Turkish interest in the metaverse is declining, experts say

Turkish interest in the metaverse is allegedly dropping, according to experts. They cite several factors, such as the state of the economy, decline in virtual real estate purchases, the preference for in-person interactions, and the unfavourable atmosphere in the cryptocurrency market, as causes for these changes.

The thrill of buying lands in the metaverse is declining, said one of the experts and added that: ‘Those who saw the metaverse as an investment tool and were affected by the rapid depreciation of the market lost their faith in it.’ 

The second factor is the end of the COVID-19 outbreak, which reduces the need for virtual space as more people prefer to engage in face-to-face contact. The country’s deteriorating economic position is yet another factor, since many firms cut down on spending when inflation hit its peak.

Finally, they argue that the cryptocurrency market’s unfavourable environment may have also influenced this development.

It is interesting to note that Türkiye has been, up until now, regarded as one of the early adopters displaying greatest excitement concerning these new platforms. According to one global survey conducted by Ipsos for the World Economic Forum, enthusiasm for the metaverse and extended reality was highest in Türkiye.