42% of People Believe the Metaverse is a Flop

The largest crisis Meta has faced in its 18-year history is currently underway. The value of the company has fallen by 70% in the last 12 months, and Meta CEO Mark Zuckerberg recently laid off 11,000 employees. If things improve later, more cutting measures and job losses are likely to follow.

In light of this, BanklessTimes.com conducted a survey about people's perceptions of Meta and Facebook and revealed our findings below.

Our Survey

Some of our key findings were that 42% of people believe the Metaverse is a big flop. Of those surveyed, 40% of women and 45% of men believed Meta had failed in successfully launching its Metaverse project. This view was consistent among all age groups, with the most significant percentage difference being 8%.

Younger People Most Optimistic About the Metaverse

Perhaps not surprising, 18-24-year-olds were the most optimistic about metaverses. When asked, "What do you think about metaverses in general?" 38% thought the concept was a good idea, and only 15% thought it was bad. Furthermore, 33% stated they were "very likely" to use the metaverse, and another 29% were "somewhat likely."

Adults Aged 65 are More Likely to Have Reservations About the Metaverse

On the flip side, 24% of adults 65 and older thought it was a good idea, and 19% thought it was a bad idea. However, 16% of adults over the age of 65 stated that they were "very likely" to use Facebook's Metaverse.

Regardless of age, 1 in 6 respondents felt they would not trust large technology companies to build a metaverse.

Jonathan Merry, CEO of BanklessTimes.com, comments on the survey:

The findings are in line with what we expected. The younger generation is more likely to spend time in virtual worlds and participate in a variety of metaverse activities. Many members of Gen Z and Millennials have already joined the metaverse. Of course, we can assume that the older generations, who have had the least exposure to metaverse technologies, will initially show less interest. When metaverse technology becomes more mainstream, we are likely to see an uptick in all age ranges utilizing metaverses.

Jonathan Merry, CEO of BanklessTimes

The survey was carried out between the 2nd and 9th of November 2022 and conducted in partnership with OnePoll. The survey asked over 2000 US adults who use social media weekly about their views on Facebook and Meta.

What About the Other Decentralized Worlds of the Metaverse?

Some decentralized worlds don't fare pretty much the same. Although valued at billions of dollars, there have been reports that decentralized worlds such as The Sandbox and Decentraland have only a few hundred daily users.

However, Decentraland refuted this claim, alleging that this only included Decentraland's smart contract interactions, such as purchases, and not actual users.

Sandbox, the blockchain-based game, reportedly has 200,000 monthly users with a valuation of $4 billion.

For games that aren't blockchain-based, such as Grand Theft Auto (GTA), one can observe their metaverse-like properties and the proliferation of incredibly engaged communities. GTA has around 13 million monthly users.

Based on this information, one might wonder if the Metaverse is a flop simply because Meta's community isn't interested.

The Real Purpose of the Metaverse

Of course, the Metaverse goes far beyond gaming. People can learn, play, and enjoy human connection in this virtual environment.

Another exciting aspect of the Metaverse is the possibility of remote work. Employers can allow their employees to work remotely and still meet the needs of the business thanks to metaverse technology.

Not only does remote work offer individuals the ideal workplace free of commuting and small offices, but it also gives companies a chance to hire the best talent, regardless of location. A multicultural team that offers the company diverse perspectives and creative solutions helps companies that value diversity show their customers and partners that they have limitless potential.

However, one might wonder why the company is still failing. The problem goes beyond just product issues (bugs, poor graphics, and high costs). Trust in Facebook is at an all-time low. When it comes to protecting users' personal information and providing a safe online environment, social network users have serious doubts.

Following the Cambridge Analytica incident, Facebook's data privacy vulnerabilities from that period have remained in the public consciousness and are a stain on its reputation. Users are continuing to perceive Facebook as a platform that doesn't effectively protect their data as a result of this.

It remains to be seen if Mark Zuckerburg can swing public opinion and restore confidence in the Metaverse project.