Consumers Know the Metaverse…But Do They Like It?

The metaverse is a term we’ve been hearing about a lot recently, but it’s really nothing new. When Meta (formerly Facebook) announced its foray into the space, suddenly everyone was talking about it. But there have been variations of it for nearly 10 years. It’s just now, in the technology-driven environment we live in, that people are finally starting to pay attention and allow themselves to think about a world in the metaverse.

According to a recent survey by Big Village Insights, the research and analytics division of Big Village, a global advertising, technology, and data company, 79% of consumers have at least heard of the term “metaverse”, with 51% knowing something about it. Curiosity and the interest in seeing what the metaverse actually has to offer is pushing consumers to look past the possible cons and jump in. But what are consumers most intrigued by when it comes to the metaverse?

Well…everything.

A Digital World

Of course, the metaverse is a digital world but sometimes consumers don’t realize just how much of a digital world it can be. Consumers can create entire worlds for themselves in the metaverse. In a landscape where the lines between our digital lives and real lives are blurring, it isn’t all that surprising that one of the biggest draws to the metaverse for consumers is the ability to experience real life things in a virtual world – from vacations to concerts to shopping.

58% of those surveyed by Big Village Insights stated they would be interested in traveling virtually to anywhere in the world to a destination / vacation. Additionally, half of consumers agreed that they’d like to have the ability to interact and gather with others to attend digital concerts, sporting/gaming events or shows as animated versions of themselves.

As a result of the pandemic, people flocked to the online world to make connections and experience human interaction. As restrictions have eased and life has gone back to “normal” people are finding themselves still clinging to those online experiences they had during the pandemic. The pandemic opened up an entirely new world of possibilities online (does anyone remember virtual tours of museums and music artists live streaming concerts from their homes?). Consumers are seeing that those possibilities can continue in the metaverse.

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The Future of Education

The future of education is tricky as it’s changing nearly every day. Education was one of the many things impacted by the COVID-19 pandemic, and it hasn’t quite gone back to normal yet. Learning in a virtual environment proved to be difficult for many…but it was also an advantage for some people.

Being able to learn in the comfort of your own home, where you can eliminate distractions or create an environment where you can best absorb the information is something people are interested in. In fact, 53% of people want to experience attending a virtual classroom / virtual educational setting in the metaverse. With 77% of Gen Alpha reporting they learn better with technology, according to a recent study conducted by Cassandra, Big Village’s insights and strategy group that studies trendsetting young consumers, education could be coming to the metaverse. In any event, it is an opportunity that is intriguing to younger and older generations alike.

Work in the Metaverse

The conversation about the future of work is forever evolving at this point. There will never really be a “one size fits all” when it comes to working again. With work from anywhere policies and hybrid working models it seems very unlikely that companies will have all of their employees in the office at one time ever again. So now the question is how companies can continue to build comradery and replicate that office environment when some colleagues have not even met face to face.

They could find their answer in the metaverse. Like hosting digital concerts or opening a digital boutique, businesses can open virtual offices within the metaverse. 52% of those surveyed by Big Village want to work/attend meetings with colleagues in the metaverse. With the ability to buy and sell land within the metaverse, we could be looking at a scenario where rather than having an in real life office, companies are budgeting for a virtual one instead. If we can host concerts and parties and sporting events in the metaverse, why not the next company retreat?

The metaverse is, if nothing else, piquing the interest of people everywhere. As familiarity of the virtual worlds grows, consumers are only going to want to explore everything it has to offer. There are significant pros to the virtual environment like reimagining what the future or work and school look like and how we form human connections and gather. However, just because consumers are becoming more familiar with the metaverse does not mean that they’re ready to jump in headfirst. There is still a lot of learning that needs to be done on what the consequences of living a digital life might be.

But it looks like, at least for the time being, the metaverse is here to stay.

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