Research on how brands can practically ease into this new technology that more evolved in the Metaverse

Let's begin by reviewing the definition of the Metaverse. The term was first used by Neal Stephenson in his 1992 science fiction novel Snow Crash. Today's reality closely resembles Stephenson's vision, in large part due to online games like Fortnight, Roblox, and Minecraft.

However, the Metaverse's potential extends far beyond online gaming. Companies that invest in the technology want it to be about more than just leisure, even though the growing popularity of gaming aids in the development of the technology required for a full metaverse and raises consumer awareness of the concept. These businesses want it to be a second life, taking its name from a predecessor in the metaverse.

How do Customers Perceive the Metaverse So Far?

The 2022 Consumer Trends Report was just released by HubSpot recently. Importantly, the vast majority of the more than 1,000 Americans who responded are optimistic about the Metaverse:

34% of respondents considered the metaverse to be the "future of technology."

30% believe that brands should open online stores.

28% of people believe that the metaverse extends into reality.

Importantly, users of the metaverse continue to use it after they opt-in. With 54% of users using the metaverse for gaming and 46% for socializing, it has become an important part of their leisure and social activities. The authenticity of the connection is important to half of the metaverse users. When they are in this virtual space, they feel more like themselves.

Even though the metaverse has been the subject of numerous controversies over the past year, primarily as a result of its related technologies-cryptocurrencies and NFTs-the metaverse's overall appearance has not been affected. 53% of metaverse users were confident that their data had been safely stored on the metaverse, a concern that consumers hold very dearly.

What is known about the Metaverse by brands?

You might want to dive right into the metaverse right away because of this overwhelmingly positive news. Any brand can prepare for the metaverse with these key points:

There is more than one metaverse. While Facebook's name change to Meta is an obvious indicator that the organization needs to situate itself well, the metaverse, similar to the remainder of the web, is comprised of numerous stages.

There are still a lot of questions about digital privacy, digital ownership, intellectual property, and advertising and commerce regulations in the metaverse.

Even though virtual reality (VR) and augmented reality (AR) applications have been subjected to years of stress testing in gaming, their applicability to e-commerce is largely unknown, with the majority of e-commerce in the metaverse restricted to games, cryptocurrencies, and NFTs.

The New Technology is The Metaverse Isn't

The metaverse has not emerged in recent years. Brands you might not have acknowledged are metaverse stages incorporate Niantic (Pokémon Go), Roblox, and Microsoft. We are already there, but not with all of the platforms and technologies we hope to use.

Based on the HubSpot report's findings, here are my top recommendations for brands considering metaverse adoption:

Prioritize data security: Even though the recent controversies that have been associated with the cryptocurrency industry have not harmed the metaverse as a whole, consumers are still cautious.

The primary adopters of the metaverse are also young: However, keep in mind that millennials are now well-established household leaders while a significant portion of Generation Z is adults or close to being so. This is not for children. Users of the Metaverse are varied and sophisticated.

Get familiar with the platforms: Similar to how they currently interact with the internet and social media, it is likely that people will continue to interact with a unified metaverse through the channels with which they are most familiar. Similar to social media, not every metaverse platform is suitable for every business or brand. In the metaverse, it will be just as crucial to comprehend each platform's key demographics and capabilities as it is in the current internet version.

Try not to sit tight for a bound-together rendition of the metaverse to bounce in. You'll fall behind your rivals if you do this. Instead, check out the businesses that already have their metaverses to see what they can offer your customers or brand. Look for opportunities to bring your brand into those spaces, where consumers want it to be, and think about how your brand or clients might have target demographics that overlap with metaverses that already exist.