Five Key Takeaways from “The Metaverse: A View from the Inside”
While many of us still struggle to define what the metaverse is, one thing is certain, Gen Z is certainly paying attention to this new technology. For starters, “metaverse” has become a popular buzzword in 2022, describing blended digital and real world experiences including video games such as Fortnite and Roblox, augmented reality, and virtual reality. This month, Razorfish and Vice Media Group conducted a study to see what the metaverse looks like from user's eyes and ears, focusing on how Gen Z and Millenial gamers utilize the metaverse to form relationships with peers and brands. Here are our top 5 takeaways from "The Metaverse: A View from the Inside”:
Gen Z spends twice as much time socially interacting in the metaverse than they do in real life. According to this study, the top place for Gen Z to hang out with their friends is playing online, interactive video games (such as The Sims and Fortnite).
Gen Z has large aspirations tied to the metaverse. Over half of Gen Z gamers report they’d like to make money in the metaverse. One-third hopes to build a career there.
Gen Z gamers are spending money in the metaverse with 20% planning on directing their “fun” budgets allocated for entertainment and leisure to in-game purchases. This represents an average annual spend of about $50 per person. Top products purchased include items to help them express themselves in game (i.e., skins and apparel for their avatars) and educational tools (i.e., access to tutorials or game guides).
While many brands have turned to gaming as a way to engage with Gen Z, it’s important to note how this generation prefers to be reached in-game. In terms of what Gen Zers want to see from brands in games, 46% are looking for free products and experiences, 23% cited “branded digital worlds,” and just 18% said advertising. The other 19% of respondents stated they “don’t believe brands belong in games/other metaverse experiences.”
Additionally, IRL Gen Zers believe that IRL brands make the metaverse feel more real. One in three Gen Zers would like to see virtual stores for browsing and buying products and brands selling skins or apparel for their avatars.
Whether we understand the full complexity of the metaverse or not, it has become an important venue for Gen Z to connect and communicate with peers. Additionally, there’s strong interest in continuing to blend these digital experiences with the real world. Brands and advertisers have an opportunity to engage with the elusive Gen Z within this emerging space.