While still very much in the development stage, the Metaverse is causing in equal parts hype and controversy from the press, consumers, and investors alike. Within just the first five months of 2022, companies including Meta (previously Facebook) invested over $120 billion into its technology and infrastructure.
A real Metaverse world would require both virtual and augmented reality headsets. These create a network of 3D worlds users can interact with. A study by iceConnect estimated that such a network requires an astronomical broadband speed of at least 1,000Mbps. Ensure you have the fastest speeds possible by checking out these fibre broadband deals.
Not only does Metaverse broadband need to be quick, it needs to be affordable and accessible too. This requires a strong foundation in the technology, including in payments through the blockchain, to make such an advanced, data-heavy system usable for people’s everyday activities.
So, which nations around the world are most ready for the Metaverse once it eventually, or ever, becomes available to the masses? And if you’re looking to improve your own internet speeds, be sure to compare broadband deals with Uswitch to get the best price.
The Netherlands ranks as the country most ready for the Metaverse, according to our metrics. It has one of the highest median fixed broadband speeds of 106.51Mbps, suggesting it is one of the closest countries to reaching the fundamentally required speeds for the Metaverse.
The Netherlands also produced $5,770 of high-technology exports per capita in 2021, positioning it as one of the leaders in high-tech production.
The second most Metaverse-ready country is Switzerland. With high-tech exports only just behind the Netherlands at $4,391 per capita, Switzerland has also seen a massive 36.91 blockchain financial services start-ups, which will be key players in the future of the Metaverse.
Switzerland is also the nation with the most Google searches about the Metaverse per million citizens, with over 30,000 per million people last year.
Lithuania currently offers some of the cheapest broadband packages on this list, at just $11.13. With a decent number of 17.17 blockchain financial services start-ups per million people, Lithuania ranks as the 3rd most ready nation for the Metaverse.
Over the last year, there were over 10,000 searches for the Metaverse for every million residents in Lithuania, and the country generated $1,111 per capita of high-tech exports.
The country with the fastest average download speed is the US, at 167.36Mbps. The US is a very well-connected country in terms of broadband, so it makes sense that it would also provide the fastest speeds.
The US has the third highest number of internet users, behind China and India, with over 90% of the population using it.
The cost of a monthly internet package varies greatly around the world, but the most affordable nation on this list is Romania.
Here, a monthly package costs about $9.00, which is around three-quarters cheaper than the average of each of these countries listed.
Blockchain technology will play an important role in the Metaverse, allowing users to purchase and trade using cryptocurrencies and NFTs. These are reportedly essential to the proposed ‘Metaverse economy’ that Meta hopes to grow as part of this ambitious project.
Looking per million people, Cyprus is home to the most blockchain startups. Cryptocurrency isn’t regulated in Cyprus, with the government taking a positive stance on crypto and blockchain.
The Republic of Ireland exports around $42.5 billion worth of high-tech goods a year, which equates to $8,450 per person.
The country has attracted several big tech multinationals from the US such as Apple, Google, Microsoft and Facebook-owner Meta, each of which makes a big contribution to the economy.
Cyprus comes out on top for another factor, this time the number of people searching for information about the Metaverse.
One of the country’s universities recently launched an “Open Metaverse Initiative”, focused on promoting the Metaverse, this comes after previously launching the world’s first cryptocurrency degree in 2014.
There have been several concerns about the future of the Metaverse, and just how it will affect users. Education on safe use and increased awareness of the potential risks of the Metaverse is key to preventing problems in the future, just as it continues to be with the internet.
Firstly, it’s important to remember that the Metaverse is currently in a very novel, limited state, with lots of uncertainties about where it will go next or what services it will provide.
This means it could very easily be viewed as a potential get-rich-quick scheme, but to do so would be very risky. While there certainly is an opportunity to make revenue from the Metaverse, you shouldn’t take unreasonable risks.
Another concern about the Metaverse is how it will be moderated. This is especially concerning Facebook’s history and when it comes to the safety of children. So it pays to be extremely vigilant with what your children are accessing.
You should know how to block users or limit inappropriate content on the particular apps you or your children are using. It’s also important to be very careful about what kind of data and information you share via the Metaverse.
And as with any technology, it’s important to take breaks too, but this is especially crucial when it comes to the Metaverse due to its immersive nature.
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