Last year, cryptocurrencies and Web3 saw a dichotomy between extremely turbulent markets, but great prospects for the future of the space. Both users and investors have continued to accumulate in the industry, especially in areas related to the metaverse.
A new survey from CoinWire, which surveyed more than 10,000 investors in the crypto space in December 2022, found that user sentiment towards the metaverse has a digital reality poised to influence all areas of social life. 69% of respondents have turned to the metaverse to reshape the social lifestyle with a new approach to entertainment, while 65% believe in the metaverse’s new approach to social activities.
Sentiments about how it will affect finances, business, and education were also high at 61.2%, 49.6%, and 45%, respectively. Over the past five years, Microsoft has secured 158 metaverse-related patents, dwarfing big tech firms like Meta, Tencent and Epic Games.
As the metaverse continues to develop, it will have the potential to impact social life in a more tangible way. For example, new metaverse features including touch and smell were recently revealed at the 2023 Consumer Electronics Show.
Additionally, the survey noted that more than half (53%) of respondents who invest in the metaverse own a form of cryptocurrency.
According to the survey, the United States ranks first in metaverse innovation. However, China and India rank first for positive sentiment towards daily usage of the metaverse, at 78% and 75%, respectively, as shown above.
Related: An overview of the metaverse in 2022
The report further revealed that while nearly 9 in 10 respondents have heard the term Web3, 52% remain somewhat uncertain about what is actually implied when something is called “Web3.”
In line with the uncertainty felt by many investors, more than 60% said they want more regulations to be applied to the industry. Over the past year, regulators around the world have begun to adopt and discuss new rules for the industry.
However, areas of Web3 like the metaverse are still high on many countries’ priority lists. The South Korean government recently opened up its pilot metaverse city to the public.
A McKinsey report predicted that the metaverse will generate $5 trillion in value over the next 7 years.
Source: news.google.com