Adoption of cryptocurrencies, NFTs and DeFi is highest among metaverse users, PayPal said in a recent study.
Paypal, the American financial services company that operates one of the largest online payment systems in the world, has published the results of a study carried out to understand the relationship between the metaverse and money.
The study, which is titled “Metaverse and Money”, focuses on understanding how people spend, store and engage with money in the metaverse, a topic that according to PayPal has not been widely researched.
The relationship between the metaverse, money and cryptocurrencies
Although the metaverse is primarily related to video games, it has now spread to other sectors, such as fitness, education, entertainment and commerce, which is why Paypal considers it essential to know what its relationship is with the different forms of money, including cryptocurrencies. Regarding the latter, the financial services company revealed that the adoption of crypto assets has been greater among users of the metaverse compared to non-users, who are not familiar with the virtual universe.
According to Paypal's results, currently the 80% of metaverse users use cryptocurrencies and only 62% of non-metaverse users make use of these digital assets.
Paypal highlighted that when it comes to interacting in the metaverse, money plays a fundamental role. Users of virtual worlds make a large number of transactions of digital goods, whether buying video games, music, clothing and accessories for avatars, and even works of art. The average user consumption in the metaverse in 2022 was $100 dollars for virtual goods such as NFTs.
$28.000 billion is spent annually in the metaverse
The company determined that a significant amount of money is currently spent and maintained in the metaverse and that there is a growing need for interoperability for money in the virtual world.
In the United States alone, some 37,6 million people are spending more than $28.000 billion a year in the metaverse, PayPal said. Estimates indicate that over the next 5 years, spending in the metaverse could rise to around $92.700 billion per year.
Bitcoin, the favorite cryptocurrency
On the other hand, in terms of money retention, Paypal determined that metaverse users have an average of $500 dollars and an average of $7.335 dollars in the metaverse, using different forms of money, including cryptocurrencies and metaverse tokens.
At present, Bitcoin is the cryptocurrency most held by users of the metaverse, with 80,6%; Ethereum and Robux follow Bitcoin, with 60,1% and 30,3%, respectively. Other popular tokens among metaverse users include Decentraland (MANA), The Sandbox (SAND), Theta Network (THETA), among others.
Metaverse users also prefer cryptocurrencies as a payment method, at 75%, and as a way to receive payments within virtual worlds, at 76%.
To understand the dynamic and complex relationship between the metaverse and money, PayPal surveyed a total of 10.000 adults interested in the virtual world in countries including the United States, the United Kingdom, Germany, Japan, Italy, Canada, Spain, South Korea, Australia, and Singapore. The sample population included metaverse users interested in cryptocurrencies, stablecoins, NFTs, DeFi, Virtual Reality, and Augmented Reality.
The results of the study were released by Ivy K. Lau, senior manager of public affairs and strategic research at PayPal.
The metaverse drives the use of NFTs and DeFi
The use and adoption of non-fungible tokens (NFTs) is also higher among metaverse users compared to non-users. According to the study conducted by Paypal, a 50% of people who use metaverse platforms are NFT holdersOnly 24% of non-metaverse users own non-fungible tokens.
When it comes to decentralized finance (DeFi), metaverse users are again the ones who are most familiar with this innovation. According to the data, the 23% of metaverse users use DeFi applications, compared to 14% of non-metaverse users who are aware of and use the financial ecosystem built on the blockchain.
The data presented by Paypal in its recent report shows that the virtual world may be becoming an important catalyst for the adoption of cryptocurrencies, NFTs and DeFi.
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