The metaverse, despite the hype, is still more gamers than an alternative way of life.
Forrester, in its 2023 predictions report, says the end of lockdowns outside of China has reduced consumers’ appetite for spending time in online spaces.
And economic headwinds have already exposed the vulnerabilities of a supposed experience revolution that has yet to garner mass consumer interest.
The number of job postings with “metaverse” in the description dropped by 81% between April and June 2022.
“As economies slow further in 2023, irrational metaverse exuberance will give way to a focus on core infrastructure, overdue product features, and improving immersive experiences on existing platforms — which will lay the groundwork for the future metaverse,” says Forrester.
The Forrester predictions for 2023:
The metaverse needs a Pokémon Go moment — and we won’t see it in 2023.
Most online adults in the US (65%), UK (73%), France (67%), and Germany (65%) prefer to have social experiences in person, according to Forrester’s Media And Marketing Benchmark Recontact Survey, 2022. “In 2023, we’ll see lots of ‘metaverse washing’. But smart brands should bypass simple repackaging of old immersive media experiences and innovate. This involves reimagining hybrid experiences to seek new sources of revenue, insights, and customer engagement.”
Metaverse players won’t agree on standards in 2023, which will inhibit growth.
Forrester predicts a“splinternet” of competing metaverse standards that will inhibit growth. “As a result, brands that do want to experiment will lean into large, single platforms such as Meta’s Horizon Worlds or Roblox that offer audience scale and interoperability within their platforms.”
Employees and consumers will experience the metaverse as a feature — not a product.
“Savvy brands should experiment by adding 3D elements to their existing owned media environments and activating immersive features on target-appropriate paid media properties.”
Brands will pivot from ‘cool’ NFTs and toward loyalty.
“The days of launching a consumer-facing NFT to earn a press headline that touts the brand as ‘innovative’ are over. Most consumers aren’t interested in NFT stunts.”
China is unique: 20% of B2C brands will use digital idols to improve virtual experiences.
“While most online adults are sceptical about the metaverse, 63% in China are eager to explore the metaverse, and 47% indicate that they like to interact/transact with brands in ‘the metaverse’.”
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