The metaverse will be a big part of the future and offers many unique opportunities to shape your brand and connect with consumers.
The collapse of the cryptocurrency exchange platform FTX has sent shockwaves into the metaverse. The crypto exchange was once thought of as a responsible, stable leader in an industry which is fast-changing and mostly unregulated. In the wake of its failure, people are wondering what the implications will be on the metaverse.
This moment for FTX will likely be viewed as a learning curve for metaverse, crypto, and web3 organizations and projects. It will also be seen as a huge opportunity that some saw for exactly what it was while others missed it entirely. It is essential to recognize that this is a great time to consider what is possible in the metaverse and how to best take advantage of it through your brand.
Seize The Moment
The metaverse is just beginning to take shape. As exciting as the VR (virtual reality) and AR (augmented reality) experiences offered today are, these are only the embryonic stages of what is to come. A recent survey found that 54% of experts expect the metaverse to become a refined and immersive aspect of daily life for half a billion or more people globally by 2040, which would be a cultural shift that is similar to the rise of the internet.
As the metaverse progresses, AR and VR experiences will be better able to reach consumers than current technologies can. These technologies will become a significant part of our lives and offer users the opportunity to purchase virtual and physical goods, travel, play, and even receive healthcare. The metaverse will become an expansion of our daily lives.
In this post-FTX moment, it is possible that users will spend less in metaverse contexts because of the challenges for many cryptocurrency holders. This is not much different from the effects of an economic downturn, and it is not permanent. There will be an impact that is widely felt, but it will not last forever. This momentary setback should not cloud our vision of what the metaverse will become.
Now is the time to gain positioning in the metaverse. This technology will be a massive part of the future and offers unique opportunities to shape your brand and connect with consumers. All of our lives are increasingly happening in a hybrid of on- and offline spaces, but don’t let fear prevent you from gaining a foothold in this important space.
Be Real In The Metaverse
A lack of clarity made the end of FTX particularly shocking to many. This lack of clarity makes it seem like this came out of the blue, but an important lesson to take from this is that clarity will be vital to the success of CEOs in the metaverse and crypto spaces. People want to know what is going on, and they also need to have things explained in a way they can understand.
The metaverse has created a new opportunity to garner connections with customers and clients. Much like social media, the metaverse gives us a mixture of social connection and commerce in a way that will allow people to connect with your brand on the human-to-human level. Those connections can generate value for brands, customers, and clients in new ways through the metaverse.
Because metaverse technology is so new, it is easy to get caught up in the spectacle of the metaverse itself. Keep in mind that customers value quality, authenticity, and clarity in the virtual world just as they do offline. These principles should be central to your brand – they will help your customers ease into the new world of the metaverse.
Now is the perfect time for a reboot. Valuing clarity means being open and honest with users and customers about your business’s operations and values. This moment is a great opportunity to show how things work behind the scenes. 58% of Americans say they do not understand the metaverse – you can be there to guide them through this new world and get them excited about it.
Be clear and engaging when it comes to web3, and go off the beaten path when communicating about crypto and the metaverse. Emphasize user experience, and get people excited about what you are doing in the space. Don’t get overly technical; show users and customers that these things can be fun and easy to understand.
Rebuilding Trust Will Take Time
The fall of FTX will have an economic impact within the metaverse as crypto is central to the financial functions of most metaverse platforms. The impact won’t last forever, though – economic recovery is bound to occur over time. That being said, this is only one instance that we will likely see more of in the metaverse.
It will certainly take time to build back trust with investors. The days when the metaverse was seen as a get-rich-quick investment by venture capitalists are likely over. Investors will be pickier and more careful about NFT, crypto, and metaverse-based companies as well as the products they choose to invest in.
Clarity is necessary for building back trust. Branding that emphasizes transparency, clarity, and authenticity will be appealing to investors who feel less trustworthy of the metaverse. Investors will want to take advantage of the lower investment prices we’re seeing in the metaverse right now. The opportunity is there for those who are willing and able to close the gap in trust.
Crypto started off in the wake of the financial crisis of 2009. It originated out of people’s desire for clarity, trust, and decentralization. Crypto is fundamentally adaptable. It is still growing and recovery is already happening. Remember where crypto came from and what its purpose is. Remain calm, emphasize trust and clarity, and connectivity will continue to grow.