Most developers see cryptocurrency and Blockchain-related innovation as “essential in shaping the future of the metaverse.”
A new study shows that developers believe that the Metaverse may one day become the “most popular” way to buy and sell cryptocurrencies.
The study, commissioned by Agora, the API provider, surveyed 300 developers about their thoughts and ideas about the metaverse. “Since they will be at the forefront of virtually every development in the metaverse, their thoughts and opinions ultimately carry great weight,” said Tony Zhao, founder, and CEO of Agora.
Main Findings from the Study
The survey shows that 57% of developers believe that the metaverse will one day be the most prominent way to trade cryptocurrencies. However, one in three respondents believes that privacy and data security can be a major challenge for the Metaverse.
Separately, the pollsters also asked the developers if the role of non-fungible tokens (NFTs) would continue to grow and become the main form of currency in the Metaverse. Fifty-three percent of respondents agreed, while 24% disagreed.
The researchers also found that most developers think crypto and Blockchain-related innovation will be “critical in shaping the future of the metaverse.” Seventy percent of respondents agree that developments in the sphere of Blockchain and cryptocurrencies will significantly affect the metaverse.
Slightly over seventy percent of survey participants think real-time engagement will be crucial to creating a “connected experience” within the metaverse. Furthermore, the results also showed that 55% of the participants believe that the Metaverse will replace real-life social interactions in the near future.
As early as March 2022, some companies began setting up stores in the Metaverse. Firms have launched or announced plans to take their businesses online. Companies intend to use the metaverse for business meetings, as a hub for innovation, and as a platform for user engagement.
Still, Metaverse is Not Very Appealing, According to Google Trends
While developers are optimistic about the Metaverse, data from Google Trends shows that the fever may have passed as early as February 2022.
Google Trends shows that over the last twelve months, “metaverse” searches gained relevance between October and December 2021. However, since the beginning of 2022, search interest continues to decline, reaching its lowest point for 2022 in March.
Apart from the keyword “metaverse”, the data shows that the global search for “NFT” has also started its decline this year. However, the drop in interest in NFT is more notable, as it hit all-time highs in 2021 and then fell sharply in the first quarter of 2022.
In December 2021, global search interest for “NFT” surpassed that for “crypto” for the first time. Additionally, the monthly trading volume on the NFT marketplace OpenSea also hit a new all-time high in January. The increase in keyword search volume and trading volume shows that NFTs have finally caught public attention.
The growth of non-fungible tokens (NFTs) in 2021 has been attributed to some of the biggest NFT auctions of the past year and celebrities starting offering their own collections. From influential rappers like Snoop Dogg to marketers like Gary Vaynerchuk, many figures brought interest to NFTs last year.
By Audy Castaneda
