The metaverse combines many technologies to experience how we use tech and interact with it across many facets of our lives from social relationships to entertainment, gaming to fitness, and work to education to commerce.
In our recent study, we defined the metaverse as “the virtual worlds built by tech companies (e.g. Meta, formerly Facebook, and Microsoft) where users are able to work, play and socialise online.”
Essentially, virtual reality and mixed reality are accessed via a browser or headset to have interactive experiences in real-time regardless of your geographic location. Currently, it’s in its infancy with several metaverses with their own avatars, access, currency, and more. This is similar to the early days of the internet when users of America Online, for example, were unable to interface with users of competing services. Eventually, the internet surpassed all of them; experts believe the metaverse will follow this path.
As the metaverse continues to evolve and mature, the trajectory is primed for tremendous growth. According to a McKinsey study, it could be worth $5 trillion by 2030! For perspective, that’s equivalent to the gross domestic product of Japan.
So how many people know about the metaverse?
Our study revealed a correlation between age, awareness, and acceptance of the metaverse. For instance, 62%of Gen Zers have heard of the metaverse and 46% of them say it will be part of their job in the future. Millennials possess similar sentiments, which are in stark comparison to older generations’ views: