This Survey Busts Popular Metaverse Myths

• The metaverse is going to change several aspects of human life.
• Experts and organizations believe that it is going to become over 10 Trillion USD industry.
• Many big companies around the globe have already entered the virtual realms.

Metaverse is currently the talk of the town across many countries around the globe. Though many are still skeptical about its various aspects such as definition, money creation, and more. A recent survey published during June has busted some of the most popular myths the people have stuffed in their brains. Let’s look at how this study has eliminated them so easily.

Metaverse Is Unknown to People

Metaverse has no definition. This is the most common thought several people have in their minds. According to the survey, 55% of individuals have heard about this notion already, 30% have used or played on one of such platforms.

While talking about the precise definition, 47% knew precisely about the metaverse, describing the virtual worlds as scaled, interactive and immersive network. One-Third of the users lacked the accurate knowledge of the virtual world. 4% of the respondents thought Meta (formerly Facebook) as the metaverse.

Metaverse is Only Suitable for Gamers

Many perceive the metaverse as a game, which is not entirely true. The survey unveiled that many people, while describing the metaverse, talk about games such as Minecraft, Roblox and more. The users familiar with this concept spend around 1.5 hours in video games.

The research found out that 20% of the respondents have attended events like concerts and virtual film festivals. 45% individuals were interested in social games via AR/VR tech. Other interests include shopping, education, traveling, socializing and more.

Metaverse is Fitting for Gen Z Only

Those who are less familiar with advanced technologies are considered to lag behind in understanding concepts like metaverse. This indicates that the advanced generations like Gen Z, Gen X are more befitting for the virtual worlds. The study found out that 50 million of daily Roblox users were less than 16 years of age.

The research says that millennials are the ones who are most aware of the digital world. With two-third heard about it, and half of them are excited about its arrival. Gen Z and Gen X shared almost the same results, while the baby boomers were surprisingly aware of the metaverse.

Money Creation is Close to Impossible in The Metaverse

This is the most uncanny myth regarding the metaverse. It appears like a rumor spread by the haters, because that’s what they do when they cannot do anything. After witnessing so many metaverses like Axie Infinity, Decentraland, The Sandbox and more, this question must be eliminated completely.

The research revealed that people spend around 219 USD on online purchases every year. And 30% of these spendings are associated with the metaverse products, including NFTs, virtual real estate, in-game items, digital enhancements and more. And this spending is likely to escalate in the upcoming 5 years. The study also showed that 11% of the users want to increase their spendings linked to in-game purchases.

Here are some of the myths busted by this survey. We hope that this would help people to remove skepticism they are holding in their minds.

Metaverse is a rapidly growing sector, which is expected to become one of the greatest competitors of various industries operating today. Companies like Apple, Microsoft, Meta, Apple and more are some of the tech giants associated with the development of digital worlds.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.