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UK metaverse industry predictions for 2024

Metaverse 2024
Image credit: skipper_sr / Shutterstock

It has been a slow year for the metaverse. After exploding into mainstream fame following Facebook’s rebrand to Meta in 2022, interest in the technology of bringing real life into a virtual world has waned in 2023.

Many have taken this drop in interest and limited commercial success to mean the metaverse revolution had died before it even really started. But many in the industry see cause for optimism.

Institutional investments into metaverse projects persisted somewhat throughout the year, with funding rounds for startups like Hadean, Karta and Geeiq suggesting there is hope yet for the dream of a universal online virtual world.

For the metaverse industry, 2024 will be a real test to see if the growing pains can be shaken off and real value can start to be delivered from the technology. UKTN spoke to members of the metaverse industry to see what can be expected next year.

Consolidation with gaming to drive interest

“The metaverse is poised for growth in 2024, fuelled by the convergence of gaming, VR/XR, and web3 technologies. Headsets like Apple’s Vision Pro and the success of Meta Quest 3 will further ignite demand for immersive metaverse experiences. Gaming companies will integrate metaversal elements into their offerings, creating new brand activation opportunities.

“Consolidation in the gaming and web3 sectors will lead to a stronger, more innovative, and more resilient startup ecosystem, with companies pooling resources and expertise to develop groundbreaking metaverse applications.”

– Herman Narula, founder and CEO, Improbable

Throw out the ‘build it and they will come’ rhetoric.

“There’s a misconception that building an experience big and flashy enough will attract and retain users. Wrong. Single-use metaverse experiences have repeatedly proven to have no shelf life or utility, rendering them superficial marketing stunts. Instead, focus should be on nurturing communities and empowering individuals to create and shape their virtual landscape.

“The next big moment in the metaverse will be entirely created and driven by collaborative communities. We’re already seeing the power that communities bring to new virtual experiences, whether it’s art, music, or gaming. This creative innovation will continue to power the metaverse with exciting, unprecedented experiences – watch this space.”

– Craig Beddis, CEO, Hadean

Christmas wish lists in the metaverse 

“As metaverse platforms continue to develop their shopping features, it’s a natural progression that they will start experimenting with ecommerce. Next year we will begin to see brands like Amazon and Shopify making deals with metaverse platforms to operate on them – taking online shopping to a whole new level.

“As more and more products become available to purchase in the metaverse, people will soon completely replace shopping in real life with shopping in the metaverse.

“Instead of scanning toy catalogues for presents, children will be sending their Christmas wish lists to their parents via the metaverse. This change in ecommerce will soon be adopted by everyone as the demographic for the metaverse evolves to an older and more mature audience.”

– Erik Londré, founder and CEO, Karta

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