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The Metaverse: What Brands Need To Know To Get Ahead – Cryptosaurus

Denis Sinelnikov is its CEO media components and Curis Digital, an award-winning, full-service digital marketing agency.


It’s a new year, which means it’s time to take a fresh look at the metaverse. We have seen many developments as more companies are looking to enter this digital space. Importantly, consumers are becoming more familiar with the term. As our agency continually monitors new technologies and becomes more involved with the metaverse, we researched how brands can practically get comfortable in this new frontier.

So, how is public opinion shaping up on the metaverse, and what do brands need to know to start their journey?

revisit the metaverse

First, a refresher on what the Metaverse is. Author Neal Stephenson first coined the term in 1992 in his science fiction novel snow accident, he envisioned people taking on lifelike avatars and interacting with a realistic digital world. Reality today is never far from Stephenson’s sight, thanks in large part to online games like roblox, fortnight And minecraft,

However, online gaming is only the tip of the iceberg for what the Metaverse can do. While the growing popularity of gaming helps companies develop the technology needed for a full metaverse and increases consumer awareness of the idea, companies investing in the technology want it to be more than just a pastime. To borrow from the name of the Metaverse predecessor, these companies want it to be a second Life,

What do consumers think of Metaverse so far?

Recently HubSpot released its 2022 Consumer Trends Report. While understanding and adoption of the Metaverse is still small, it is on the rise. Importantly, a majority of the more than 1,000 US respondents have a positive view of the metaverse:

• 34% said the metaverse is “the future of technology”.

• 30% believe brands should open virtual stores.

• 28% believe the metaverse is an extension of reality.

The important thing is that those who choose the Metaverse continue to use it. For them, the Metaverse has become an important part of leisure and social activities, with 54% of users connecting to the Metaverse for gaming and 46% to meet friends. For half of Metaverse users, connection is about authenticity. They feel more themselves when they are in this virtual space.

While Metaverse has been dogged by controversy over the past year, mainly through its adjacent technologies of cryptocurrencies and NFTs, it hasn’t hurt the overall face of Metaverse. When it comes to data security, some consumers feel strongly about it, with 53% of Metaverse users confident that their information is stored securely on Metaverse.

What Should Brands Know About the Metaverse?

This might be overwhelmingly positive news that makes you want to jump straight into the metaverse. After all, be where the consumers are. While the news is exciting, the Metaverse is largely new ground, and there’s a lot to consider before jumping in. The full list is far from exhaustive, but a few key points will help any brand prepare itself for the metaverse:

• The Metaverse is not just one thing. While Facebook’s name change to Meta is a clear sign that the company wants to position itself well, the Metaverse, like the rest of the Internet, is made up of multiple platforms.

• The metaverse still presents many questions about the rules of digital privacy, digital ownership and intellectual rights, and digital commerce and advertising.

• While virtual reality (VR) and augmented reality (AR) programs have been stress-tested in gaming for years, their utility for e-commerce remains largely untapped, with most e-commerce in the metaverse being either games or cryptocurrencies are and are limited to NFTs. ,

The technology is new; there is no metaverse

The rise of the Metaverse didn’t last a few years. While we haven’t reached a unified metaverse, it’s just a matter of time. Brands you may not have realized are metaverse platforms include Niantic (Pokémon Go), Roblox, and Microsoft. We’re already there, just not with all the technologies and platforms we hope to use.

Here are my key takeaways as brands look to adopt the metaverse based on the findings of the HubSpot report:

• Make data security a priority. While the overall opinion of the Metaverse has not been negatively affected by the recent controversies with the cryptocurrency industry, this does not mean that consumers are not cautious.

• Know your target demographics. The Metaverse is young, and so are its primary adopters. However, remember that most Gen Z are adults or are now approaching adulthood, and Millennials are now established heads of households. This is nothing for kids. Metaverse users are sophisticated and diverse.

• Know the platforms. Even when we reach a unified metaverse, it is likely that people will still interact through the platforms they are most familiar with, similar to how they interact with the Internet and social media now. We do. We do Just like with social media, not every metaverse platform will be ideal for every brand or every industry. Understanding the key demographics in each platform and the platform’s capabilities will be just as important in the metaverse as in the current iteration of the Internet.

• Don’t wait for the unified version of the Metaverse to jump in. If you do this, you will be left behind by your competitors. Instead, look at companies that already have their own metaverse and see what they have to offer to your brand or customers. Consider how your brand or client may have overlapping target demographics with the existing metaverse and look for opportunities to get your brand where consumers want them.

As we trek into 2023, we are truly on the cusp of new things. Metaverse has a whole new virtual reality of experiences to share with brands and consumers. Importantly, consumers want to see brands they know and trust in those virtual places. Companies that can position themselves and their customers in the metaverse will see growth. All they have to do is to take the first step.

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