Pros and cons of the metaverse that could change your mind

As with social media and many other digital marketing tactics, success lies in being where your customers are, at the right time, with the right message. And the metaverse is where customers will be at. In 2021, this idea became popular due to the announcement of the change in the name of Facebook to Meta by Mark Zuckerberg. When talking about the metaverse, the topics of cryptocurrencies, NFTs, or non-fungible tokens, have also become popular. But, what are really the benefits of metaverse?

The word metaverse has also gained popularity in recent months because, in the next phase of the Marvel Universe, is intended to cover the stories of a universe parallel to the physical world made up of several interconnected virtual worlds. If you are interested in starting to invest in the metaverse and you have doubts about whether or not it is a good investment, here are some points that you could take into account.

What is the metaverse?

What is the metaverse? This term was introduced by Neil Stephenson in his novel Snow Crash (1992). It refers to a virtual space where environments can be simulated in which people interact in different ways. An example of fiction can be found in the film Ready Player One or in the book of the same name, where the protagonists are immersed in a kind of virtual reality.

Zuckerberg describes it as follows: “You can think of the metaverse as a built-in internet where instead of just seeing content, you’re in it. And you feel present with other people as if you were in other places, having different experiences that you could hardly have in a 2D application or on a web page: such as dancing or practicing different types of exercises¨.

It has become clear that what is sought with the metaverse is to have a new reality within the existing one. We have been seeing it in recent decades, from the creation of an avatar in video games such as The Sims or Fornite to the presentation of augmented reality glasses that immerse us in a new environment, to the point that we lose, for a moment, the sense of reality.

Pros and cons of the metaverse

The metaverse is all about opportunity and imagination. Now that you have an idea of what the metaverse is all about, let’s dive right into the pros and cons that come with it.

Benefits of the metaverse

Expansion of opportunities

Currently, social media platforms like Facebook, Instagram, Twitter, and others are used to promote brands. The metaverse offers ever-growing platforms in virtual space to do the same. But also geographic expansion because in the metaverse the market is by nature global, with no more borders.

Economic opportunities

The economic possibilities within the metaverse are limitless, and some have not even been created yet. Today’s virtual economy includes companies that handle cryptocurrencies and exchange NFTs, such as Gucci and Adidas. Not only is it possible to purchase items in the virtual world, but it is also possible to purchase the ‘real world version’ of those goods thus building a bridge between two economies.

Virtual business

One of the benefits of the metaverse. Many businesses are expanding through e-commerce and have adapted to working online instead of in person. The metaverse is another platform for building a business and interacting with customers.

Metaverse Cons

Concerns about social and cultural impacts

This latest technology has the possibility of creating new standards that it brings with it. Users around the world are concerned that the metaverse could destroy existing cultural values. They believe that the use of this technology could lead to the introduction of new cultural values that would be different from the existing ones.

Access to advanced digital technologies

Doing business in the digital world implies having access to new technologies; such as virtual reality headsets, fast and stable internet connections, and people who understand the technology behind the technology. This is not available to all businesses or all potential customers.

Security and privacy risks

Risk management is essential to business. Companies are having some difficulty managing risks such as data breaches in the new business environment, which can be costly. The metaverse may increase those risks and those costs.

Zuckerberg with his words opened a universe of possibilities. The Facebook metaverse also invites us to reflect, are we prepared to find ourselves with this type of technology that is so immersive?

As with social media and many other digital marketing tactics, success lies in being where your customers are, at the right time, with the right message.

It is a fact that, in the years to come, your customers will be in the metaverse… Is your company preparing for it?

Benefits of metaverse: In Stringnet we can use it for your brand

We have been implementing metaverse experiences for many companies, which have benefited both in reputation and sales with this technology.

Do not stay behind and implement it in your business, take advantage of the fact that not many companies have launched these routes yet, but there are more and more.

Contact us here.