The measurement of the impact of Web3 is still in its early stages, but there are already some key insights emerging from dedicated surveys. One promising market within Web3 is the Metaverse, which is expected to be worth $784 billion by 2024, with a significant portion coming from gaming and related hardware.
However, there is still a massive effort of evangelization and education needed to help people understand the potential of Web3. For example, while 8% of social media users have purchased an NFT, a staggering 87% have no idea what the Metaverse is, and 85% are clueless about NFTs. Despite this lack of awareness, 33% of Gen Z users have already bought digital clothing on social media.
Video games play a crucial role in shaping the Metaverse. A study by Obsess and Kantar found that 75% of Gen Z has purchased a digital item in a video game, and 45% of them envision the Metaverse as shopping centers. Furthermore, more than half of the respondents are willing to pay up to $49.99 for a virtual product to customize their avatars.
The American Gen Z population is particularly influential in pushing brands into the Metaverse. A significant majority (60%) believes that brands should sell their products in this virtual environment, and 41% see the Metaverse as a useful place to buy both digital and physical goods.
Interestingly, Americans seem to have a cultural advantage when it comes to understanding the Metaverse concept. Over half of the participants in the Obsess/Kantar study claim to know what the concept refers to, and approximately 40% of them envision it as an online platform with connected avatars. Additionally, 27% of those surveyed specifically associate the term “Metaverse” with Facebook’s Meta.
In conclusion, NFTs and the Metaverse are no longer just passing trends. Stakeholders in Web3 must approach these concepts with humility and focus on education. The Metaverse draws its strength from the younger generations and their affinity for gaming. Brands and merchants should embrace Web3 and take advantage of the growing market, especially in digital fashion, which is becoming a daily reality for the youth.
Useful links:
– Bloomberg – The Future of the Metaverse Driven by Gaming
– We Are Social – Digital 2022 Report
