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What Is the Metaverse?

Metaverse is a virtual world that’s immersive, social and collaborative. It’s the next evolution in social technology that will enable you to share experiences you can’t have in real life.

The metaverse, or “Web 3.0,” is often described as a decentralized version of our current Internet with countless interoperable platforms. But if the metaverse is to become a reality, many technical challenges need to be overcome, including improving hardware and software.

Non-fungible tokens (NFT) figure to play a major role in the metaverse, as they’re a secure type of digital asset backed by blockchain technology. They can represent anything from art to digital real estate and allow for ownership transfers. They’re already a key component in some popular games, such as Habbo Hotel, World of Warcraft and Roblox.

It may be tempting to try to jump on the metaverse bandwagon, but be careful that you’re not boxing yourself into a specific set of applications. The best way to approach this new frontier is to educate yourself and your teams so you can be strategic about how you use it.

For example, you could create a branded VR showroom to attract attention and give customers an interactive experience. Or, you could host a game or activity that drives engagement and builds brand recognition. You might even launch a metaverse-based contest that offers rewards to participants. But, as with any marketing strategy, it’s essential to understand the risks and benefits before making big investments.