Factors Influencing Vietnamese Generation MZ’s Adoption of Metaverse Platforms

Abstract

The Metaverse is a blend of our tangible and digital worlds, marking the upcoming direction of the internet sector. This study strives to identify the elements that affect the uptake of Metaverse platforms in Vietnam. To that end, we pinpointed the factors influencing usage intentions using the Extended Unified Theory of Acceptance and Use of Technology (UTAUT2) model and added a new “switching cost” variable. We gathered and examined data from 520 participants, with 230 from Generation Y (Gen Y) and 290 from Generation Z (Gen Z) using the multi-group analysis in structural equation modeling. The findings reveal that elements such as effort expectancy, performance expectancy, facilitating conditions, hedonic motivation, and value price positively affect the intent to embrace Metaverse platforms. While social influence does not impact the entire dataset, it positively influences Gen Y’s intention. On the other hand, the switching cost acts as a hindrance to adopting Metaverse platforms. It is also noteworthy that significant variations exist between Gen Y and Gen Z concerning these factors. These observations are crucial for industry leaders looking to capitalize on the immense opportunities of Metaverse platforms for sustainable growth in the internet sector.