--- description: Capterra interviewed 1,001 Australians to see if they are interested in using virtual world platforms. We ask, is the metaverse the future? Read more here. image: https://gdm-localsites-assets-gfprod.imgix.net/images/capterra/og_logo-e5a8c001ed0bd1bb922639230fcea71a.png?auto=format%2Cenhance%2Ccompress title: Is the metaverse the future? --- # Is the metaverse the future? 52% of Australians are interested in trying it Canonical: https://www.capterra.com.au/blog/3282/research-study-is-metaverse-the-future-australia Published on 27/12/2022 | Written by Laura Burgess. ![Is the metaverse the future? 52% of Australians are interested in trying it](https://images.ctfassets.net/63bmaubptoky/4QSeo2cbwKckmRF76UOUzK/d5f7b497635367cb1c2ee5a42428199e/is-the-metaverse-the-future-AU-CAP-header-image.png) > Metaverse platforms and augmented reality technologies have the potential for companies to take the customer experience to the next level. But how do consumers feel about shopping and socialising in virtual reality? Is the metaverse the future?  ----- ## Article Content Metaverse platforms and augmented reality technologies have the potential for companies to take the customer experience to the next level. But how do consumers feel about shopping and socialising in virtual reality? Is the metaverse the future? In this articleHalf of Aussies are unfamiliar with the concept of the metaverseOnly 8% of Australians have accessed the metaverseCuriosity is rated the top reason Aussies are interested in trying the metaversePotential challenges in using the metaverse, according to AussiesIs the metaverse the future?The metaverse is reshaping the way in which industries, such as gaming, retail, real estate, and financial services, do business. Despite still being largely conceptual, the global metaverse market hit an estimated US$38.85 billion in 2021 and is expected to surge to US$678.8 billion by 2030. The digital technology evolution may represent an opportunity for companies to expand their business as part of their growth strategy. But what is the current attitude towards the metaverse in Australia? Capterra interviewed 1,001 consumers to find out how they feel and how much they know about virtual reality platforms. The full methodology can be found at the end of this article. What is the metaverse?The metaverse —a portmanteau of ‘meta’ (meaning ‘beyond’) and ‘universe’— is a digital world where users can connect and interact socially. The 3D virtual reality space exists in a computer-generated environment where users can express themselves as avatars and go about their usual activities, such as working and shopping.Half of Aussies are unfamiliar with the concept of the metaverseThe term ‘metaverse’ was first coined in the science fiction novel ‘Snow Crash’ by Neal Stephenson in the ’90s. But three decades later, fantasy is becoming a reality as big tech companies, such as Microsoft, Google, and Meta (formerly Facebook), are currently designing their versions of metaverse platforms. But how much do consumers know about these virtual worlds?Capterra provided a definition\* of the metaverse to survey-takers and asked if they were familiar with the concept. Only 30% of respondents said they ‘knew exactly’ what was meant by the term. The group comprises 32% of survey-takers who belong to Generation Z and 32% of those who are millennials, highlighting the younger generations as perhaps the most metaverse-savvy. Half of Australians surveyed (50%) said they were unfamiliar with the concept of the metaverse (33% ‘knew the name but not the concept’ and 17% were ‘not familiar’ with either). When asked how they feel about the metaverse according to our definition, most survey-takers (43%) said they ‘feel neutral’. This is perhaps because there is still a lack of general knowledge and experience in using these platforms, leaving consumers indifferent. 39% of Aussies view the metaverse concept positively, whilst only 18% said they feel negative about it. This shows that there is still curiosity from consumers and potential for the metaverse to flourish. Only 8% of Australians have accessed the metaverseWhilst we know it is not a new concept, the metaverse seems to have gained traction recently when Facebook rebranded to Meta in 2021. Founder Mark Zuckerberg outlined his vision to fully transition the social media site into a metaverse platform within the next five years. This is just one example of many large corporations that are rolling out their own platform. But are consumers ready? According to Capterra’s research, only 8% of survey-takers have accessed the metaverse, which is unsurprising as it’s still mostly in the developmental stages. Most survey-takers (52%) said they have not accessed the metaverse but are interested in doing so.We asked the small group of people who have tried the metaverse the primary reason for accessing it. 32% of users said it was because they like to keep up with the latest technology trends, 29% said it was to join a specific event or game, and 27% said it was because they heard about it from friends. We also asked users about the activities they used the metaverse for. The most popular answers were:Gaming (60%)Attending virtual conferences/ events (39%)Interacting with other people (38%)Shopping for virtual products, such as avatar personalisation (34%)Shopping for physical products, such as trying on clothes to buy later in real life (20%)How to access the metaverseThe ways in which to enter the metaverse varies across each brand’s platform. Some metaverse platforms require a designated virtual reality (VR) headset. Other platforms can be experienced via a smartphone, PC, or laptop and require access to an internet browser. Users will need a digital wallet to help them get the most out of their experience so they can store, receive, and transfer tokens. The metaverse wallet can be used to shop for both traditional digital goods (e.g., music, games, or apps) and physical world items. It can also hold digital goods, such as avatars and virtual decorations. Curiosity is rated the top reason Aussies are interested in trying the metaverse  In the group of Aussies who said they have never accessed the metaverse but are interested, the majority said they would try it ‘out of curiosity’ (67%). New technology is exciting, and consumers want to experience it, even if they don’t fully understand how it works. The second most popular reason survey-takers would like to try the metaverse is ‘to access unique or exclusive experiences’ (37%), followed by using it ‘to socialise’ (31%).The metaverse opens up opportunities for marketers to reach consumers in a much more engaging way than just via an internet browser. It’s exciting to be able to interact with products directly, try on clothes virtually or meet up with friends at a digital music festival, for example. This next-level customer journey experience is why companies should recognise the potential value of investing in a metaverse platform. Australians with no interest in using the metaverseCapterra found that 40% of survey-takers have never accessed the metaverse and have no interest in doing so. ‘Not being interested in these kinds of technologies’ was rated as the top reason not to use the metaverse by 49% of people. This was followed by ‘not wanting to depend on technologies even more’ (42%) and ‘being worried about personal data’ (33%).Top metaverse platforms to date There are currently over 160 companies developing metaverse platforms and environments. Here are some examples of metaverse companies:1.Meta (Facebook): The company rebranded to Meta as it wants to be ‘the future of social media’ and plans to change the way in which people work, play, and shop online. 2.Decentraland: The platform is decentralised, meaning data is not being collected by third parties. It is a space where users and their avatars can explore different landscapes and is known for its virtual real estate, where users can sell and buy virtual land. 3. Sandbox: This metaverse platform allows users to create, sell, and monetise their virtual reality assets (or non-fungible tokens) in the Ethereum blockchain. This requires an in-house 3D editor called VoxEdit. 4.Roblox: Another metaverse gaming platform where users can create their own virtual spaces. Nike built their own metaverse (Nikeland) using Roblox. Users can take part in sports games, browse the latest Nike collections, and purchase both virtual and real-world items. 5. NVIDIA: The company NVIDIA has created its Omniverse platform, which can help developers, designers, and artists collaborate virtually on building virtual worlds. Potential challenges in using the metaverse, according to AussiesWe asked the group of survey participants who haven’t used the metaverse but are interested, to indicate the reasons why they haven’t done so yet. The most popular reason was that people ‘did not know how to enter or access it’ (47%). This was followed by survey-takers saying they ‘haven’t got involved yet (30%) and ‘the technology required to use it is expensive’ (30%). Whilst the possibilities of the metaverse are enormous, this group of survey-takers recognised there is a dark side to using the digital platform. ‘Increased cybersecurity risks’ (48%) were rated the biggest disadvantage of using the metaverse, followed by ‘addiction to the virtual world’ (46%) and ‘personal data easily being compromised’ (44%). Consumer concerns about the metaverse are valid, especially as it is only just gaining traction and the blueprint still needs to be fully optimised. There is potential for the disadvantages to diminish over time, but cybersecurity risks and privacy issues have always been a concern on the internet. As the metaverse is decentralised (with no government control), no regulations currently exist. And what about the potential challenges of the metaverse for smaller businesses? The uncertainty of metaverse platforms could lead some companies astray. There also needs to be something that brings value to the user experience to drive adoption. However, it could potentially be riskier not to get into the metaverse space and fall behind competitors.Challenges of the metaverse for businesses Businesses implementing metaverse platforms may face the following challenges:1. Choosing the right platform: Look for a platform with customisation options and find out which features (avatars, 3D surroundings, real-time communication) are available to enhance the user experience. 2. Inequality of access: Take into consideration if the platform can be accessed with ease from anywhere. See if the platform can be used via a desktop, mobile, app, laptop, etc. 3. Cybersecurity issues: Key areas that need to be addressed include the cybersecurity of the hosting platform, the cybersecurity of the renters/owners of the property, and the cybersecurity of the consumers using the property. All parties involved should take time to understand the risks and the security of the platform. 4. Concerns with wearables: Participants in the metaverse are required to wear VR headsets, which can cost anywhere from around $600 to $5,000. There has also been concern about the data that VR headsets can gather, such as actions and body language, which can be analysed and used by advertising algorithms. Whilst this may be useful for businesses, will consumers be keen to join the platform knowing how their data is being collected? 5. Financial investment: The development cost can be a significant amount and depends on the complexity of the design. Other factors to affect the price can include hardware, infrastructure, digital avatars, and security. Is the metaverse the future? Whilst it’s still largely in the developmental phase, the metaverse has the potential to change how we socialise, work, and shop. Only 8% of Australians surveyed by Capterra think the metaverse will fade away before it becomes something very important. Over half (57%) think it is here to stay and will affect everyone’s life to an extent. Within this group, most people (35%) think the metaverse will reach its point of maturity (and be easily accessible by everyone) within ‘three to less than five years’. But Capterra’s survey found that very few Australians are currently using it, and there are still downsides that need to be addressed. Whilst it feels like the metaverse still has a way to go before being fully adopted, companies should be able to see the potential that the platform offers. This includes enhancing the user experience and the opportunity to amplify the company’s marketing strategy. And as some larger, well-known companies are already launching virtual worlds, smaller businesses will want to ensure they do not get left behind within their sector and stay up-to-date with the latest eCommerce trends.  In the next article in this two-part series, Capterra looks at the future of eCommerce and the role of the metaverse. How do consumers feel about virtual shopping? Will the metaverse take over eCommerce? We answer these questions and more. Looking for VR software? Check out our catalogue. ## Disclaimer > Methodology:Data for Capterra’s Metaverse Survey was collected in October 2022. Results comprise responses from 1,001 Australian participants. The criteria to be selected for this study are as follows:Australian residentUnderstood Capterra’s definition\* of metaverse: ‘The metaverse is a collective virtual 3D shared space, created by the convergence of virtually enhanced physical and digital reality. A metaverse is a continually existing digital environment that provides enhanced virtual immersive experiences. The most common ways to access it are via augmented reality (AR) and virtual reality (VR).’ ## About the author ### Laura Burgess Laura is a Content Analyst at Capterra, researching and giving insight on tech trends to help SMEs. 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