Why is it important to authenticate and secure phygital products for brands and consumers entering the metaverse?

The metaverse, a virtual world powered by innovative technologies, is gathering pace. A digital realm that runs parallel to the physical world, entering the metaverse offers opportunities for brands, organizations and individuals. In this article, we’ll explore the benefits of the metaverse for companies and their customers and discuss why it’s important for brands to authenticate and secure phygital products.

Why should brands be in the metaverse?

There are multiple reasons why it is beneficial for brands to be in the metaverse. As technology advances and uptake increases, it’s more important than ever for companies to embrace innovation and learn more about the advantages of being open to discovering this exciting world that transcends the physical and digital world as we know them. Here are some of the main reasons why brands should consider entering the metaverse:

• Building connections with new audiences
• Using innovative technology to set your brand apart
• Offering new opportunities and experiences for your customers
• Capitalizing on the growing popularity of new technologies, including AR (augmented reality), AI (artificial intelligence) and VR (virtual reality)
• Targeting new demographics
• Connect with anyone, anywhere, at any time
• Provide immersive experiences
• Compete with forward-thinking companies within your industry
• Elevate customer experiences with new dimensions
• Celebrate and champion creativity

The global metaverse market was valued at $63.8 billion in 2021. Estimates suggest a projected compound annual growth rate of 47% between 2022 and 2029 (source).

What does the metaverse mean for brands?

The metaverse offers new opportunities for brands, providing a platform to enhance brand image through creativity, security, customer experience, values and personality. In the physical world, consumers are likely to be preoccupied with quality and functionality when buying products. In the metaverse, the focus shifts to brand values, culture and reputation. Displaying authenticity, promoting transparency and showing the human side of the brand are effective metaverse marketing ploys.

Why are brands looking to use metaverse advertising?

Metaverse advertising offers an array of benefits for brands, including:

• Combining a range of platforms, channels and technologies
• Reaching new audiences
• Eliminating the constraints of physical spaces
• Discovering new opportunities to sell digital versions of products
• Adding new dimensions to brand stories and customer experiences
• Marketing 24/7
• Establishing new ways to engage with customers
• Providing more options for consumers to cater to requirements and preferences
• Enhancing personalization
• Offering more options, for example, virtual try-ons

Which brands have already used VR for marketing?

Virtual reality (VR) provides incredible opportunities for companies, enabling them to use immersive, original digital experiences to sell physical products and digital products and services. VR is used widely in marketing and it has become an increasingly integral feature of successful brand strategies and advertising campaigns. Brands can use VR to create impactful pitches and presentations, they can offer clients the chance to experience products in a different and exciting way and they can take customers to different worlds that stretch creative boundaries. Examples of brands that have used VR successfully include:

• Volvo VR test drives
• The North Face VR outdoor adventures
• Marriott Hotels VR travel experiences
• TOM’s ‘A walk in their shoes’ VR campaign

How can the metaverse help business?

The metaverse encourages brands and companies to be creative and to utilize technology to provide superior experiences for their customers and clients. By using modern technologies and platforms, brands can go above and beyond conventional digital and physical experiences to offer customers more. Examples include digital fashion, buying NFTs, playing games, connecting with other users and exploring virtual environments. In addition, the metaverse opens doors in terms of communicating and connecting with new audiences and pushing the boundaries when targeting customers. There are no physical limitations, which provides access to boundless markets and previously inaccessible audiences.

Another key benefit for brands is the ability to build an authentic, transparent brand that consumers trust and respect. There is scope to show off the human side of the brand and share values and company ethos while establishing and cementing ties through deeper engagement.

What major development tool is being used to develop the metaverse?

The metaverse is often referred to as a single, unique form of technology, but it’s actually a collection of technologies that create a virtual world. The most important tools include:

• VR (virtual reality)
• AR (augmented reality)
• AI (artificial intelligence)
• Blockchain and NFTs
• Cryptocurrency
• Cryptography
• IoT (Internet of Things)
• 3D reconstruction

How to secure the presence of brands in the metaverse

Safety and security should be priorities for brands and consumers entering the metaverse. There are several ways to enhance security within the metaverse ranging from authenticating phygital products to using secure blockchain technology to provide transparency and verify identities. Authena provides cutting-edge technologies, such as Authena M3TA, to turn products into unique phygital collectibles, transfer ownership of phygital assets and create a secure bridge between physical and virtual worlds. Data encryption, multi factor authentication, using passwords and biometric identification can all play a role in addition to training and awareness programs.

Secured phygital NFTs and Authena product authentication services bridge the gap between physical spaces and the metaverse, creating a secure connection between digital assets and physical twins and using a range of blockchain protocols to enhance safety and functionality.

Conclusion

The metaverse is a virtual world, which comprises a diverse range of technologies. As more and more of us become aware of the metaverse and the new opportunities it offers, it’s important to understand the benefits for brands and consumers and the importance of staying safe. Brands can utilize new strategies to reach out to and connect and engage with customers and they can be more creative. They can also use different technologies to showcase products, offer more in terms of customer experience and build trust through sharing brand values and the human side of the business. Safety and security are crucial for brands and consumers entering the metaverse. Using innovative tools and technology can help brands authenticate and secure phygital products, lower risks, and create safe, stable bridges between the physical and digital worlds and the metaverse.