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Interest in Metaverse Surges Amid Tough Market Conditions

Despite challenging market conditions, Metaverse adoption continues to rise. CoinWire conducted a survey involving 10,000 participants from the cryptocurrency space, revealing unsurprising results.

Over the past year, the crypto and Web3 sectors have navigated through extremely turbulent markets. Despite the negative impacts on the crypto industry in 2022, adoption rates did not falter. The interest from both users and investors in the Metaverse continued to grow, even amidst difficult market conditions.

According to the survey results by CoinWire, the Metaverse is increasingly becoming a significant part of human social life. Research indicates that 69 percent of respondents see the Metaverse as adding a new dimension to entertainment within their social lives. Furthermore, 65 percent of participants prefer conducting their social activities within the Metaverse.

Interest in areas such as finance, business, and education within the Metaverse also showed significant interest, with 61.2 percent, 49.6 percent, and 45 percent of participants, respectively, showing enthusiasm for these subjects. Looking back over the past five years, Microsoft has secured a total of 158 patents related to the Metaverse, positioning itself as a leading entity in the information technology industry.

Interest in Metaverse Surges Amid Tough Market Conditions

As the Metaverse evolves, it increasingly impacts social life in tangible ways. Notably, the introduction of touch and smell features at the Consumer Electronics Show 2023 has marked a significant advancement.

Furthermore, the survey revealed that over half (53 percent) of those who have invested in the Metaverse also own cryptocurrencies, highlighting a strong correlation between Metaverse engagement and cryptocurrency ownership.

According to the study, the United States leads in Metaverse adoption rates. However, as outlined in the previous discussion, China and India are at the forefront regarding positive sentiment towards daily Metaverse usage, with 78 percent and 75 percent, respectively, showcasing enthusiastic engagement.

Web3, not yet fully learned

Interest in Metaverse Surges Amid Tough Market Conditions

CoinWire’s research also uncovered that 9 out of 10 respondents are familiar with the concept of the Metaverse. However, the concept of Web3 appears to be less well-understood.

Amidst a climate of uncertainty experienced by numerous investors, over 60 percent of survey participants expressed a preference for the implementation of more regulatory frameworks within the industry. Furthermore, throughout the past year, regulators globally have started to embrace and deliberate over new regulations for the sector.

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