Report: 93% of consumers are interested in the metaverse, but only 18% of those intend to buy NFTs
A recent study by the Capgemini Research Institute shows that 9 out of 10 consumers are interested in metaverse-related experiences. The study surveyed 8,000 consumers and 1,000 organizations across 12 different countries in order to understand the potential that the metaverse holds for both consumers and companies.
While interest in the metaverse is clear, NFTs have a long way to go
One of the primary reasons that consumers are interested in the metaverse is the potential it holds for virtual social interaction. The study found that out of the 93% of consumers interested in metaverse experiences, these are mostly interested in using the metaverse to interact with friends and family (43%), followed by work colleagues (39%).
In addition to social and entertainment features, consumers are also interested in using the metaverse for commerce and brand interaction. The study found that more than a quarter of consumers are keen on trying and potentially purchasing products and services through the metaverse. However, only 18% of respondents expressed interest in purchasing Non-Fungible Tokens (NFTs).
The results of the study suggest that while the development of decentralized metaverse experiences based on blockchain technology is still ongoing, the opportunities it presents for businesses are already beginning to be realized.
Despite the optimism, the report shows that only a few organizations are scaling their NFT and metaverse-based initiatives. For example, in the media and content sector, 21% of the companies surveyed have launched pilots to create tokenized digital goods or NFTs of artworks, characters, and storylines. However, only 2% have scaled these initiatives.
EU hosted a $407,000 metaverse party; barely anyone showed up
The latest survey by the Capgemini Research Institute shows an overwhelming interest in metaverse initiatives, but reality may tell a different tale.
While there is hypothetical interest in decentralized virtual experiences, execution is key. That was made painstakingly clear during last week’s European Union 24-hour metaverse party hosted in its $407,000 venue, to which only a handful of people showed up and even fewer stayed.
The European Union held the metaverse party with the aim of increasing awareness among 18-35-year-olds who are not politically engaged, primarily on TikTok and Instagram. However, it seems that the message did not reach many people at all. This lack of engagement highlights the challenges that the metaverse faces in terms of execution and adoption.
While the idea of decentralized virtual experiences may be appealing, the reality of creating and maintaining these environments is complex and difficult. Additionally, the metaverse is still in its early stages of development, and it remains to be seen whether it will be able to attract and retain a large user base.
Overall, while the potential of the metaverse is undeniable, it will take time for these virtual experiences to reach their full potential and become mainstream. Until then, organizations and consumers alike will need to be patient and continue exploring and experimenting with the technology to understand its capabilities and limitations fully.
