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Metaverse market outlook in 2023

Metaverse has led to the development of virtual economies that leverages digital currencies. Consumers are able to purchase the platform's native currency and utilize them for buying digital assets online.

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Metaverse market outlook in 2023

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  1. Metaverse market outlook in 2023 Metaverse has led to the development of virtual economies that leverages digital currencies. Consumers are able to purchase the platform's native currency and utilize them for buying digital assets online. This has led to exciting business opportunities for global brands. In 2022, many have begun to set up their virtual stores within different metaverse platforms.

  2. Along with retail, online gaming is expected to make further inroads into the emerging space. Gaming, as it stands right now, is already a significant component of the metaverse industry. In 2023, TechInsight360 expects accelerated growth in the virtual reality gaming market. With big players expressing their interest, 2023 can be a breakout year for the metaverse gaming industry. The US$68.7 billion deal announced in January 2022, however, has faced hurdles from competitors as well as government entities. In December 2022, the Federal Trade Commission filed a lawsuit with the aim to block the acquisition deal.

  3. The macroeconomic environment will continue to create barriers for firms seeking to drive widespread metaverse adoption 2022 has been a worrisome year for most corporations, as macroeconomic factors have led to a significant decline in consumer spending. Furthermore, the economic uncertainty has also resulted in declining valuation, negative investor sentiments, and lesser-than-expected metaverse adoption among consumers.

  4. Other trends to watch out for in the global metaverse sector in 2023 Virtual reality is also expected to expand its presence in the healthcare and education segment in 2023. There are a few metaverse hospitals that have been already launched globally, and the trend will further accelerate over the next 12 months. With the ability of the metaverse to provide a controlled and safe environment, healthcare firms can use the technology to treat mental health conditions, including depression and anxiety, among others.

  5. Contact Us info@techinsight360.com +1 (813) 694-7124

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