A third (33%) of developers believe data privacy and security are the biggest hurdles the metaverse has to overcome. This is according to a new study from Agora, which polled 300 developers to gain further insight into their thoughts and perceptions as it relates to the current state of metaverse and what the future holds.

The metaverse has been labeled as game-changing by many experts across a wide range of industries and for developers, allowing for the development of new communities and the ability to better connect with users. Gaming and entertainment have the opportunity to benefit most from the metaverse. When asked which industry will benefit the most or experience the greatest positive impact from the metaverse, the developers who were surveyed put gaming and entertainment at the top, with 26% each. 

Emerging technology is allowing for better social experiences in the metaverse, thanks in large part to advancements in extended reality, or XR. As technology continues to progress at this rate, there’s a real chance that the metaverse could mark the center of human interactions in the future. Since the metaverse will allow users to have more engaging and connected experiences, 72% of developers believe it will be critical for real-time engagement (RTE) technology, such as interactive, two-way digital video and audio, to be implemented. RTE will be key since the social aspect will be essential to the success of the metaverse, and 55% of developers can see it replacing real-life, in-person social interactions and experiences within the next five years. 

The rise of cryptocurrencies and interest in the metaverse has made currency a popular point of discussion, as well. More than half of the developers surveyed believe NFTs will continue to grow and become the dominant form of currency in the near term. As a result, the majority of developers also believe cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.

Read the full report by Agora.