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Philippines Enamored by Metaverse Despite Many Getting Burned in Play-to-Earn Game Frenzy

2 mins
Updated by Kyle Baird
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In Brief

  • Philippines has topped the list when it comes to interest in the metaverse.
  • It also houses the most number of gamers on the internet according to a Coin Kickoff report.
  • Google searches from 193 different nations were analyzed in the study.
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The Philippines has topped the list when it comes to interest in the metaverse and housing the most number of web3 gamers.

According to new research by Coin Kickoff, the Philippines has the highest interest in the metaverse.

Google searches from 193 different nations were analyzed in the study. The country recorded 2,421 relevant Google searches per 1,000 individuals.

The Philippines Most Interested in the Metaverse

The business poll highlights that 89% of professionals are open to using the metaverse to improve their productivity, and nearly half think it will foster a happier work atmosphere.

Additionally, the 2023 Global Digital Report discovered that video games were played by 95.8% of Filipino internet users between the ages of 16 and 64. According to these figures, the Philippines has the largest population of gamers in the world. 

The survey results are a bit unexpected, given the high number of players that suffered losses during the P2E game craze in 2021–2022. Axie Infinity, a product of Sky Mavis Inc., generated 35% of its traffic from the country. Reports also noted that most of its 2.5 million daily active users also came from the Philippines. But, instead of providing a secondary source of income, gaming became a source of debt for many Filipino users.

In March last year, Axie Infinity was one of the many cryptocurrency projects to be exploited by hackers. In this particular instance, a hacker stole $620 million worth of cryptocurrency from the bridge that the platform used to exchange assets across different blockchains. This was a massive loss for the project’s numerous stakeholders on many levels.

Vietnam and Indonesia Also Top the List

Indonesia had the second-highest number of gamers, with 94.8% of internet users in the category. 

Meanwhile, when it comes to the metaverse, Florida folks in the U.S. are also interested in exploring the metaverse. The state recorded 670 searches per 1,000 persons. This doesn’t come as a surprise considering more than 75% of Americans, according to McKinsey research, are aware of the metaverse. Meanwhile, 55% utilize at least one platform that uses its technologies.

Vietnam is also one of the most favorable destinations for the metaverse. In 56.8% of their Twitter tweets regarding the virtual world, Vietnamese people express the most favorable opinions of the metaverse. In contrast, Irish citizens are the most dubious about the metaverse, with 14.4% of tweets being critical of it.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.
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