Is Metaverse a “Bubble”?


If you’re wondering about the metaverse and you don’t seem to understand it, don’t worry you are not alone. 

49% of Americans recently surveyed had little knowledge of what metaverse or cryptocurrencies are.

Last year, Mark Zuckerberg, founder of Facebook, announced the launch of work on building the virtual world of the Metaverse.

After this move, a group of globally known names plunged into the Metaverse. It includes companies in the fashion and sportswear industry. They revealed plans to expand their brands in this digital world.

And last November, JP Morgan Chase became the first-ever bank in Metaverse. It looks to cash in on a trillion-dollar market opportunity.

Metaverse Mark:

Although Zuckerberg wasn’t the first person to coin the term “metaverse.”

Facebook’s decision to enter largely unknown territory has generated interest.

Zuckerberg said 3D spaces in metaverses allow people to socialize, learn, play, and collaborate in ways we’ve never seen before.

The company revealed one of its virtual reality worlds later in the year. To all those who gained access to its proprietary headphones.

Zuckerberg recently expanded Meta’s to-do list. He said in the next five to 10 years, the company will develop immersive virtual environments. It allows users to interact with sounds, fragrances, and even touch in their virtual worlds.

Other tech companies, such as Microsoft or Baidu in China were not open about their long-term plans for their Metaverse releases. However, they see themselves as part of this new world that continues to evolve every day.

In their grand plans to build a new digital world different from the one we are accustomed to today, do these companies lose sight of who their customers are? What do they want?

Besides metaverses, there are terms such as “non-fungible tokens” (NFTs) and various cryptocurrencies. The marketing platform Klaviyo decided to run a survey to find out how much the customer already knows about all this and how eager they are to participate.

Poll results:

The survey, last February, included a thousand citizens in the United States and found that 49% of the participants do not know what metaverse are.

Interestingly, the survey included the younger crowd, between the ages of 18 and 24, who are eager to embrace new technologies.

However, this age group responded that they were not keen on shopping in the Metaverse area. About 65% of respondents stated that they were not interested.

It wasn’t just Metaverse they hated. Similar responses were received regarding non-fungible tokens and cryptocurrencies. Nearly 60% of those surveyed stated that they would not invest in non-fungible tokens, and 30% said they would stay away from cryptocurrencies.

Half of the respondents who had already heard of it, most were skeptical about how it would last, with 78% describing it as a bubble.

It is not only the United States that is not interested in the Metaverse. Clavio conducted a similar survey in the UK a month ago.

The responses in that study were even more astonishing. Of the 1,000 respondents in the UK, 58% did not know what Metaverse was about, while around 96% of those aged 25-54 said they would not shop for the Metaverse.

Most of those surveyed feel that there is a lot of work in the real world before metaverses can develop into something meaningful.