The Metaverse: The Future of Social Life?

During the course of the last year, the cryptocurrency and Web3 markets saw a contradiction consisting of very volatile markets and strong hopes for the future of the field.

Users and investors have both continued to pour their resources into the business, particularly in sectors that are concerned with the metaverse.

A recent study conducted by CoinWire in December 2022 among over 10,000 crypto investors indicated that user attitude towards the metaverse has digital reality positioned to affect all aspects of social life. The survey was conducted to find out how users feel about the metaverse.

69% of respondents feel that the metaverse would redefine social lifestyle with a new approach to entertainment, and 65% of respondents believe that the metaverse will bring about a new approach to social activities.

The opinions of 61.2% of people about how it would influence their income, 49.6% of people regarding how it will effect businesses, and 45% of people regarding how it will affect education were likewise high.

Microsoft has been awarded 158 patents linked to the metaverse over the course of the last five years, putting it ahead of other major tech companies such as Meta, Tencent, and Epic Games.

As the metaverse continues to advance, it will be in a position to have the potential to influence social life in a more discernible way.

At the Consumer Electronics Show 2023, for instance, it was recently announced that new metaverse capabilities would include the ability to touch and smell virtual objects.

In addition, the poll found that more over half of the respondents who are involved in the metaverse hold some type of cryptocurrency. This percentage was calculated as 53%.

The results of the poll put the United States of America in first place when it comes to innovation in the metaverse.

According to the data shown above, the countries of China and India have the most favourable attitudes regarding regular participation in the metaverse: 78% and 75%, respectively.

In addition, the report found that even though almost nine out of ten respondents had heard of the term "Web3," 52% of them still had some kind of uncertainty as to what it actually entails when something is termed "Web3." In line with the uncertainty that many investors feel, more than sixty percent of investors said they want more regulations to be applied to the industry.

Around the course of the last year, regulatory agencies all over the world have started adopting and debating new regulations for the business.

Despite this, aspects of Web3 such as the metaverse continue to be towards the top of the priority list in many countries.

The South Korean government has just made its test city in the metaverse accessible to the general public.

According to a research published by McKinsey, it is anticipated that the value of the metaverse would reach $5 trillion during the next seven years.