In the past year, the crypto and Web3 market has seen a split between highly volatile markets, but with great prospects for the future of the space. Both users and investors have continued to flock to the industry, especially in areas related to the metaverse.
A new survey by CoinWire, which surveyed over 10,000 investors in the crypto space in December 2022, finds that user sentiment towards the metaverse has a digital reality that is poised to influence all areas of social life. 69% of respondents believe there is a metaverse way to reform social lifestyle with a new approach to entertainment, while 65% believe in a new metaverse approach to social activities.
Sentiment on how this will affect finances, business, and education were also high, at 61.2%, 49.6%, and 45%, respectively. Over the past five years, Microsoft has obtained 158 metaverse-related patents, surpassing major technology companies such as Meta, Tencent, and Epic Games.
As the metaverse continues to evolve, it will have the potential to affect social life in more tangible ways. For example, new metaverse features that included touch and smell were recently revealed at the 2023 Consumer Electronics Show.
Furthermore, the survey found that more than half (53%) of respondents who invest in the metaverse own some form of cryptocurrency.
According to the survey, the United States ranks first in the innovation metaverse. However, China and India rank first in positive sentiment towards daily use of metaverses, at 78% and 75% respectively, as shown above.
The report further revealed that while nearly 9 in 10 respondents have heard the term Web3, 52% retain some kind of uncertainty as to what it actually means when something is called “Web3”.
In line with the uncertainty many investors feel, more than 60% said they want more regulation to apply to the sector. In the past year, regulators around the world have begun to adopt and discuss new rules for the sector.
However, Web3 areas such as the metaverse remain high on the priority list for many countries. Recently, the South Korean government opened its metaverse city pilot to the public.
A McKinsey report predicts that the metaverse will generate $5 trillion in value over the next seven years.
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