Excitement for the Metaverse and virtual/augmented reality (VR/AR) is much greater in developing countries than in high-income countries, according to a survey conducted for the World Economic Forum (WEF). Market research firm Ipsos released the results of the survey, showing the concept is now widely recognized: 52% of more than 21,000 adults surveyed across 29 countries are familiar with the Metaverse and 50% have positive feelings about engaging with it in daily life.
China (78%), India (75%), Peru (74%), Saudi Arabia (71%) and Colombia (67%) were the top five countries where two-thirds or more of respondents said they had positive feelings towards the Metaverse. The lowest-scoring countries with less than one-third of respondents positive about the Metaverse were also the ones with the highest incomes: Japan (22%), United Kingdom (26%), Belgium (30%), Canada (30%), France (31%) and Germany (31%). The United States was in the middle of the list, with 42%.
Interestingly, the concept was less familiar in those high-income countries, too, with fewer than 30% in France, Belgium and Germany. Turkey (86%) was most familiar with the Metaverse, followed by India (80%), China (73%) and the higher income country of South Korea (71%). Poland scored the lowest at 27%.
GAMING, CRYPTO AND THE METAVERSE
Respondents were also surveyed on the areas of life they agree the Metaverse will impact the most. Developing countries such as South Africa, China and India agreed areas like virtual learning, entertainment, work and gaming would make an impact on people’s lives. Again, respondents from high-income Japan, Belgium and France had the lowest percentages of those who agreed that Metaverse applications would significantly change people’s lives.
Developing countries seem to be more enthusiastic about crypto and blockchain across the board, according to an April report from cryptocurrency exchange Gemini, which pointed out that half of the respondents in India, Brazil and the Asian-Pacific region purchased their first cryptocurrency in 2021. The text made the case that inflation and currency devaluation are the drivers of crypto adoption in those regions, stating that residents of countries that experienced 50% or more currency devaluation were five times more likely to plan to purchase crypto than countries that have less inflation.
Talking about regions, the document revealed that Latin America (LATAM) and the Asia-Pacific (APAC) respondents were actively buying crypto in 2021, with 46% of respondents in Latin America and 45% in the Asia-Pacific purchasing their first crypto in 2021. Forty-four percent of respondents in the United States and 40% in Europe started investing in 2021.
Gemini also found that countries like Indonesia and Brazil are leading the world in terms of the share of cryptocurrency investors among the general population. According to the study, 41% of respondents both in Brazil and Indonesia reported owning crypto, compared to just 20% in the United States, 18% in Australia and 17% in Europe.