More than half of Australian millennials and zoomers are “looking forward” to the metaverse, lower than the APAC average of 66 per cent.
Overall in APAC, 73 per cent of consumers are aware of the metaverse, while 59 per cent of Aussie consumers have some notion of what the metaverse might entail. Less than half, however, have expressed some interest in it.
“While the metaverse as envisioned by so many doesn’t exist yet, this large-scale study gives us a unique insight into how it is being shaped and the drivers for its growth across Australia and New Zealand,” says Zoe Cocker, director of innovation and creative studio at Yahoo, which commissioned the research.
“There has been a lot of hype about the potential of the metaverse, but very little is known about what consumers expect. This study shows there are a variety of factors moving people to these online spaces, and the pace with which people from different generations are adopting and adapting this technology. Understanding what consumers want from the metaverse will give brands who build with these desires in mind a huge advantage,” added Cocker.
Most of the metaverse’s awareness, unsurprisingly, comes from gaming. Aussie millennials and zoomers, want to build different social circles from the ones they have in real life, express their creativity through avatars and digital fashion, and want immersive experiences.
In fact, one-third of millennials and Gen Z in APAC have embraced virtual collectables. In Australia, just over a quarter have already studied NFTs, and 9 per cent have purchased NFTs.
APAC consumers are apparently very receptive to brands working in the metaverse. Around 60 per cent of millennials and Gen Z across APAC said that they would like to know more about a brand venturing into the metaverse and pay more attention to its events or products. Yahoo reckons that the earlier a brand gets in on the metaverse, it will be easier to gain opportunities and become attractive to consumers in the space.
However, almost two-thirds of APAC consumers said that they are worried about fraud and being able to distinguish truth from falsehood. More than 60 per cent also said they were worried about their privacy and personal information in the metaverse. The “absence of moral and legal norms” was a concern for 57 per cent of respondents.
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