Metaverse is expanding its horizon with every passing day and now countries across the globe are showing interest to adopt the new technology given the advantages it has to offer like technical advancement, facilitated communication, transparency, etc.
Recently, a study on metaverse-ready countries was released by Uswitch, an online and telephone comparison and switching service that helps to compare prices on a range of products and services. The study took into consideration several metrics like broadband speeds, internet prices, the number of blockchain financial startups, and the cost of high-technology esports.
Keeping all metrics in the picture, the Netherlands was ranked as the most metaverse-friendly country scoring a 7.74 on a scale of 10 followed by Switzerland with a score of 7.61. The countries in third and fourth positions were Lithuania and Malta with 7.39 and 7.31 respectively. France ranked fifth on the list with a score of 6.96. Interestingly, the United Kingdom and the United States were at the seventh and twelfth spots with respective scores of 6.77 and 6.32. However, countries like UAE and Japan that have shown progression in the sector couldn’t make it to the list of the top 30.
While the Netherlands was ranked the highest in an overall metric score, other nations topped the individual metric criterion. For example- The United States was ranked the highest in internet speed at the rate of 167.37Mbps. As per the researchers, the US has a high level of connectivity in terms of broadband making the high internet speed obvious. It also has the third highest population using the internet, about 90%.
However, the US was not the nation offering cheap internet, it was Romania. Romania is promoting the use of the internet by offering it at the cheapest rate i.e. $9 per month.
Further, the researchers rank Cyprus to be the most friendly to blockchain companies. It has the highest number of blockchain-based startups settled in the country and also has the highest number of google searches related to the metaverse. Blockchain technology is essential for the metaverse as it allows users to buy and trade in cryptocurrencies and NFTs. It is one of the most essential features of the proposed “metaverse economy”, recently Meta also announced its plan to integrate the feature into its system.
The researchers have also linked the growing number of blockchain firms in Cyprus to the flexible regulatory approach of the government. The national government has displayed a positive outlook on crypto and blockchain. There are about 42.8 firms per million people and about 34,082 google searches per million people.
Lastly, the Republic of Ireland was ranked highest for the maximum number of high-tech exports valued at $8,450 per capita including leading tech companies like Meta.
While the researchers understand the potential that metaverse holds they have also acknowledged the caution that is required given it is still in its initial phase and there are various risks associated. Various global companies are filing trademarks in readiness for the sector’s maturity alongside countries. Earlier this year, a report on metaverse-regulation was also published by French researchers as reported by Todayq.