Extremely volatile markets and promising prospects for the industry’s future were contrasted in the crypto and Web3 sectors last year. Users and investors alike have kept pouring money into the industry, particularly where the Metaverse is concerned.
According to a recent survey by CoinWire, which polled over 10,000 cryptocurrency investors in December 2022, user perception of the Metaverse has digital reality positioned to have an impact on all spheres of social life. According to 69% of respondents, the Metaverse would transform social lifestyle through a novel approach to entertainment, and 65% of respondents agreed that the Metaverse would introduce novel social activities.
At 61.2%, 49.6%, and 45%, respectively, sentiments on how it will impact money, business, and education were likewise strong. Microsoft acquired 158 metaverse-related patents in the past five years, outpacing other major tech companies, including Meta, Tencent, and Epic Games.
The potential for the Metaverse to have a more noticeable impact on social life will increase as it continues to grow. For instance, during the Consumer Electronics Show 2023, new metaverse features, including touch and scent, were unveiled. Furthermore, the survey revealed that 53% of respondents who are active in the Metaverse hold at least one cryptocurrency.
The poll indicates that the United States leads the world in terms of metaverse innovation. With 78% and 75%, respectively, China and India claim the top ranks for favorable attitudes about daily metaverse use.
The survey also showed that, although almost nine out of ten respondents had heard of the term “Web3,” 52% of them were still unsure of what it meant.
In keeping with the uncertainty many investors experience, more than 60% of respondents stated they wanted the industry to be subject to more regulations. Regulators started adopting and discussing new business rules over the past year.
Nevertheless, many nations continue to place a high priority on Web3 components like the Metaverse. The public was recently allowed access to the South Korean government’s test metaverse metropolis.
According to a McKinsey report, the Metaverse will be worth $5 trillion in the following seven years. For the Metaverse to reach its full potential, the research underlined the need for four technology enablers: devices (AR/VR, sensors, haptics, and peripherals), interoperability and open standards, facilitating platforms, and development tools.
The consulting firm asserted that the industry should concentrate on optimizing the human experience to produce exceptional experiences for customers, end users, and citizens and that these aspects will decide the success of the Metaverse.