Over the course of the past year, the cryptocurrency and Web3 markets saw a contradiction consisting of highly volatile markets and high hopes for the future of the field.

Both users and investors have continued to pour their resources into the business, especially in the metaverse-related sectors.

A recent study conducted by CoinWire in December 2022 among more than 10,000 crypto investors indicated that user attitude towards the metaverse has digital reality positioned to affect all aspects of social life. The survey was conducted to find out how users feel about the metaverse.

69% of respondents believe the metaverse will redefine the social lifestyle with a new approach to entertainment, and 65% of respondents believe the metaverse will bring a new approach to social activities.

The opinions of 61.2% of people on how it would affect their income, 49.6% of people on how it will affect business and 45% of people on how it will affect education were equally high.

Microsoft has obtained 158 metaverse-related patents over the past five years, putting it ahead of other major tech companies like Meta, Tencent, and Epic Games.

As the metaverse continues to advance, it will be in a position to have the potential to influence social life in a more tangible way.

At the 2023 Consumer Electronics Show, for example, it was recently announced that new metaverse capabilities would include the ability to touch and smell virtual objects.

Additionally, the survey found that more than half of the respondents who are involved in the metaverse hold some form of cryptocurrency. This percentage was calculated as 53%.

The survey results place the United States of America in first place when it comes to innovation in the metaverse.

According to the data shown above, the countries of China and India have the most favorable attitudes towards regular participation in the metaverse: 78% and 75%, respectively.

Furthermore, the report found that although nearly nine in ten respondents had heard of the term “Web3”, 52% of them still had some form of uncertainty about what is actually implied when something is called “Web3”. In line with the uncertainty felt by many investors, more than sixty percent of investors said they want more regulations to apply to the industry.

Over the course of the past year, regulatory agencies around the world have begun to adopt and discuss new regulations for the business.

Despite this, aspects of Web3 such as the metaverse continue to be at the top of the priority list in many countries.

The South Korean government has just made its test city in the metaverse accessible to the general public.

According to research published by McKinsey, the value of the metaverse is projected to reach $5 trillion over the next seven years.