The metaverse is being hailed as the next big technological revolution, with countless brands exploring the incredible potential to engage with existing and new customers in immersive virtual worlds. The rules of the road for the metaverse are beginning to be written, with businesses and nonprofit organizations watching closely for signs on how the metaverse itself will evolve.
According to Deloitte, over the next few years, the evolution of the metaverse will take on one of three likely scenarios: “low orbit: the metaverse excels at certain things but never becomes a general-purpose platform;” “double star: there is not a single metaverse, but a handful of major players vying for a share of a dynamic marketplace;” or “big bang: an open, interoperable metaverse becomes the dominant interface through which we conduct most of our daily activities.”
Regardless of how the metaverse evolves, there are already a variety of innovative ways for brands to engage, with spending on metaverse advertising on track to total between $144 billion and $206 billion by 2030, according to a new report from McKinsey. Similarly, Mark Zuckerberg recently stated on CNBC that he envisions a billion people in the metaverse spending hundreds of dollars each on digital goods to express themselves or decorate their virtual homes or conference rooms in the second half of the decade.
As businesses explore how to participate in the metaverse, they also should consider challenges that the metaverse can present, such as creating safe spaces for children and teens, consumer data privacy, false or misleading advertising, financial transaction security, brand safety, consumer trust and safety, global considerations, evolving legal standards and more.