How to Use the Metaverse? Sortlist Study Says: If Not for Entertaining, Don’t Bother
Published on: 12 Jul 2023 | Author: Jorge Uceda
Digital & Marketing Strategy Reports
In this Marketing Report:
- What Is the Metaverse?
- How Quickly is the Metaverse Being Adopted?
- NFT Investments
- Will the Metaverse Fail?
- Methodology.
From the Oculus Rift (RIP) to 2024’s new darling the Apple Vision Pro… whatever you want to call it (spatial computing, the metaverse or simply AR) virtual reality is here to stay. And with any major shift in technology, the what’s important isn’t to be first per-se, but to adopt for your business at the very moment your consumer is ready.
That is why we decided to survey 1000 general users and marketers across Belgium, Germany, Spain, France, and the Netherlands, and understand what they expect from the metaverse and spatial computing see what their thoughts are on how to use it, if they want to participate, and if it is really a thing of the future or just another trend.
70%
of respondents understand what the metaverse is
NFTs
What 61% of respondents would not invest in inside the metaverse
Escape reality
What most users think the metaverse represents
What Is the Metaverse?
More Than a Name Change
65% of users surveyed across Europe were perfectly aware of Facebook’s name change.
65.63% among the men surveyed knew the company had done so, compared to 63.81% among women.
Do People Know Facebook’s New Name?
Almost 90% of the general public knew that “Meta” is Facebook’s new name. In contrast, only 81% of marketers mentioned “Meta.”
12% of them added “I don’t know/I am not sure” as an answer, which was nowhere seen in the general public survey.
Understanding the Metaverse
Our survey indicates that Meta’s vision has been transparent to users, as 66.67% of respondents said they understand what the metaverse is.
How Would You Define the Metaverse?
When asked to define the metaverse, as in, the virtual world, just over half of users got it right. However, that didn’t stop an important 26% of them saying that it was “Facebook’s new name.”
A tiny fraction also thought the metaverse is “linked to Web3” and is a “new Google.”
How Would You Define the Metaverse?
Users older than 54 knew that the metaverse was a virtual world (63%) more than did younger users aged between 25-34 (59%).
How Quickly is the Metaverse Being Adopted?
Expectations for the metaverse
According to our survey, people’s thoughts on the use of the metaverse are all related either to escapism or the future. An important 20% said a virtual world is “a way of escaping the real world,” followed by 17% that said it is the future and 16% that see it as a way of distraction.
What Users Expect from the Metaverse
The metaverse represents a way to escape the real world for women (58%), whereas it represents the future for men (53%).
Is the Metaverse a Good Thing?
For branding purposes, it seems it is. But companies should be careful, as half of the users we polled remarked that they would not trust a virtual world. This may not be good news for businesses.
NFT Investments
Do People Know What NFTs Are?
Almost 60% of the general public said they are aware of what NFTs are.
Of these, men are more knowledgeable than women (76% vs. 46%).
Is It Worth Investing in NFTs?
Exactly 60.5% of respondents would not think of investing in these assets.
Is It Worth Investing in NFTs? An Overview By Country
Users in Spain and the Netherlands seem to be the most optimistic in terms of NFT investment, since they present the highest index of users who would consider it. Both countries are equally split, with 50% of users in each agreeing they would consider investing.
Conversely, it is in Belgium and France that the gap is widest, countries in which users are reluctant to invest in NFTs. In Belgium, only 17% of respondents would consider them and 83% would not, while in France, only 29% would consider it and 71% wouldn’t.
Germany stands at a midpoint, manifesting the smallest difference between users who would consider NFT investments (45%) and those who would not (55%).
NFTs As Reliable Investments
When asked if they would see NFTs as reliable investment opportunities, most users were hesitant about it.
Only 17.7% said they were considering potential investments in NFTs.
Will the Metaverse Fail?
The studies we have carried out at Sortlist demonstrate that both brand and user seem to be heading in directions that aren’t always aligned, making the synergy between both difficult.
Despite seeing companies targeting the right group (young men who we saw are the most interested), the metaverse still needs to tackle the issues of trust and cybersecurity correctly for it to succeed.
Our user study tells us that users simply aren’t ready to treat the metaverse as anything other than an entertainment tool, and even so, they are wary of providing their personal data freely in this virtual world.
Facebook is no stranger to data concerns. However, with the power of its brand behind virtual worlds, the metaverse could well move quickly from hype to daily reality.
Methodology
The study was conducted between February 24th and March 1st, 2023, among 1000 respondents above the age of 18 across Belgium, Germany, Spain, France, and the Netherlands. In the study, we surveyed business owners, the public, and marketers with the aim of finding out how people are reacting to the metaverse. The responses are anonymous.
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