The undeniability of the metaverse
The metaverse is a term that was originally coined in 1992, in Neal Stephenson’s science fiction novel ‘Snow Crash’. In the novel, Stephenson describes the metaverse as we know it today. It’s a virtual world where the protagonist of the book makes friends, enemies and transacts through his digital avatar.
Three decades later, the metaverse is rapidly entering our lives. Facebook, the social media platform that took the world by storm since 2006, has renamed itself to Meta to embrace this new ‘reality of things’. Other Fortune 500 companies like Nike, have been heavily investing in the metaverse - by purchasing design studios and issuing NFTs (Non-Fungible Tokens - digitized art and items that can be traded and used on digital platforms).
Emergen Research predicts that the metaverse will be an $800 billion market in the next five years, creating thousands of new jobs. That’s a huge leap forward, considering the metaverse market was only worth $46 billion in 2020.
So, how is all of the above affecting human interaction?
Covve’s Research team ran an extensive survey in the United States, looking to better understand how people perceive the metaverse.
Who participated?
Our sample consisted of all age groups, people who were experienced in networking, and welcomed the adoption of virtual interactions. All of the participants understood the concept of the metaverse.
Covid-19 demanded enhanced remote communication such as video calls, which, to the comfort of most participants, is becoming increasingly popular. Despite that, nearly all of our participants believe that face-to-face communication is more efficient and warrants for stronger relationships.
All of our participants were pre-screened on their knowledge of the metaverse. Our study shows that 34% of participants identified as experts on the metaverse by actively interacting and transacting in it.
In an attempt to position the networking habits of our participants, we discovered that:
- 45% identified as experienced networkers
- 74% of the participants believe that in-person interaction yields greater results
- 62% choose video calls as the form of communication
The link between the participants and the video calls could be a consequence of the COVID-19 pandemic, which accelerated the adoption of remote work and led the interest for video conferencing software to increase by 500% in 2020 alone.
Is the metaverse disrupting the way we communicate with each other?
As the metaverse gains traction, there is an increase in the number of people who believe it is a disruptive force. In terms of the metaverse improving our ability to connect with others, some believe that it may include important details of in-person communication such as body language and eye contact. Our study showed us that:
- 60% believe the metaverse will improve our communication
- 38% believe that the metaverse will be disruptive
- Primarily female participants between the age of groups of 18-24 and 35-44 believe the disruption is possible
- 55% believe that eye-contact matters
- 42% of this same sample also believe that eye contact will be equally effective in the metaverse
- 46% believe that body language will be possible through avatars in the metaverse
This seems to be in line with the research of Derks, Bos, and Grumbkow (2007), which identifies how digital constructs such as emoticons can imitate body language.
Forming relationships in the metaverse
We also explored how the participants aim to nurture relationships in the metaverse. A 2009 study by OECD found that trust determines how we perceive others as potential partners or rivals. Trust defines the relationships that shape the macro scheme of things - from the progress of society to its economic growth.
When it comes to trust, our results were surprising.
- 38% believe that they will be able to trust people they meet in the metaverse
- 55% would be interested to meet people, who they've met in the metaverse, in real life too
- 45.4%, who are older than 54 years old, state they are unsure whether to trust people they meet in the metaverse
Existing research depicts that new users rely on trust when accessing virtual environments (Gefen et al, 2008). It should be noted that trust in the metaverse is not universally shared across all demographics. The results of our survey show that older ages are not so trustful in the metaverse.
Our conclusions
The metaverse is not a new concept. It has been around for decades through platforms like Second Life or MMORPGs like World of Warcraft. Yet, similar to other technologies like 3D printing or VR, the metaverse finally stands a real chance of being adopted by a critical mass.
In terms of Roger's innovation adoption lifecycle, technologies become wildly popular when they cross the “chasm” that divides the early adopters from the early majority. The metaverse is en route to achieve that. By 2026, Gartner research estimates that 25% of the world’s population will spend at least one hour per day on the metaverse working, socialising, or recreating.
Even if the metaverse is a new reality, some things remain unchanged. Just as in the case of networking in real life, networking in the metaverse enables us to meet new people, explore new opportunities and form new relationships. In the same manner that every social platform does - whether that’s a social network, a video game, or immersive virtual reality.
