Last year crypto and Web3 saw a dichotomy between a very turbulent market, but the prospects were high for the future of the space. Both users and investors continue to flock to the industry, especially in areas related to the metaverse.
A new survey by 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 that is ready to influence all social spheres. 69% of respondents have placed a bet on the metaverse to reshape their social lifestyle with a new approach to entertainment, while 65% believe that the metaverse’s new approach to social activities.
Sentiments about how it will affect finance, business and education are also high at 61.2%, 49.6% and 45% respectively. Over the past five years, Microsoft has secured 158 patents related to the metaverse, surpassing Big Tech 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, a new metaverse feature that includes touch and smell was recently revealed at the Consumer Electronics Show 2023.
In addition, the survey revealed that more than half (53%) of the respondents who invested in the metaverse had some form of cryptocurrency.
According to the survey, the United States came in the top position for metaverse innovation. However, China and India took the top positions for positive sentiment towards daily use of metaverse, 78% and 75%, respectively, as shown above.
Related: Overview of the metaverse in 2022
The report further states that while almost 9 out of 10 respondents have heard the term Web3, 52% retain some uncertainty about what is happening when something is called “Web3.”
In line with the uncertainty felt by many investors, more than 60% said they wanted more regulations applied to the industry. In the past year, regulators around the world have begun to implement and discuss new rules for the industry.
However, Web3 areas like the metaverse remain high on the priority list for many countries. Recently the South Korean government opened a pilot metaverse city to the public.
A report from McKinsey predicts that the metaverse will generate a value of $5 trillion in the next 7 years.