January 28, 2023

The emergence of the Metaverse and virtual reality has created a buzz in the tech ecosystem. This is the next big thing to come out of the continuous technological revolution for many.

However, two entities are the subject here. One is more attracted to the Metaverse concept, while the other is less keen. These are the developing and developed countries.

Folks in developing countries are more excited about the Metaverse than those in developed countries. Moreover, people in developing nations see the Metaverse as something capable of impacting their lives.

On the other hand, high-income countries are not as keen on the Metaverse as their counterparts in developing countries.

Metaverse Attraction Study

The World Economic Forum’s (WEF) recent market survey reveals the distinct behaviors between the two. Furthermore, data from the survey released by the market research platform Ipsos revealed the study’s outcomes.

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More than 21,000 adults across 29 countries participated in the survey. The result shows that 52% are familiar with the Metaverse, while 50% have positive feelings about the virtual space.

Two-thirds of the respondents were from countries like China, Peru, and Saudi Arabia, the top five countries in the survey. The respondents affirmed that they have positive feelings about the Metaverse.

China has the highest percentage of respondents with positive feelings (78%), followed by India with 75%.

High-income countries have the lowest percentage of respondents not too positive about the Metaverse. Japan has the lowest score with 22% of these countries, the United Kingdom with 26%, and Belgium with 30%.

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Others with less positive feelings are Canada, 30%, France, 31%, and Germany, 31%.

However, not just low-income countries see the Metaverse as a positive development to improve life. Other high-income countries like South Korea, China, and Poland have considerable familiarity with the Metaverse.

Moreover, the survey also touched on the areas of life that the Metaverse can impact. Respondents in some developing countries like South Africa, India, and China mentioned entertainment, education, and digital interaction.

In contrast, respondents in developed countries like Japan, Belgium, and France scored the lowest percentage. They do not see the Metaverse as contributing to the improvement of people’s lives.

Crypto and Blockchain are Favorites for Developing Countries

According to an April report from Gemini’s crypto exchange, developing countries are more passionate about crypto. The report also revealed that more than half of the respondents purchased their first cryptocurrency tokens last year.

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The respondents are from Brazil, India, and some selected Asia Pacific countries.

Furthermore, the study discovered that the drivers of crypto adoption are high inflation rates and currency devaluation. Due to decreased economic development, citizens of these countries resort to crypto trading as a way out.

The underlying motive behind their adoption of cryptocurrency is to have the means to earn an income. The absence of viable economic activities drives many to crypto trading. With the rapid emergence of crypto exchange platforms on mobile devices, this is not something difficult to do.

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