The latest survey by CoinWire, the website specialized in the cryptocurrency market, revealed that the majority of industry users believe that the metaverse will reshape their social life and interactions.
53% of the surveyed investors invest in the metaverse and own some form of cryptocurrency.
A CoinWire study involving more than 10,000 cryptocurrency investors from around the world found that there is a strong affinity towards the metaverse by users. It means that parallel universes could have a very marked influence on all areas of these people’s social lives.
The survey of the website specialized in cryptocurrency trading conducted in December, showed that 69% of the people surveyed bet on the metaverse as a way to reshape their social lifestyle, through a new approach to entertainment.
On the other hand, 65 % of the participants in the study considered that the new focus of the metaverse will be centered on social activities. Similarly, 61.2% felt that the metaverse will affect finances. Another 49.6% said it will have an effect on business and 45% said it will influence education.
Prospects for the metaverse in 2023
Despite a very tragic 2022 for the crypto market and Web3 in terms of investments, the future of the crypto space remains optimistic. The prospects for users and investors remain on the rise, especially for everything related to the metaverse.
The metaverse is considered by experts to be an “ongoing digital transformation.” So as it continues to advance technologically and its business models take shape, the greater the possibility that it will have a more tangible impact on people’s social and economic lives.
The new developments of the metaverse extend to all fields of human life: economic, social, cultural, religious, etc. The funeral industry is also exploring what death in the metaverse and funerals of the future would be like.
The metaverse has ceased to be purely visual to acquire other more tangible characteristics recently revealed. During the Consumer Electronics Show 2023, virtual reality displays that included touch and smell were on display.
U.S., China and India most advanced
The study found that the U.S. ranks first in terms of metaverse innovation. It is followed by China with 78% and India with 75% with respect to the adoption and daily use of these parallel worlds.
The CoinWire survey also revealed something striking. Although 9 out of 10 respondents have heard of Web3, more than half still do not know for sure what the term actually implies or what exactly it refers to.
In addition, many investors still feel a bit of uncertainty about the digital or crypto industry. Nearly two-thirds of respondents stated that more regulations should be implemented. In 2022, new rules related to the cryptocurrency industry began to be discussed and adopted almost everywhere in the world.
Many areas of Web3, including the metaverse, are starting to become a priority issue for many countries. In South Korea, for example, the government has just opened its first pilot metaverse city to the public.
Metaverse investment and adoption
Major U.S. and Chinese technology companies are investing heavily in its development. For example, Microsoft has obtained 158 metaverse-related patents in the last five years. Competition with other mega tech companies such as Meta, Epic Games and Tencent is in full swing.
Although in the last year the adoption of the metaverse and investments in this area slowed down, the enthusiasm of investors and developers remains. During the first half of 2022, more than $120 billion was invested in metaverse development, according to the latest McKinsey report.
Several companies entered into partnership agreements and launched products linked to the metaverse. Even companies like JPMorgan, which rivals decentralized finance, joined this cutting-edge technology. The U.S. financial institution created the first metaverse bank early last year.
Web3 is becoming a multi-billion dollar industry where different concepts and technologies converge. These are underlying technologies that include blockchain, Internet of Things, augmented reality (AR), virtual reality and space and artificial intelligence (AI).
In these virtual spaces, life as we know it is reproduced. It also has different applications, from games and real estate to art and fashion spaces. Web3 also offers interoperable collaborative tools.
With all these elements present in the metaverse, in a centralized or decentralized way, it is possible to create environments in which users interact by simulating the real world. Although it may be possible, at a later stage, to share both worlds simultaneously.
Is the metaverse worth investing in?
The CoinWire survey found that 53% of investors surveyed invest in the metaverse and own some form of cryptocurrency. Although this area still arouses suspicion in many people, the truth is that large companies and individuals believe in its future benefits.
The metaverse is just beginning to take its first steps. But many are already observing the great potential it offers based on a few considerations. The fact that it is based on blockchain technology indicates that it is a secure and efficient technology.
Another quality or advantage is that the metaverse has a diversity of applications in the economy so it involves a wide range of industries. Whether it is used to carry out commercial transactions or to store data.
It also offers a wealth of potential benefits for investors. It has the potential to grow and expand rapidly, because behind these technology platforms there are large companies investing large sums of money and talent.
The platforms of these parallel worlds have unique features. They allow users to create and manage their own digital assets and businesses. But they also offer the possibility of not reproducing human errors and failures typical of the real world.
In the metaverse, it may be possible to create a world in which trust, security and transparency are inescapable rules of life.
The McKinsey report predicts that by 2030 the metaverse has the potential to generate a market value of $5 trillion. However, for many informed observers the hype around these virtual worlds is outstripping the reality of their potential.