The metaverse promises to herald a new age of virtual connectivity, yet Brits remain unimpressed, according to a global survey.

While 37 per cent of respondents say they would take part in the virtual ecosystem, fewer than one in four (23 per cent) UK employees want to join in. In fact, one in ten Brits say they have no interest in the technology and a further 20 per cent say it will never catch on.

The technology was more popular in countries such as Dubai, which has its own metaverse strategy. But Europeans say they are worried about potential security risk, including identity theft, privacy, safety and fraud.

No so virtual

Meta has struggled to get traction for the concept of the metaverse. Pundits say the recent version of the headset by which users can access its advanced features is too pricey to gain a large audience. In addition, in real world situations people often feel uncomfortable in headsets or simply forget to put them on.

But 2023 will see the company add new features, according to Wired Magazine. People will be able to enter Horizon Worlds (Meta’s version of the metaverse) via a web browser. Second, people with Meta’s proprietary workspace app will be able to enter meetings with virtual reality features.

Business case

Even if take up is slow, the infrastructure that enables businesses to capitalise on virtual reality contexts is taking shape. Increasingly cryptocurrencies, NFTs and community tokens are finding real world applications, according to ‘Money revolutions’, an article in December’s Enterprise risk magazine.

Not surprisingly, users of the metaverse and associated currency and asset options face a large array of risks. From regulatory compliance and liquidity risks to technology and stakeholder risks.

“As with all initiatives that have high rewards, they come with plenty of risk,” the feature’s authors Dylan Campbell and Alexander Larsen say. “Alignment with the organisation’s vision, mission and values is a good starting point, followed by development of a digital asset strategy.”