Developing nations eager about the metaverse but rich nation’s approach still measured: WEF Survey

• A survey has shown that developing nations have more enthusiasm and knowledge regarding the metaverse than developed ones.
• A similar survey showed the same high interest when it came to cryptocurrency and blockchain.

The metaverse is quite an interesting point of technological development in developing nations, a survey has shown. People in these countries are more thrilled by it, compared to those in high-income countries. The survey concluded the same when it comes to knowledge regarding the metaverse; developing nations know more than advanced countries.

Metaverse more lustrous to developing than first-world countries

Published on May 25, the survey was conducted by market research company Ipsos in 29 countries around the world. Of the over 21,000 adults surveyed, 52 percent depicted familiarity with the metaverse. Additionally, 50 percent were positive about utilizing the technology in their daily lives.

China (78 percent), India (75 percent), Peru, Saudi Arabia, and Columbia led in terms of optimism regarding the metaverse. In these nations, two-thirds or more of respondents said they were positive about the metaverse.

‘Richer’ nations, per the survey, had less than a third of respondents optimistic regarding the metaverse. Germany had just 31 percent, positive respondents, while Japan had the least (22 percent). Others were France, Canada, Belgium, and the United Kingdom which scored between 31 and 26 percent.

Moreover, high-income countries, which are generally seen as more tech-savvy, knew less of the metaverse. Regarding this, France, Belgium, and Germany scored less than 30 percent.

Turkey-led when it came to metaverse familiarity at 86 percent. India and China followed at 80 and 73 percent, while the higher-income nation of South Korea scored 71 percent. Poland was least aware of the technology (27 percent).

Aside from these, the survey also covered areas of life that people felt the metaverse would be most impactful. For developing nations like South Africa, China, and India, such areas were virtual learning, entertainment, digital socializing, and remote surgery. Yet again, developed Japan, Belgium, and France had the least hopes of significant impact and won the metaverse.

High inflation, high crypto adoption

In April, crypto exchange Gemini released similar results to those of metaverse uptake. When examining enthusiasm for crypto and blockchain, developing nations still led. Additionally, 50 percent of the respondents from Brazil, India, and the Asia Pacific purchased their first cryptocurrency in 2021. The year saw most cryptocurrencies rise to their all-time highs.

The Gemini report highlighted that inflation, and currency devaluation were key motivators of crypto adoption in these countries. Citizens of countries whose currency had depreciated by 50 percent or more were five times more likely to buy crypto than those with less inflation. 

Of note, the two aforementioned factors were some of the key drivers behind El Salvador’s uptake of Bitcoin as legal tender. Other than the Central African Republic (CAR), the nation may influence others to follow in its footsteps, possibly within the year.