Is AI the answer to drive Metaverse use cases
The gap between physical and virtual worlds seems to have been bridged with Metaverse’s entry.
In recent context, artificial intelligence (AI) and its applications have also come into the spotlight.
However, the question which looms is how integration between the two technologies can help shape global digital landscape.
“I believe AI can contribute to the Metaverse by enabling better customer experiences, by learning from the interactions of users with Metaverse,” Kameshwaran Elangovan, co-founder and COO, GuardianLink, a non-fungible token (NFT) marketplace, told FE TransformX.
Market experts have suggested that AI’s influence on Metaverse can help with personalisation, data protection, and automation of work.
According to LinkedIn, a social media platform, AI’s role in a Metaverse includes avatar formation, providing three-dimensional (3D) chatbots, understanding data applications, among others.
The platform also mentioned that increased user interactions with virtual reality (VR) are enabling correlation between AI and Metaverse, which can create business prospects around learning, entertainment, and employment.
Data from Calsoft Inc, a technology-based platform, showed other applications of AI in Metaverse, which are AI for IT operations (AIOps), inclusive user interfaces (UI), and superior smart contracts.
“Through advanced algorithms and machine learning, AI can empower Metaverse to adapt, personalise, and enhance user experiences.
AI-driven real-time language translation can foster global interactions, while intelligent content curation can tailors’ experiences based on individual preferences,” Navdeep Sharma, co-founder, ReelStar, a Web3.0-integrated platform, highlighted.
Estimates from Tech Market Reports, a market-based research platform, showed that global generative AI in Metaverse market is expected to clock $428.9 million by 2032, at a 31.5% compound annual growth rate (CAGR) for 2023–32.
For the first three quarters of 2023, global generative AI in Metaverse market expanded by 15% in Q1, 20% in Q2, and 25% in Q3.
From what it’s understood, the biggest driver of generative AI in Metaverse is North America, after which come Europe and Asia-Pacific.
Reportedly, generative AI in Metaverse market’s country-wise revenue percentage for 2023 stands at 35% for USA, 15% for Germany, 10% for Australia, 10% for Japan, 60% for North America, 40% for Europe, and five percent for United Kingdom.
A report from BanklessTimes, a cryptocurrency tracking platform, has predicted that total Metaverse users will go past 600 million by 2026 on account of generative AI’s impact.
For 2023, companies which are working on developing Metaverse-based technologies are Microsoft, Meta, Roblox, Decentraland, Epic Games, Nvidia, among others.
For example, Meta’s usage of generative AI is giving rise to use cases such as generative advertising, image origination, generative AI-based chatbots, natural language creation, among others.
With regard to expenses, Medium, an online publishing company, stated that technologies such as AI, AR, VR, among others, can include an extra $10 million to costs associated with developing a Metaverse.
Implementation of AI applications for reasons such as content development, personalisation, among others, can add $100,000 to $500,000 to Metaverse’s development charges.
In 2023, Suffescom Solutions, a software company, stated that AI-related costs can start from $900 and can go till $300,000, while for a Metaverse it can range from hundred thousand dollars to millions, as specified by Vegavid Technology, a digital transformation company.
Moreover, future predictions indicate that AI-backed Metaverse has potential to alter human interactions. However, market research has shown that AI and Metaverse are considered to be at a nascent stage.
Insights from a report by Harvard University, a private university, showed that within 2030, AI applications will affect sectors such as healthcare, education, entertainment, home and service robots, transportation, among others. According to Mark Zuckberg, co-founder and CEO, Meta Platforms, mainstream usage of Metaverse can take five to 10 years.
I anticipate AI-generated content to blend with human-created content, enriching virtual environments.
As AI-driven innovations unfold, the Metaverse should stand as a testament to the fusion of human creativity and artificial intelligence,” Shrikant Bhalerao, founder and CEO, Seracle, a blockchain cloud company, concluded.
