70% developers believe Crypto & Blockchain will shape the future of metaverse: Survey

The year 2021 saw the word ‘metaverse’ from jargon to now limitless tech reality. This is because this technology will be shaped by the technology, we use to access it, which could include virtual reality (VR), augmented reality (AR), and brain-computer interfaces (BCI). 

‘Metaverse’ is a virtual world that people can enter using virtual, augmented or mixed reality technologies. The kind of virtual world enables people to interact with each other, play games, buy property, do many more activities, and even hold weddings. 

A survey conducted by Agora wherein 70% of the respondents (9% disagreed and 21% felt neutral) agreed that cryptocurrency and blockchain technology advancements will be instrumental to shaping the future of the metaverse. Further, 57% of respondents think that the metaverse will become the most popular place to buy, store and trade cryptocurrency, while 18% disagree and 25% feel neutral. 

Also read: How to keep cybercriminals at bay in the metaverse?

When asked which industry will benefit the most or experience the greatest positive impact from the metaverse, the developers put gaming and entertainment at the top, with 26% each. More than half of the developers (55%) say that it is likely the metaverse will replace real-life, in-person social interactions and experiences within the next five years, the survey claimed. 

Furthermore, Facebook was top of mind in this survey, with more than half (55%) of respondents putting it on top of “owning” the metaverse. When asked if real-time engagement technology (interactive, two-way digital video and audio) will be the solution to creating a more engaging and connected experience for the metaverse, 72% believe it will be critical. However, only 5% think it won’t be a prominent factor and 22% feel neutral about it.

Agora reached out to 300 US-based developers with a set of questions in order to enlighten itself on what they thought about the metaverse and what we will see in the coming years.