Probing reality and myth in the metaverse - Deepstash
Probing reality and myth in the metaverse

Probing reality and myth in the metaverse

mckinsey.com

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The Mystery Of The Metaverse

The Mystery Of The Metaverse

The metaverse—like many innovations—is shrouded in mysticism and scepticism. Proponents believe that the metaverse will be revolutionary and fully transform the way we work, shop, socialize, and play. Others are more sceptical and see a hype-fueled fad that appeals to gamers and celebrities.

A majority of consumers know and engage with some form of the metaverse, and many expect it to become a significant part of their lives. We debunk six myths about the metaverse and now see that consumers across age cohorts will shape its purpose and prosperity.

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Survey Results: Defining The Metaverse

Survey Results: Defining The Metaverse

  • Forty-seven percent described the metaverse with vibrant clarity, using terms such as “immersive,” “interactive,” or a “scaled network.”
  • Nearly one-third of early adopters had a basic understanding of the metaverse as “a digital world beyond anything a person can imagine” but lacked a clear view of how it works.
  • The remaining early adopters of the metaverse couldn’t actually describe it clearly in their own words, despite being a user or player in one of the digital worlds. About 19 percent had simply no clear understanding.

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Myth #1: No One Knows What the Metaverse Is

Myth #1: No One Knows What the Metaverse Is

  • Well-known experts refer to the Metaverse as "the internet of the future" or point to immersive devices to demonstrate various platforms and user experiences.
  • Most people are unfamiliar with the term, but know of at least one existing metaverse platform (e.g. Roblox, Fortnite, or Decentraland).
  • Nearly one-third of early adopters had a basic understanding but lacked a clear view of how it works.

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Myth #2: The Metaverse Is a Fad

Myth #2: The Metaverse Is a Fad

  • 20% of the population expects to spend more time online exercising, working, reading, and shopping in the future.
  • People's interest in immersive digital activities and experiences is growing.
  • 10% have tried augmented reality or metaverse dating.
  • Generation Z and millennials expect to spend close to five hours a day in the metaverse.
  • This expected shift is driven by a desire for greater convenience and connectivity.

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Myth #3: The Metaverse Is for Gamers

Myth #3: The Metaverse Is for Gamers

  • People who are familiar with the metaverse spend 1.5 more hours per week playing video games compared to those who are unfamiliar.
  • Entertainment and shopping in the virtual world are popular.
  • One in five metaverse users has attended virtual live events.
  • Approximately one in four will be metaverse "superusers"

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Myth #4: The Metaverse Is Geared to Gen Z

Myth #4: The Metaverse Is Geared to Gen Z

  • Gen Z is enthusiastic about the metaverse
  • Two-thirds of Roblox's 50 million daily users are under the age of 16
  • Luxury and mainstream brands like Gucci and Vans are ramping up their metaverse strategy with a focus on attracting younger consumers
  • Both brands are experimenting on multiple platforms to determine where and how to recruit lifetime customers

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Myth #5: You Can't Make Money in The Metaverse

Myth #5: You Can't Make Money in The Metaverse

  • Commercial value is already scattered across different digital products and services for companies to capture
  • Consumers expect their spending on metaverse-related digital assets to increase in the next five years, with 11 percent looking to spend more on in-game purchases
  • Currently, millennials are the highest spenders, followed by Gen Z
  • Gen Z spending shows a split: overall, they spend $47 annually, but older, employed consumers spend $107 on average

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The Speed And Adoption Of The Metaverse

The Speed And Adoption Of The Metaverse

  • There remains low penetration of immersive devices among consumers, and there are infrastructure barriers in the way of a truly scaled, immersive metaverse future
  • Close to one-third of metaverse users see technology as severely limiting their dream experience
  • A high correlation between users expecting a realistic experience and frequency of use will push companies to build more immersive experiences
  • Consumer expectations regarding data will challenge companies to develop creative solutions

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Implications For Metaverse Brands

Implications For Metaverse Brands

  • Brands will need to define their metaverse strategy-and the decision on which path to take will depend on what they believe about adoption, opportunity, and investment required.
  • One thing is certain: whatever shape the metaverse will take, consumers will be the driving force behind the evolution.

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