Many have heard the term “Metaverse”, but few understand exactly its relationship with crypto and blockchain. To put it simply, the Metaverse is an important element of the Web3 infrastructure, which, in turn, among other important functions, should become the basis of the digital payment environment of the future.

So, the Metaverse represents a promising new realm of communication, fintech and general economic opportunities. According to the latest independent studies, by 2031 it could contribute over $3 trillion to global GDP. This phenomenon also enables the founders of decentralization to establish uniform fair rules for the further development of Web3 technologies, which, as we wrote earlier, ensure the security of personal data and promote innovation. It is important to note that the two key components of the economic success of the formation of the Metaverse – interoperability and mobility – will depend precisely on the further implementation of Web3 technologies.

This code of rules, which is being created before our eyes, should use the so-called. A “technologically neutral” approach that prioritizes decentralized systems and provides for closer collaboration between the public and private sectors.

The concept of the Metaverse at the moment rests on three pillars:

• ● The aforementioned “technologically neutral” approach based on “same risks, same rules” (not exceeding the initial level of risks declared by the system);
• ● Recognition of the dominant role of decentralization as a mechanism for unlocking new economic opportunities that underlie all innovation, competition, interoperability and mobility at the present stage of civilization development;
• ● Recognition of strict property rights and personal identification;
• ● Acceptance of greater collaboration between the public sector and the crypto industry as a critical foundation for any future regulatory framework.

The Metaverse summarizes in its name a certain synergy of today's experience of various social platforms and instant messengers, which the creators of Meta are gradually expanding to a three-dimensional model projected onto our real physical world. This allows users to comfortably share their private local experiences with other people at any place and time of day, organize coworking and other forms of collaborative design and collaboration that are by definition impossible in the real world around us. This is the next evolution in a long line of social technologies and will surely open a new chapter in our lives.

In 2022, unlike other sectors of the crypto market, the Metaverse showed a steady development dynamics. This trend will continue this year. Interestingly, the Metaverse has become the most popular concept in the history of specialized exchange-traded funds (ETFs).

What are the forecasts for the development of this phenomenon in the current year, 2023? In 2023, several trends in the development of the Metaverse are expected, which will determine the further movements of this sector of the digital economy. It must be admitted that despite the deep “crypto winter”, the forecasts regarding the duration of which from different analytical portals and even eminent investment banks vary to diametrically opposite, if this negative trend has affected the progressive development of Metaverse, then to a minimal extent. According to many institutional blockchain experts, Metaverse will be used more and more in marketing approaches and technologies. Major banks such as HSBC and J.P. Morgan, as well as global brands such as Nike and Gucci, have already started investing in the Metaverse to expand their target audience.

They all believe that the Metaverse will become an additional and very effective international communication channel. It is very interesting that this position is being actively promoted by many institutions.

The Metaverse in 2023 is most likely not only an effective marketing tool, but also part of many enterprises. By using its advanced features, employees will be trained in new technologies, in order to create innovative products for testing and their subsequent release to the market.

For example, consulting giant Accenture has created its “virtual world” called The Nth Floor, which mimics a physical office to host HR events for new hires. BMW has done the same. In the latter’s version of the virtual office, an augmented reality laboratory has been created, where the company's new products are being developed.

Once again, we should emphasize the importance of the thesis that the Metaverse can develop only in the general context of decentralization. According to Metaverse enthusiasts, blockchain and decentralized registries will certainly and inevitably become part of the new Internet “for the broad, unbiased masses”.

Decentralized Metaverse platforms such as The Sandbox and DEXART are already built on this concept and will eventually be organized as DAOs.

The Metaverse will also feature more advanced avatar technology. This technology is already being developed: in particular, Ready Player Me and Zepeto, allowing avatars to exist in several virtual worlds without being tied to a specific platform. Their improvement will continue in 2023.