Despite the positive outlook for metaverse engagement, McKinsey suggests offsetting risk by establishing early rules of engagement for employees and marketing partners.

While no company will want to be left behind, the metaverse is still uncharted territory, with a lot of the technology involved still being developed. This presents several risks to companies choosing to engage early, which should be considered when allocating marketing budgets.

The most significant unanswered questions are:

● How interoperable will metaverse platforms be? Will avatars be able to cross between worlds or will different platforms be “walled-off” from one another?

● How “safe” will metaverse spaces be? Will minors be protected by law and what responsibilities will marketers and platform owners have to users of a metaverse?

● What right to privacy will users have? Will first-party consumer data be stored, managed and protected?

Whether a flash in the pan or the next big thing, it appears preparation for the metaverse has already begun with many of the world’s biggest companies expecting it to present multiple marketing and business opportunities.

With real estate now becoming increasingly digitalised, the metaverse is likely to create massive opportunities for companies that are ready.

Check out our other article:

Part 1: How The Metaverse Could Revolutionise Marketing Strategies

Part 2: Metaverse is not going anywhere

Part 3: Leveraging the metaverse for your brand

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