The Philippines has become enamored with the Metaverse as it has seen an increasing number of gamers launched. According to reports, the Philippines tops the list of interests in the Metaverse and is home to most metaverse gamers online.
The study analyzed Google searches from 193 different nations. This study was significant because it provided evidence that the Philippines’ enthusiasm for metaverse-related activities is accurate and continues to grow.
The Philippines’ Fascination With The Metaverse
The Metaverse is an immersive, three-dimensional world created by merging virtual reality, augmented reality, and the internet. It is an ever-growing digital universe where users can explore, design, and interact with each other in a 3D environment.
According to the survey, 89% of Filipino business people are ready to embrace the Metaverse to enhance their performance. At the same time, approximately half believe it will create a more pleasant workplace.
Furthermore, the 2023 Global Digital Report found that 95.8% of Filipino internet users aged 16-64 play video games, making the Philippines the country with the highest gaming population globally. The survey findings were surprising in light of the considerable number of players that encountered financial losses during the P2E game mania of 2021/2022.
Sky Mavis Inc.’s Axie Infinity accounted for 35% of the nation’s online traffic, with the majority of its 2.5 million daily active users also from the Philippines. Nevertheless, instead of offering a supplementary income, gaming became a source of debt for many Filipino users.
Last March, Axie Infinity was a victim of a large-scale cyber-attack, resulting in a loss of $620 million worth of crypto assets. This significant theft occurred through the platform’s bridge which facilitated the transfer of investments across different blockchain networks.
The incident was a massive setback for the numerous stakeholders of the project, causing considerable losses and damage.
Indonesia And Vietnam Round Out The Top Picks
Indonesia’s number of gamers is only second to the Philippines, equaling nearly 95% of internet users. In the U.S., Floridians appear interested in exploring the Metaverse, with 670 searches per 1,000 persons.
This data is unsurprising given that a recent McKinsey research showed that more than 75% of Americans are familiar with the Metaverse while 55% use at least one platform that uses its technologies.
In Vietnam, a whopping 56.8% of tweets expressing opinions on the Metaverse are favorable, making it one of the most welcoming destinations for the virtual world.
On the other hand, Ireland is the least enthusiastic about the Metaverse, with 14.4% of tweets voiced in criticism. In addition to the risks associated with play-to-earn games, privacy concerns about the Metaverse exist.
Since the Metaverse is a virtual world, it can be challenging to regulate what happens within it. Thus, there is a potential risk of exposing personal data, such as bank accounts and personal information, to malicious actors.
Despite the risks associated with the Metaverse, the Philippines continues to be attracted by this world. The country is home to many gamers, and the low cost of entry makes it an attractive option for many.
However, players must be aware of the risks associated with the play-to-earn game model and the potential for privacy breaches in the Metaverse.
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