With the introduction of Metaverse, the chasm between the real world and the digital one appears to have been closed. Artificial intelligence (AI) and its applications have also gained attention recently. The question that remains, though, is how integrating the two technologies can influence the global digital landscape. According to Kameshwaran Elangovan, co-founder and COO of GuardianLink, a non-fungible token (NFT) marketplace, “I believe AI can contribute to the Metaverse by enabling better customer experiences and by learning from the interactions of users with Metaverse.”
Market analysts have proposed that AI’s impact on Metaverse may aid in personalization, data security, and task automation. The social media network LinkedIn claims that among other things, AI’s function in a Metaverse includes avatar creation, the provision of three-dimensional (3D) chatbots, and interpreting data applications. The platform also made notice of how more frequent user encounters with VR are enabling correlation between AI and Metaverse, which can open up commercial opportunities in the areas of education, entertainment, and employment. Data from the technology-based platform Calsoft Inc. revealed further uses of AI in the Metaverse, including enhanced smart contracts, inclusive user interfaces, and AI for IT operations (AIOps).
“AI has the ability to empower Metaverse to adapt, personalize, and improve user experiences using cutting-edge algorithms and machine learning. Real-time language translation powered by AI may promote cross-border communication, and intelligent content curation can customize user experiences based on personal tastes, as noted by Navdeep Sharma, co-founder of Web3.0-integrated platform ReelStar.
According to projections from Tech Market Reports, a platform for market-based research, the global market for generative AI in the Metaverse is predicted to reach $428.9 million by 2032, growing at a compound annual growth rate (CAGR) of 31.5% between 2023 and 2032. Global generative AI in Metaverse market growth during the first three quarters of 2023 was 15% in Q1, 20% in Q2, and 25% in Q3. It is believed that North America is the main force behind generative AI in the Metaverse, followed by Europe and Asia-Pacific. According to reports, the United States will generate 35% of all generative AI market income in 2023, followed by Germany with 15%, Australia with 10%, Japan with 10%, and North America with 60%, 40%, and the United Kingdom with 5%. According to a report by the cryptocurrency tracking service BanklessTimes, the impact of generative AI will cause the number of Metaverse users to surpass 600 million by 2026.
Companies developing Metaverse-based technologies for 2023 include Microsoft, Meta, Roblox, Decentraland, Epic Games, and Nvidia. For instance, Meta’s use of generative AI is spawning use cases for generative advertising, picture creation, chatbots powered by generative AI, and natural language generation, among others. Regarding prices, Medium, an online publishing platform, claimed that adding technologies like AI, AR, and VR may add an additional $10 million to the price of creating a Metaverse. AI application implementation can increase development costs for Metaverse by $100,000 to $500,000 for reasons including content creation and personalization, among others.
In 2023, Suffescom Solutions, a software business, estimated that prices associated with AI might start at $900 and increase to $300,000, while Vegavid Technology, a provider of digital transformation services, estimated that expenditures associated with a Metaverse may vary from $100,000 to millions of dollars. Furthermore, predictions for the future suggest that the AI-supported Metaverse may change how people connect with one another. But according to market studies, AI and the Metaverse are still in their infancy. According to a survey by private university Harvard University, AI applications will have an impact on a number of industries by the year 2030, including healthcare, education, entertainment, household and service robots, and transportation. The co-founder and CEO of Meta Platforms, Mark Zuckberg, estimates that it may take five to ten years before the Metaverse is widely used.