According to various studies, the size of the Metaversum market could be around $1 trillion by 2030. The Metaverse’s popularity declined in 2022.
What are the predictions for 2023? Experts believe laws are necessary to deal with crimes in the Metaverse.
The hype around the Metaverse led the bull run in 2021, with leading tokens like Decentraland (MANA) and Sandbox (SAND) surging nearly 100x. Excitement among enthusiasts peaked when Facebook changed its name to Meta in October 2021. Studies have predicted that the Metaverse market will be between $500 million and $1 trillion by 2030. How would the market develop in 2023?
Multiple Metaverse to Coexist
The pillar of the Web3 ecosystem is decentralization. It would be ironic for a single metaverse to monopolize the market. Think of it as different social media platforms, Instagram, Snapchat, YouTube or TikTok. These platforms offer users unique use cases. Likewise, multiple metaverses can coexist and provide dedicated utilities.
For example, one platform offers immersive shopping experiences, and another exclusively for gaming activities. Similarly, different platforms can provide utilities for business or educational activities. The potential for multiple metaverses to coexist is enormous. Platforms can provide interoperability for users to transfer their assets from one platform to another via bridges. For example, suppose a person buys hoodies from a metaverse that offers offline delivery and Avatar NFT hoodies online. In that case, they may want to wear them on another platform where they attend college classes.
Businesses Building on Metaverse
The Metaverse attracted the attention of leading brands and companies this year. In November, companies filed approximately 5,364 US trademark applications for Metaverse and related services. The technology has attracted luxury watch manufacturers like Rolex and shoe brands like Nike, Adidas, and Reebok. The virtual world could soon bring a thrill to car lovers. BMW has trademarked its logo for the Metaverse.
Recently, Mike Kondoudis, a trademark attorney, tweeted that Mercedes has filed trademark applications for NFT, Metaverse, and related services. Jason Warnke, an executive at Accenture, says, “We believe the Metaverse will impact every aspect of every business, including how work is done, what products are offered, how products are distributed, and how businesses operate. Investment Firms Ahead for Business Interest in Virtual World. A $2 billion fund has formed its investment division, Animoca Capital, to focus on mid to late-stage Metaverse startups.
The AI-Powered Virtual Worlds
2022 was a breakthrough year for artificial intelligence (AI) technology, with platforms like DALL-E and ChatGPT making headlines. Notable Metaverse platforms have focused on creating user-generated content (UGC) experiences. These platforms fulfill your vision. According to a PwC article, AI can enable even non-technical people to create immersive Metaverse experiences. Sam Hamilton, creative director of the Decentraland Foundation, believes the technology could: and should be used to create a better Metaverse experience.
“Virtual environments could be more realistic and immersive using AI-generated visuals.” The consensus in the community is that AI will drive the metaverse story in 2023.
However, critics have expressed some concerns about using AI in the Metaverse. There are fears that bad actors will use AI to commit identity theft in the virtual world. By providing some image data of a person to the AI, criminals can create a Metaverse avatar to commit fraud or other serious crimes by impersonating that person. The Chinese government has banned the creation of AI-generated media without watermarks to protect internet users from identity theft.
Metaverse Police to Gain Popularity
With the emergence of new technologies, criminals can use them to further their malicious goals. Before the internet became a masse, few could have imagined the need for cybercrime departments to keep the internet in check. Check. Similarly, some aspects of society could use the Metaverse to commit crimes. As mentioned earlier, artificial intelligence technologies facilitate identity theft in the virtual world. Not just identity theft, there have been reports of serious crimes, including sexual assault.
A 30-year-old South Korean man sexually abused children by assuming false identities in a widespread metaverse. In December last year, a woman shared in a media article that she had been sexually harassed and her avatar gang raped in the Metaverse.
The internet is a hub for racism, bullying, and other forms of hatred. In addition to providing an immersive experience, the Metaverse can fuel users’ hatred or emotional abuse. Given the potential for these crimes, the Metaverse needs to be watched. Jamilia Grier told Finance Magnates: “It is inevitable that some users will take advantage of others and that crimes will happen. Unfortunately, we can already see some of that happening. Just as we have laws to deal with crimes in the physical world, it is also essential to have laws to deal with crimes committed in the Metaverse.
Ajman police in the United Arab Emirates have taken the lead. It was the first law enforcement agency to provide its services through Metaverse technology.