Is the metaverse a golden opportunity or a major risk for businesses? 

Is the metaverse really “the next chapter for the internet”? This is how the most talked-about new concept in tech was described by Meta CEO Mark Zuckerberg, as he unveiled his company’s ambitious new focus.


The metaverse is a virtual world, where users from all over the world can move and interact freely using digital avatars. It’s likely that it’ll be accessed with VR headsets, and will incorporate a full digital economy for creating, buying and selling goods. The metaverse is also expected to bring in lots of other technologies, and has applications ranging from social networking, collaborative working and ecommerce.


The metaverse for business


Much of the discussion on the metaverse so far has focused on the experience for users. But what will it mean for businesses? How will brands advertise, sell and make money in a virtual world? And crucially, will it represent a golden opportunity to reach a global audience, or usher in a whole heap of cybersecurity risks?


We won’t have definitive answers to these critical questions until the technology evolves and the metaverse emerges as a fully realised, mainstream concept. At this stage, businesses can see what the metaverse will actually look like and can start to develop marketing strategies to take advantage of new opportunities.


So for now, we can only speculate on the opportunities and risks a mainstream metaverse is likely to present for businesses. Let’s run through a few of these here.


The opportunities


Users from all over the world can access the metaverse, which tears down existing geographical barriers for ecommerce and marketing.


Another benefit of global users moving freely in the metaverse is that they can purchase tickets for online events, no matter where they live. This could supercharge sales for the events and entertainment industry.


Brands will need to rapidly adapt their advertising strategies to thrive in the metaverse. In a VR world, consumers will interact with brands in completely new ways, from trying on clothing to touring real estate – all virtually. Advertisers will need to master 3D modelling and 360° video, but this will create exciting new ways to tell brand and product stories.


In the metaverse, users will be paying for goods, tickets and services using digital wallets. This makes purchasing super quick and almost seamless, which is great news for businesses.


The flip side


Now, let’s look at some of the potential risks that businesses may face when pivoting to operate in the metaverse:


What’s more, targeting ideal consumers could be tricky in such an open, barrier-free world.

This could mean missing out on a valuable chunk of your customer base if your brand goes all-in on a metaverse marketing strategy.


As the metaverse is expected to be built using blockchain, this could mean a more transparent internet with less power in the hands of tech giants. But this could also mean problems with regulation, and therefore cybersecurity risks for your business.


Looking for your next opportunity in tech, blockchain or crypto? Whether you’re searching for a job or hiring for your business, we can help. Get in touch with our specialist recruiters here at M-Wek. 


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