Research: 7 Out of 10 Gen Zs are Drawn to the Metaverse
Research platform Cassandra has released new research titled Fact or (Science) Fiction? — What’s Real in the Metaverse?, revealing how Gen Z people believe in the metaverse’s potential to create jobs and boost the global economy.
The Metaverse Gaining Prominence Among Younger Generation
Cassandra, the insights and strategy research arm of Big Village, an advertising, and data company, recently surveyed a group of young consumers and found that 61% of Gen Zs see the metaverse as the future of the Internet and its development is crucial to the growth of technology on a global scale.
Kathy Sheehan, Senior Vice President, Cassandra, said:
“Gen Z enjoys the aspect of creative freedom, and as the metaverse and new technologies are developed, they’re eager for new opportunities to collaborate and connect. Gen Z has trust in the digital world and can see great value in what the metaverse has to offer.”
The team says the research was based on quantitative surveys across the United States and the United Kingdom. Cassandra conducted in-depth interviews with 550 Gen Zs in the UK and 1,000 young people within the United States between the ages of 14 and 34. In addition, the team polled 500 trendsetters in the UK and the US, from the ages of 14 to 34.
Interestingly, the report also reveals that 44% of U.S. trendsetters frequently use cryptocurrency,
43% of Gen Zs indicated that they understand how Bitcoin (BTC) and other cryptocurrencies work. Many factors, including the COVID-19 pandemic, have pushed the majority (59%) of the younger generation to source additional revenue streams, including cryptocurrency trading.
The Metaverse Going Mainstream
The metaverse is positioned to become “the future of the internet,” according to many experts and enthusiasts in the crypto space. As the buzz surrounding the metaverse continues to grow, more businesses will continue to discuss and join the metaverse bandwagon, and integrate the underlying blockchain technology into their processes.
Notably, early adopters are becoming more prevalent. According to Statista, 74% of American adults have joined or are contemplating joining the metaverse.
Since Facebook changed its name to Meta and planned to invest $10 billion to create the metaverse ecosystem in 2021, this idea has gained traction among the older generation, especially in the U.S. Users of the platform can communicate with friends, family, and coworkers via virtual avatars.
Many other tech giants like Apple, Sony, Google, and Microsoft have joined in on the race to metaverse adoption by building innovative products around the metaverse concept. Notably, Microsoft has made it clear that it sees the metaverse as an “essentially transformative technology.”
Microsoft is working on advanced mixed reality display systems like HoloLens and offering a wide variety of cloud-based services through Azure Intelligent Cloud. And on top of those platforms, the company also has Unity, Modern Workplace Solutions, Office, and Dynamics 365.
Essentially, these innovations will enable users to meet, interact with others, and carry out business in the metaverse sphere.
A lot must be done before the metaverse can achieve total global adoption. However, with more traditional institutions looking to leverage the advantages of this sector, it’s just a matter of time.
