InfoNesia.xyz – RazorFish has unveiled a report on understanding consumer attitudes toward virtual assets and how the adoption of these assets will revolutionize the digital space, according to a press release on November 3, 2022.
Web3 The Driving Force Behind Digital Goods Adoption
Razorfish, an innovation hub and pioneer in marketing transformation, has partnered with research firm GWI to develop an online recontact survey titled “Unlocking the Real Impact of Virtual Goods,” which interviewed consumers who have either owned or currently own a virtual product within the past year.
The research centered around the respondents’ unique attitudes, perceptions, behaviors, and spending habits. According to the report, over 70 percent of these early adopters see virtual goods as a better and more valuable alternative to physical assets.
A virtual good refers to an intangible asset traded in a virtual economy, such as in online games. Virtual goods are nonphysical; their value is determined solely by what users are willing to pay for them.
The market for virtual goods has experienced exponential growth in recent years, spurred by the growing popularity of Web3 and Web2 social media platforms. Globally, recent estimates for annual virtual-goods revenues have totaled over $52 billion.
Cristina Lawrence, RazorFish Executive Vice-President, Consumer & Content Experience, stated that;
“The rise of Web3 is exciting because of its amazing potential to revolutionize how people engage with the digital world. We set out to understand consumer perceptions around virtual goods as mechanisms to express themselves and engage in communities. For brands, virtual goods offer new connection points – or even wholly new revenue streams – with these consumers.”
Per the report, many investors are already turning to virtual goods investments. RazorFish revealed that out of all the early adopters surveyed, 38 percent indicated that they had spent at least 25 percent of their disposable income on virtual goods. In addition, 35 percent regularly spend at least USD 1000 to buy virtual assets, and most respondents stated that they would likely invest more funds in the virtual goods industry in 2023.
Furthermore, the study discussed how virtual goods are sometimes perceived as a representation of luxury. It highlighted ways virtual goods can gain more importance among consumers, including how digital goods services have been designed to increase their owner’s online influence and prop up their digital identity.
Emotional importance is also a yardstick for determining how virtual goods can become luxury items. Lastly, access and exclusivity can be another driving force behind the emergence of virtual goods in the crypto industry.
RazorFish is Driving Web3 Adoption
RazorFish is looking to be one of the active players in the Web3 economy. In October 2022, it released three Web3 experience-driven offerings to help brands strategize potential metaverse activations.