44% of people think Facebook will fail with its change of focus to the metaverse

The prospects of the metaverse, a concept of a virtual world where people can interact with each other and digital objects in a seemingly real environment, are still largely unknown and the subject of much speculation.

Some believe that the metaverse has the potential to revolutionize the way people live, work, and interact with each other, while others are more skeptical and see potential challenges such as privacy concerns, security risks, and issues with ownership and control of virtual assets.

Bankless Times survey reveals surprising data

BanklessTimes.com conducted the first survey of its kind on the metaverse and Facebook between the 2nd and 9th of November of 2022. We polled 2,000 adults from all across America who use social media at least once per week.

The data we obtained was quite surprising. Below, we provide information based on the poll respondents’ answers to various questions, delineated by age, gender, and region.

Companies most trusted to build the metaverse

The respondents in this survey put their faith in Facebook (53%) and Google (51%) to build the metaverse. Those who trusted Tesla and Tencent, the company behind TikTok, were far fewer with 26% and 20%, respectively. The other companies on the list were Amazon, Apple, and Microsoft.

Notably, a substantial share of the respondents – 15% – stated they didn’t trust any of the above companies to build the metaverse.

Will Facebook’s metaverse fail?

44% of respondents in the poll believed Facebook would probably fail due to its focus on the metaverse, to a greater or lesser extent. Almost half (47%) said they believed the leading social medium was wasting its money on the metaverse.

Data by generation and age

Gen Z respondents had the highest degree of trust in Google (52%) and Apple (47%) to build the metaverse. Millennials shared their benevolence toward Apple, with exactly half of respondents from this generation expressing support for the company. However, the highest number of respondents – 54% – trusted Facebook, perhaps because it is the medium most familiar to this generation. The oldest millennials are now in their early 40s.

The most opinionated group on the subject is aged 35-44. 60% were in favor of the metaverse, and just 27% said they didn’t have a strong opinion. In this age group, 25% of respondents said Facebook was wasting money from the metaverse.

Unsurprisingly, people older than 55 were most inclined to have no opinion on the subject. This was the case for over half (57%) of the respondents in the poll.

More men than women believe in the metaverse

More than half of male respondents (56%) viewed the metaverse positively compared to just over a third of women (36%). By and large, men had a stronger opinion on whether Facebook was wasting money on the metaverse. 24% strongly agreed this was the case, and 19% strongly disagreed. 30% of women said they “somewhat agreed,” which was 9% more than men who somewhat disagreed.

In terms of the companies most trusted to build the metaverse, 20% of women said none of the seven companies could do it. Only 8% of men agreed.

Interestingly, 80% of people with non-binary or alternative gender identities said they believed Facebook’s metaverse would fail – the largest share within any one group in the survey. Again, 80% of this group said none of the seven companies could build the metaverse.

Final thoughts

Ultimately, the success and potential of the metaverse will depend on many factors, including technological advancements, user adoption, and the development of clear and fair governance models.

The metaverse has become fact, and it’s transforming our perception of the world and the way we participate in it. We can experience it simultaneously with an unlimited number of other people while retaining our individual presence.

CEO of BanklessTimes.com