The risks associated with pursuing a futuristic vision of higher levels of industry mass adoption are making metaverse venture investors more sensitive and cautious.

This could be one of the primary reasons for the quarterly decline in funding aimed directly at businesses involved in virtual worlds and augmented reality businesses.

According to Crunchbase data, after peaking at $2.1 billion in the fourth quarter of 2021, metaverse-related funding has steadily declined over the first two quarters of 2022.

Investors poured $760 million into the sector in the third quarter of this year, a figure that is significantly lower than what was documented in the first and second quarters of this year.

Despite this setback, as the venture has a total market value of more than $60 billion, many nations are doing everything they can to be metaverse ready.

The Netherlands is ranked first

Uswitch, a telephone comparison, and swapping service, recently conducted a study to determine which countries are currently ready to embrace the metaverse as part of their residents' daily lives.

During the research, the company should consider key elements such as fixed broadband speeds and internet service prices, as well as blockchain financial startups and high technology export costs.

Four countries received a Metaverse Readiness Score of at least 7, with the Netherlands leading the way with 7.74.

The European country has a median fixed broadband speed of 106.51 (Mbps), with an average monthly cost of $46.17 for internet services. The Netherlands scored 14.8 for blockchain financial startups while also signing up 24,137 annual Metaverse Internet searches per 1 million people.

Switzerland (7.61), Lithuania (7.39), and Malta are the other countries that have reached the 7-point plateau (7.31). France rounded out the top five with a 6.96.

Surprisingly, the United States finished in 12th place with a score of 6.32, trailing Sweden, the United Kingdom, Denmark, Luxembourg, Canada, and the Republic of Ireland.

The market value of the Metaverse is expected to reach $1 trillion by 2030. According to Markets and Markets, the metaverse industry will grow at a compound annual growth rate of 47.2% over the next five years, increasing its current total valuation of $61.8 billion to $426.9 billion by 2027.

Meanwhile, Precedence Research has raised its forecast for the sector through 2030, predicting that its global value (including all of its components) will probably hit $1.3 trillion.

For reference, the total market cap of the crypto market at the time of writing is nearly $870 billion. If cryptocurrencies maintain their competitive momentum until 2030, they will be exceeded in terms of total valuation by the Metaverse market.

Will other countries soon catch up to the Netherlands regarding VR development? Let us know your thoughts by sharing this article on social media.

Nov 20, 2022
Digital Lifestyle

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