NEWS25 April 2023

Lack of understanding of the metaverse, says Savanta

News Technology Trends UK

UK – Only a third of people believe they fully understand the metaverse despite 69% of the public recognising the term, according to research from Savanta.

Metaverse abstract image

Savanta’s research also said that four in ten people felt that brands that do not embrace the metaverse would be left behind, but just 36% said they would be willing to shop for physical items within the metaverse.

Similarly for digital items, 32% are willing to shop make digital purchases in the metaverse at an overall level.

The results are based on a nationally representative sample of 2,064 UK adults, and have been released as a report called Brands in the Metaverse.

The research found 71% of respondents felt brands needed to make sure anything they did in the metaverse was authentic.

Of those aware of the metaverse, 66% were still wrongly attributing it to Facebook, following the company’s rebrand as Meta.

Dr Nick Baker, chief research officer at Savanta, said: “This is very real – you just have to look at the amount of money going into this area.

“Do your clients know what they are looking for? For most of them, the answer will be no.

“Understanding what is happening in the space is absolutely vital for our ability to interpret narratives for clients and guide them on the decisions they need to make for their brands.”