Businesses must become digital-first to understand the emerging realm of the metaverse and develop the innovations that will drive success there.
A growing number of companies are shifting their strategies to include engaging with consumers in the evolving virtual world, and a growing number of consumers - more than half according to a recent survey - say they are ready to connect in the metaverse as well.
For businesses preparing to enter the metaverse, developing a strong digital culture is a critical step.
The metaverse is more than simply a new digital venue where businesses can deploy traditional methods of promotion, sales, and customer support.
Some experts refer to it as an evolution rather than a revolution, citing that the metaverse is still an emerging technology.
There is a long list of promises about what the metaverse can become, but the vast majority of those promises have yet to be realized.
As long as the metaverse remains an emerging technology, identifying effective business models will be challenging.
Businesses should also expect that metaverse success will require the development of new skills.
The social component of the metaverse will require businesses to be ready to excel at community management and other human-centered skills.
Even in its emergent state, the metaverse has already been labeled a high risk for fraud and cybersecurity attacks.
Metaverse scams could target digital identities - stealing avatars or online profiles to use for malicious purposes - and intellectual property such as music or 3D models developed by businesses.
Cyberattacks could target user data or metaverse assets such as cryptocurrency or non-fungible tokens.
Building the type of strong digital culture needed for metaverse exploration starts with becoming a digital-first business.
Businesses must also prioritize innovation to effectively explore the metaverse.
Businesses will also need to develop innovative approaches to connecting the metaverse to other business channels to drive mainstream consumer adoption.
Curiosity is key to innovating, so businesses should explore the metaverse with a desire to learn, an open mind, and a willingness to listen to those they encounter there.
The metaverse will provide businesses with data-rich consumer interactions, but until strong patterns of behavior emerge, businesses will need to engage in an ongoing process of data analysis and experimentation to identify insights that can drive effective decision-making.
Businesses should also plan to invest heavily in cybersecurity as they set up shop in the metaverse.
Multi-factor authentication and digital rights management will be critical for protecting the digital identities and assets used to populate the metaverse.
As businesses become more comfortable in the metaverse environment, they will be better equipped to identify and take advantage of the opportunities it will bring to the business world.
This Cyber News was published on www.cyberdefensemagazine.com. Publication date: Sun, 11 Feb 2024 14:13:04 +0000