According to a new study by Razorfish, Generation Z gamers spend double the amount of time hanging out with friends in the metaverse as they do in real life. The goal of the study was to understand how Gen Z is blending virtual and real-world experiences.
Of those surveyed, 33 percent are interested in having a career in the metaverse, while a whopping 52 percent would like to be introduced to money-making opportunities there. According to survey results, 20 percent of Gen Z gamer’s leisure budgets will be sent on in-metaverse purchases over the next five years. Additionally, 33 percent of Gen Z gamers want brands to offer virtual stores in the metaverse.
“Today’s youth are coming into their identities both in real life and in the metaverse, using experiences across both worlds to build confidence and hone their self-expression,” says Nicolas Chidiac, brand strategy lead at Razorfish, in a press release. “Gen Z gamers view the metaverse as a safe place to freely express themselves, experiment with identities, establish friendships, and ultimately create a world they want to live in. It’s important that brands don’t dismiss the metaverse as a passing fad but view it as a paradigm-shifting trend that’s just getting started.”
As the metaverse grows in popularity, more companies are jumping onto the Web3 bandwagon. Mytaverse recently raised over $7 million for a digital twin metaverse. Likewise, Golden Ark just launched the first Cannabis metaverse.
The study also finds that 57 percent of Gen Z gamers believe they have an easier time expressing themselves in virtual worlds. The study results also show that nearly half of Gen Z gamers feel their in-game identity offers them a more authentic form of self-expression. A little over three-fourths of the gamers in the study use gaming to relieve stress and anxiety. However, Gen Z is less worried than older generations when it comes to data privacy concerns. 63 percent of Gen Z gamers share concerns for data privacy compared to 66 percent of millennials.
“Our study shows that Gen Z is using the metaverse to cultivate connections and explore who they really are,” says Global SVP, Insights at VICE Media Group, Julie Arbit, “It allows them to dream and co-create a more idealized version of the world. Brands would be remiss to not include the metaverse as a strategic piece of their initiatives, provided they do so in a way that both respects and enhances the overall experience.”