The term metaverse continues to create headlines, with more than 60% of people seeing it feature in their day-to-day lives. But obstacles remain to its greater adoption.
Last year the metaverse witnessed significant traction as global corporations scrabbled to capitalize on its popularity.
The metaverse became Mark Zuckerberg’s pet project; the Facebook chief even went as far as renaming the company Meta. However, his over-enthusiasm ultimately contributed to a crash in the company’s stock value.
But despite this, reports claim its value will likely reach a staggering $5 trillion by 2030.
During the pandemic, many people experienced loneliness caused by social distancing and lockdowns. And while for most the pandemic is a thing of the past, social interaction still remains low.
The future choices for many people will be either no social interaction or VR interaction. And metaverse interaction promises to be more interactive than sending texts or looking at pictures.
Corporate Adoption of the Metaverse
Big companies are betting big on the metaverse, given its implications for socialization. Social anxiety melts away in a virtual world, behind the anonymity of a VR headset. That’s just one of the many real-life applications can bring in day-to-day life.
CoinWire shared some insights to help understand the utility aspect of the technology and includes feedback from over 10,000 respondents surveyed last Dec.
A staggering 69% of candidates surveyed said the metaverse would influence their entertainment choices in everyday life. Meanwhile, 65% asserted that the metaverse would restructure their social activities.
Positive opinions on how it will affect finances, business, and education were also high at 61.20%, 49.60%, and 45%, respectively. As a business example, over the last five years, Microsoft has secured 158 metaverse-related patents, overshadowing rivals like Meta, Tencent, and Epic Games.
Countries Preparing for the Metaverse
Moving from companies to countries, the United States is the most innovative region in adopting metaverse tech. However, China, followed by India, is not far behind.
Even the 2023 World Economic Forum, held in Switzerland last week, discussed the emergence of the metaverse. The WEF has been developing its initiative, “Defining and Building the Metaverse,” with over 120 participants.
The hype has led to significant surges in metaverse-related projects. Decentraland’s MANA, and Sandbox’s SAND, among others, prices have increased significantly over the past two years.
But Interest Stagnates
At present, the overall market capitalization stands at $14 billion on CoinMarketCap. Moreover, these tokens are expected to rise. Rumors emerged earlier today surrounding Apple’s combined virtual reality (VR) and augmented reality (AR) headsets.
Nevertheless, some challenges lie on this path. Regulations are the primary obstacle. This is one of the reasons why the interest remains relatively stagnant and explains data from Google Trends showing a gradual decline in interest over time for the search term “metaverse.”