Depending on who you ask, the metaverse is everything and nothing. A place where everyone is already meeting to work, live and play out their lives digitally. Or a place that really does not even exist yet.
Either way, it is a place of fascination for technophiles and technophobes alike. Â
According to a popular definition, the metaverse is an interactive space that combines real-life social interaction with extended reality (XR), and has been labeled as game-changing by many experts across a wide range of industries.
Of course, because the metaverse is projected to be the next internetâinternet 3.0 / Web3âover the next two years and become a $300 billion dollar industry, it has everyoneâs attention.
We went outside of Agora and spoke to 300 US-based developers to learn more about what they thought about the metaverse and what we will see in the coming years. Why developers, you ask? Â For developers, the growth of the metaverse allows the development of new communities and allows them to better connect with users. Â
Hereâs a closer look at what we found.
Data privacy is key: Who is in charge of protecting your information?
According to the survey, 33% of respondents believe that data privacy and security are the biggest hurdles that the metaverse has to overcome.
The big winners: Gaming and entertainment/leisure
When asked which industry will benefit the most or experience the greatest positive impact from the metaverse, the developers surveyed put gaming and entertainment at the top, with 26% each.
Itâs all about being social: Expect social to migrate to the metaverse
More than half of the developers (55%) say that it is likely the metaverse will replace real-life, in-person social interactions and experiences within the next 5 years.
Show us the money: Metaverse currency
The majority of developers are bullish on NFTs and believe they will become the biggest currently in the near team.
Further, 57% of respondents think that the metaverse will become the most popular place to buy, store and trade cryptocurrency, while 18% disagree and 25% feel neutral.
And when asked if cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse, 70% agreed, 9% disagreed and 21% felt neutral.
Who will own the metaverse? Itâs too early to tell
It shouldnât surprise that Facebook/Meta was top of mind in this survey, with more than half (55%) of respondents putting it on top of âowningâ the metaverse. The other top responses werenât surprising either: Â
A key to growth
When asked if real-time engagement technology (interactive, two-way digital video and audio) will be the solution to creating a more engaging and connected experience for the metaverse, 72% believe it will be critical, while 5% think it wonât be a prominent factor and 22% feel neutral about it.
