BlocksInform
The term metaverse continues to make headlines, as over 60% of people see it in their daily lives. However, there are still barriers to its passage.
Last year, metaverse experienced a significant pull as global companies struggled to take advantage of its popularity.
Metaverse has become mark zuckerberg's favorite project; the head of facebook has even gone so far as to rename the company's meta. But his excessive enthusiasm eventually drove the value of the company's shares down.
But in spite of that, the reports say it will probably be worth $5 trillion by 2030.
During the pandemic, social distancing and lockdowns left many feeling alone. Although most of the pandemic is over, social interactions are still weak.
For many people, the choices ahead will be either the lack of social interaction or virtual reality interaction. And interacting with metaverse promises to be more interactive than texting or uploading photos.
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. It is only one of the many applications of real life that can contribute to everyday 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. For example, in the past five years, Microsoft has obtained 158 metaworm-related patents, eclipsing rivals such as 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 developed its initiative, "define and build the metaverse," with more than 120 attendees.
Media hype has resulted in major push-ups of metaverse projects. Decentraland, and Sandbox’s , among others, prices have increased significantly over the past two years.
Interest Stagnates
Today, CoinMarketCap has a total market capitalization of $14 billion. And those chips should go up. Rumors emerged earlier today surrounding Apple’s combined virtual reality (VR) and augmented reality (AR) headsets.
But there are some challenges in that direction. 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.”
