Brands and the Metaverse
The Metaverse is a virtual world where users can interact with each other in an avatar. It is a 3D version of the internet and computing at large, and many experts view it as an essential component of a new internet.
It is an immersive world where people can communicate, share, meet and even shop in. It is an ecosystem where technology and innovation are pushing us to experience digital spaces that are more realistic than ever before.
Companies big and small are investing in the Metaverse to tap into the buying power of Gen Z, which has grown up with the most advanced technologies. This group owns more than 98% of all smartphones in the world, and is already a huge buyer of virtual reality goggles like Oculus Rift and Samsung Gear VR.
Brands have been experimenting with a variety of Metaverse components to get a feel for what the future of retail and entertainment could look like. From building their own bespoke virtual shop floors to designing custom clothing and avatars, brands have the opportunity to create innovative experiences that will be accessed by millions of consumers in the Metaverse.
The Metaverse can help companies build trust with customers and employees, and it offers opportunities for growth. However, this new terrain requires a careful attention to cybersecurity, privacy rights, regulatory compliance, brand reputation and anti-fraud efforts. It also presents unique challenges for fostering trust and values within an environment that may exacerbate socioeconomic disparities without adequate safeguards.