Metaverse: Developing countries are open – rich countries are not
A survey shows that there is more knowledge and enthusiasm about the metaverse in developing countries than in developed countries. A similar survey found the same for blockchain and cryptocurrency.
The metaverse marks a dividing line in technological development between developing and industrialized nations, a survey has found. People in the third world are more open-minded compared to those in high-income countries. The survey also found that knowledge of the metaverse is more widespread in developing countries.
The Metaverse is more attractive to developing countries than to the “first” world
The survey, released on May 25, was conducted by Ipsos in 29 countries. Of the more than 21,000 adults surveyed, 52% said they were familiar with the Metaverse. In addition, 50% said they were positive about using the technology in their daily lives.
China at 78%, India at 75%, Peru, Saudi Arabia and Colombia are at the forefront of optimism about the metaverse. In these countries, two-thirds or more of respondents said they were positive about the metaverse.
In industrialized countries, less than a third of respondents are optimistic about the metaverse. In Germany, only 31% of respondents were positive, in Japan the least – only 22%. Other countries were France, Canada, Belgium and the United Kingdom with values between 31% and 26%.
Also, in high-income countries, which are generally considered more tech-savvy, less is known about the metaverse. France, Belgium and Germany achieved less than 30% in this regard.
Turkey topped the Metaverse Familiarity score with 86%. India and China followed with 80% and 73%, while the highest-income country, South Korea, reached 71%. The technology was least known in Poland – only 27%.
The survey also asked about the areas of life where respondents believe the metaverse will have the greatest impact. For developing countries like South Africa, China and India, these were virtual learning, entertainment, digital contacts and remote surgery. In the industrialized countries of Japan, Belgium and France, hopes of a significant impact were lowest.
High inflation = high cryptocurrency adoption
The crypto exchange Gemini had already published similar results in April. 50% of respondents from Brazil, India and Asia-Pacific bought cryptocurrency for the first time in 2021. By the end of 2021, most cryptocurrencies surged to their highs.
The Gemini report highlighted that inflation and devaluation of local currencies were the main motivators for cryptocurrency use in these countries. Citizens of countries whose currency depreciated 50% or more were five times more likely to buy cryptocurrencies than citizens of countries with low inflation.
The above two factors were the main reasons behind the adoption of Bitcoin as legal tender in El Salvador and Central African Republic. Other countries could follow suit, possibly later this year.