Despite all the hype created online, not all countries are ready to enter the metaverse
The metaverse is defined as the convergence of physical, augmented, and virtual reality in a shared online space. This environment allows humans to interact socially and economically as avatars in cyberspace, which acts as a kind of metaphor for the real world, breaking down its physical or economic barriers. This is why many see the metaverse as the future of the Internet.
Metaverse venture investors appear to be getting more sensitive and cautious with the risks that come with the pursuit of the futuristic vision of a higher level of the industry’s mass adoption. This could be one of the main reasons why there is a sharp decline on a quarterly basis in terms of funding directed towards companies involved in virtual reality and augmented reality businesses.
Despite all that, not all countries are ready to enter the metaverse. Currently, only a few developed countries are preparing to welcome the arrival of the metaverse. According to a new study conducted by online and phone comparison and transition service provider Uswitch, the Netherlands is the most prepared country for the metaverse. The country also produced roughly $6,000 of high-technology exports per capita last year.
The Netherlands also ranked number one in metaverse interest from a consumer standpoint, according to a different survey. In the beginning, the company identified several Metaverse-related elements. uSwitch stated that to participate in the Metaverse, users should use “both virtual and augmented reality headsets.” On top of that, based on the study from iceConnect, users would need to have a broadband speed of at least 1,000Mbps.
In second place, the company listed Switzerland. The country, with a population of almost 9 million, has exported $4,391 per capita of its high-technology products. On top of that, its fixed median broadband speed is 122.75 Mbps. Nevertheless, Switz entrepreneurs are greatly interested in blockchain and Metaverse, with 36.91 blockchain financial services startups per million people. Switzerland scores 7.61 for its Metaverse readiness.
In third place, Uswitch named Lithuania. According to a Uswitch study, the country offers one of the cheapest monthly broadband packages at just $11.13. The country’s residents are interested in the Metaverse as there were over 10,000 annual Google searches per million people. Uswitch gave Lithuania a readiness score of 7.39 out of 10.
Besides the speed and cost of access to the global network, as well as average high-tech exports per capita, the number of blockchain startups providing financial services was also considered in the rankings. Analysts at uSwitch believe blockchain technology is essential in building the “Metaverse economy.” Another critical factor influencing the rating was the number of Google searches on the Metaverse topic. This can reflect the real interest of the citizens of a particular country in technology.
Therefore, each category had its own leader. The fastest Internet connection is in the U.S. — 167.36 Mbps, and the cheapest in Romania — $9 per month. Ireland has the highest high-tech exports per capita — $8,450. Cyprus has the largest number of blockchain startups, with 42.8 per 1 million people. Moreover, Cypriots express the highest interest in virtual worlds — 34,082 Google searches per 1 million people related to Metaverses.