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UK Businesses Love The Metaverse But Consumers Remain Nonplussed

While it’s full steam ahead, a huge number of individuals still have no idea what the metaverse is all about

According to new data, nearly two-thirds of businesses in the UK have stated that the metaverse will have significant impact on their organizations. It’s good news for metaverse infrastructure companies and sets the path for a rosy Web3 future ahead.

However, things aren’t so cut and dried when it comes to the consumers these companies all intend to be selling to. Simply put, close to a third of consumers have no idea what the metaverse is.

The research by Accenture also shows that about 38% of UK businesses are experimenting with metaverse technologies currently as they plough ahead with many big name businesses already placing a lot of faith and money in what is nicknamed the future of the internet. 

More tangible benefits required. And soon

Nick Rosa, metaverse and extended reality lead at Accenture said, “Businesses are optimistic about the potential of the metaverse and are investing in new immersive experiences and technologies. While some applications in the metaverse are seeing 50 million users a day, there is still broader confusion from consumers on what the metaverse is, and how they can engage with the range of experiences it can generate.”

The findings also show that the majority of consumers agreed that the metaverse would involve human-centric digital experiences. 

“We’re at a unique point in time where the metaverse is currently a blueprint of a larger vision. We expect consumer appetite to grow as the metaverse becomes more accessible and new consumer experiences capture attention. Nonetheless, businesses must do a better job of educating consumers and winning their trust on the metaverse for their investments to pay off”, added Rosa.

Nick Clegg, Meta’s president of global affairs and former UK deputy Prime Minister wrote a blog post last month detailing the company’s plans for the future of the digital space. The post included a timeline of that stipulates it’ll take up to 15 years for the metaverse to be fully developed.

“These innovations aren’t going to happen overnight. We’re in the early stages of this journey. Many of these products will only be fully realised in 10–15 years, if not longer,” Clegg wrote.

Mark Zuckerberg, CEO of Meta also recently revealed to shareholders that the company will lose significant sums of money in the next three to five years.

Written By

Isa Muhammad is a writer and freelance video game journalist who covers a variety of content relating to the video game industry. He's also an avid reader who enjoys reading philosophy and autobiographies. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

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