike, Prada and IKEA. You’re either in or out of Web3 – and I believe forward-thinking people will be attracted to the companies that can fully articulate their plans and vision for building Web3.
5. Security becomes a priority
This applies to both companies and customers. With everything that has happened in the crypto space, security is becoming more important. Custody is reconsidered.
6. Web3 becomes invisible
In every technology cycle, technology is talked about first; Then, when it matures, it’s all about the result. By the end of 2023, there will be more discussions about customer experience than on Web3. People will talk about Web3 without even mentioning the term.
7. AI and Web3 become best friends
Combining the capabilities of AI with the security and decentralization of Web3 technologies will create new value and use cases. For example, my company uses AI to develop new domain names.
8. Use instead of hype becomes a requirement
In 2022, the bear market helped erase some of the hype, but in 2023, the benefits will trump the hype as companies with real value will outperform the rest.
9. Web3 rewards will encourage niche-based communities
As Web3’s reward systems grow, smaller and more focused communities will form closer bonds and have the most impact. Web3 platforms, SDKs, and rewards programs/aggregators are becoming more robust and diverse as developers look to APIs and open-source tools to build feature-rich, user-friendly dapps.
10. Avatars strengthen the metaverse
Avatars will become more lifelike and user-friendly to enhance the Metaverse customer experience. Eventually everyone will have their own avatar.
11. Diversity creates innovation
Women, people of color and people from all backgrounds will have more influence on Web3 and metaverse than in the Web2 world.
12. CGZO and CWMO
New titles like Chief Gen Z Officer and Chief Wellness Metaverse Officer will emerge to influence the next generation and ensure people don’t spend too much time virtually. (I met two Chief Wellness Officers at the Metaverse Summit in Paris and three Chief Gen Z Officers at Art Basel.)
13. Metaverse Social norms change
As the metaverse gains acceptance, social norms and best practices are developed. People will start spending more time in virtual worlds and interacting with others in new ways.
Examples of social norms include the expectation that users respect the privacy of others by not engaging in activities that are considered inappropriate in the physical world. Users may also be expected to conform to specific standards of dress or appearance, or to follow rules and guidelines established for specific virtual environments or activities.
Sandy Carter is COO and Head of Business Development at Unstoppable Domains.
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