{"id":47658,"date":"2023-03-28T05:16:39","date_gmt":"2023-03-28T09:16:39","guid":{"rendered":"https:\/\/www.kaspersky.com\/blog\/?post_type=emagazine&#038;p=47658"},"modified":"2023-03-29T07:10:26","modified_gmt":"2023-03-29T11:10:26","slug":"insight-story-metaverse","status":"publish","type":"emagazine","link":"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-metaverse\/47658\/","title":{"rendered":"What metaverse experts think your business should know"},"content":{"rendered":"<p>There\u2019s much noise about the metaverse, and a feeling business must get on board today. Should you dive in? Two metaverse experts say yes, and no.<\/p>\n<p><a href=\"https:\/\/insight-story.podbean.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Kaspersky\u2019s new podcast, Insight Story<\/a>, unpacks emerging tech trends with global specialists and businesses successfully using the tech. Episode 1 looks at the metaverse, with <a href=\"https:\/\/www.linkedin.com\/in\/cortneyharding\/\" target=\"_blank\" rel=\"noopener nofollow\">Cortney Harding<\/a>, World Economic Forum Metaverse Council member and founder of virtual and augmented reality agency <a href=\"https:\/\/www.friendswithholograms.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Friends with Holograms<\/a>. <a href=\"https:\/\/www.linkedin.com\/in\/whatleydude\/\" target=\"_blank\" rel=\"noopener nofollow\">James Whatley<\/a>, Chief Strategy Officer at gaming industry agency <a href=\"https:\/\/diva.agency\/\" target=\"_blank\" rel=\"noopener nofollow\">Diva<\/a>, also joins me.<\/p>\n<div id=\"attachment_47674\" style=\"width: 278px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-47674\" class=\"wp-image-47674\" src=\"https:\/\/media.kasperskydaily.com\/wp-content\/uploads\/sites\/92\/2023\/03\/29070203\/cortney-harding-1-243x300.jpg\" alt=\"Cortney Harding, Founder, Friends with Holograms\" width=\"268\" height=\"331\"><p id=\"caption-attachment-47674\" class=\"wp-caption-text\">Cortney Harding, Founder, Friends with Holograms<\/p><\/div>\n<div id=\"attachment_47676\" style=\"width: 278px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-47676\" class=\"wp-image-47676 size-medium\" src=\"https:\/\/media.kasperskydaily.com\/wp-content\/uploads\/sites\/92\/2023\/03\/29070520\/james-whatley-2-268x300.png\" alt=\"\" width=\"268\" height=\"300\"><p id=\"caption-attachment-47676\" class=\"wp-caption-text\">James Whatley, Chief Strategy Officer, Diva<\/p><\/div>\n<p>James\u2019s <a href=\"https:\/\/www.youtube.com\/watch?v=_gQgwbkYV1w\" target=\"_blank\" rel=\"noopener nofollow\">2022 talk What Metaverse?<\/a> garnered much attention from the marketing industry, debating definitions and the effectiveness of brand-sponsored \u2018metaversal experiences,\u2019 as he calls them. A more cynical onlooker could say the metaverse is the emperor\u2019s new (virtual) clothes.<\/p>\n<p>In its glitchy 2006 version I attended \u2013 or tried to attend \u2013 in-world conferences in the early metaverse, <a href=\"https:\/\/en.wikipedia.org\/wiki\/Second_Life\" target=\"_blank\" rel=\"noopener nofollow\">Second Life<\/a>. My clever friend sold virtual shirts to passers-by, but the predicted virtual commerce revolution didn\u2019t ignite then. I was keen to explore with James and Cortney whether the metaverse is really open for business, or if FOMO (fear of missing out) and the <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/how-to-spot-hype\/36171\/\" target=\"_blank\" rel=\"noopener nofollow\">hype<\/a> cycle is encouraging investment before audiences are ready.<\/p>\n<p><iframe style=\"border: none;min-width: min(100%, 430px)\" height=\"150\" scrolling=\"no\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=r9kr2-13c18da-pb&amp;from=pb6admin&amp;pbad=0&amp;share=1&amp;download=1&amp;rtl=0&amp;fonts=Arial&amp;skin=1b1b1b&amp;font-color=auto&amp;logo_link=episode_page&amp;btn-skin=2baf9e\" width=\"100%\"><\/iframe><\/p>\n<h2>From science fiction to (virtual) reality<\/h2>\n<p>There\u2019s no single agreed definition of the metaverse. Metaverses are virtual worlds where users see the world and interact through characters called avatars. Using a <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/?s=virtual+reality&amp;submit=Search\" target=\"_blank\" rel=\"noopener nofollow\">virtual reality<\/a> (VR) headset, interacting in a metaverse can feel like real life. It can mirror many real-world experiences, like shopping, going to concerts, even owning property. Some say it\u2019s \u2018<a href=\"https:\/\/www.forbes.com\/sites\/forbestechcouncil\/2023\/01\/25\/is-the-metaverse-the-next-iteration-of-the-internet\/?sh=78b33c2a2d42\" target=\"_blank\" rel=\"noopener nofollow\">the next iteration of the internet<\/a>\u2018 or \u2018<a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/should-business-use-metaverse\/44828\/\" target=\"_blank\" rel=\"noopener nofollow\">Web 3.0<\/a>.\u2019<\/p>\n<p>Metaverses like <a href=\"https:\/\/en.wikipedia.org\/wiki\/Active_Worlds\" target=\"_blank\" rel=\"noopener nofollow\">Activeworlds<\/a> and <a href=\"https:\/\/en.wikipedia.org\/wiki\/Second_Life\" target=\"_blank\" rel=\"noopener nofollow\">Second Life<\/a> have been around for over 20 years. Others exist within online multi-player games like <a href=\"https:\/\/en.wikipedia.org\/wiki\/Fortnite\" target=\"_blank\" rel=\"noopener nofollow\">Fortnite<\/a> and <a href=\"https:\/\/www.roblox.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Roblox<\/a>. <a href=\"https:\/\/www.newscientist.com\/article\/2295438-why-has-facebook-changed-its-name-to-meta-and-what-is-the-metaverse\/\" target=\"_blank\" rel=\"noopener nofollow\">Facebook changed its name to Meta in 2021<\/a>, signaling a future focus on virtual experiences.<\/p>\n<h2>Should businesses be in the metaverse?<\/h2>\n<p>Cortney Harding says brands should approach the metaverse from their own perspective. \u201cIt depends on your audience. If you\u2019re a bank, you probably don\u2019t need to build a metaverse world right now \u2013 they\u2019ve tried, and failed.\u201d Examples abound of <a href=\"https:\/\/www.forbes.com\/sites\/ronshevlin\/2022\/05\/02\/fidelitys-new-metaverse-learning-center-is-doomed-to-fail\/?sh=13661bf46604\" target=\"_blank\" rel=\"noopener nofollow\">banks establishing an often half-baked presence in the metaverse, then quietly backing away<\/a>.<\/p>\n<p>Cortney continues, \u201cIf you\u2019re a consumer brand focused on a young tech-savvy audience, you should start thinking about it.\u201d But it\u2019s not about audience age. \u201cIt\u2019s more, is your audience tech-savvy? And niche communities are often strong in the metaverse.\u201d According to games researcher company Newzoo, <a href=\"https:\/\/newzoo.com\/resources\/blog\/deep-dive-metaverse-gamers-data-on-metaverse-demographics-socializing-playing-spending-2\" target=\"_blank\" rel=\"noopener nofollow\">more than a quarter of gaming metaverse users are age 36 or older<\/a>.<\/p>\n<p>James Whatley thinks brands should work to understand not just who is in the metaverse, but why.<\/p>\n<blockquote><p>Your everyday consumer doesn\u2019t think, \u2018I want to do a metaverse activity.\u2019 They just want to go to a decent gig.<\/p>\n<cite><p>James Whatley, Chief Strategy Officer, Diva Agency<\/p><\/cite><\/blockquote>\n<p>Nike\u2019s success in Roblox is often hailed as an example of a brand getting it right. Their <a href=\"https:\/\/www.thedrum.com\/news\/2022\/09\/22\/21m-people-have-now-visited-nike-s-roblox-store-here-s-how-do-metaverse-commerce\" target=\"_blank\" rel=\"noopener nofollow\">Nikeland shop, selling virtual Nike gear, attracted 7 million visitors<\/a> in its first two months. James notes, \u201cThey\u2019re doing great, but copying Nike is not a strategy \u2013 it\u2019s looking and learning from it.\u201d<\/p>\n<p>Cortney gleans this from Nike\u2019s success: \u201cYou must resource metaverse worlds correctly to keep them going, making sure people have reasons to return. Nike has social events, and guest speakers \u2013 they give people a reason to go there.\u201d<\/p>\n<p>In developing metaverse experiences, brands should consider what makes the metaverse different. \u201cIn early VR, I saw directors do what\u2019s in 2D except in a VR headset,\u201d says Cortney. \u201cEmbodying an avatar with your voice is different than typing or watching a video. How can you harness that? Think beyond replicating and get to the point where it\u2019s creating something wholly new.\u201d<\/p>\n<h2>Metaverse for good<\/h2>\n<p>Cortney works with clients using metaverses and linked technology like VR for the greater good. \u201cI do VR training around racial bias, child welfare, mental health and more. It lets people be in a space they\u2019ve never been in and experience things like bias or exclusion, in hope they\u2019ll better understand what it feels like.\u201d<\/p>\n<p>PwC research found <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/ai-emotionally-intelligent-recruitment\/37863\/\" target=\"_blank\" rel=\"noopener nofollow\">bias awareness training in VR is highly effective<\/a>: \u201c75 percent reported a \u2018wake-up call moment\u2019 that helped them identify times in their past when they had not been as inclusive as they\u2019d thought. V-learners were up to 275 percent more confident to act on what they learned after training.\u201d<\/p>\n<p>Cortney also sees work needed to prevent bias being \u2018baked in\u2019 to the metaverse as it has been with other tech. \u201cMany who built the current internet came from the same background. We want to build a world that\u2019s inclusive and safe \u2013 one everyone can be part of.\u201d<\/p>\n<p>Examples of creator bias leading to tech that discriminates include, <a href=\"https:\/\/hbr.org\/2019\/05\/voice-recognition-still-has-significant-race-and-gender-biases\" target=\"_blank\" rel=\"noopener nofollow\">voice recognition not recognizing women\u2019s and people of color\u2019s voices<\/a> because its training data sets mostly contain white men\u2019s voices. <a href=\"https:\/\/gizmodo.com\/why-cant-this-soap-dispenser-identify-dark-skin-1797931773\" target=\"_blank\" rel=\"noopener nofollow\">Soap dispensers, fitness trackers and heart-rate monitors<\/a> have also been found to rely on users having a light skin tone. It\u2019s unsurprising women have <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/why-lack-data-about-women\/33822\/\" target=\"_blank\" rel=\"noopener nofollow\">higher rates of injury in car accidents<\/a> when you learn that a truly woman-shaped crash test dummy is a new thing \u2013 previous \u2018female\u2019 dummies were simply a smaller male dummy.<\/p>\n<p>Cortney appeals to brands to stay aware of how their metaverse presence affects customers.<\/p>\n<blockquote><p>The metaverse is people, at the end of the day. Brands should come back to that: How do they empower, impact and grow communities?<\/p>\n<cite><p>Cortney Harding, World Economic Forum Metaverse Council member and founder, Friends with Holograms<\/p><\/cite><\/blockquote>\n<p>James agrees. \u201cI believe video games are good for building community, and they have done for decades. Whatever the next iteration of the internet, the community piece comes where humanity goes.\u201d<\/p>\n<p>Alongside many good experiences, <a href=\"https:\/\/www.kaspersky.com\/blog\/threats-in-kids-gaming-worlds\/\" target=\"_blank\" rel=\"noopener nofollow\">research shows more than half of children who play online games experience harms<\/a> like bullying, hacking and inappropriate contact at some point.<\/p>\n<h2>Raising your metaverse understanding<\/h2>\n<p>Cortney says companies dipping a toe into the metaverse shouldn\u2019t expect too much at first, but should be in it for the right reasons. \u201cIf you look at some websites from the early days of the internet, your eyes will bleed out of your head. We can\u2019t expect everyone\u2019s metaverse execution will be perfect at this point, but you need more of an idea than just having heard a buzzword.\u201d<\/p>\n<p>If you choose to go there, James recommends involving metaverse natives. \u201cBring in the Roblox audience to help build, because they understand it. Get people with gaming experience \u2013 they understand narrative and interaction. Make a small investment, start experimenting, have people work on it as a side project. So when things start to really shift, you haven\u2019t ignored it.\u201d<\/p>\n<p>He thinks brands should avoid thinking metaverse is the answer, instead considering all options. \u201cIf you want to build a community around your brand, there are other ways. Do stuff in social media. Look at your customer relationship management (CRM.) Don\u2019t close the door \u2013 be aware of it, but act when it\u2019s right for your business.\u201d<\/p>\n<h2>Metaverse cyber risks<\/h2>\n<p>As new tech arrives, so do new threats. What are the cybersecurity implications of the metaverse?<\/p>\n<p>Fabio Assolini is head of research in Latin America for Kaspersky Global Research and Analysis Team (GReAT,) uncovering and understanding cyber threats in digital environments, including metaverses.<\/p>\n<p>\u201cWe\u2019re concerned about the kinds of attacks already common on Meta platforms like Instagram, Facebook and WhatsApp. On new platforms, we expect the same, like fraudsters impersonating brands,\u201d says Assolini. \u201cWe also expect more complex attacks like <a href=\"https:\/\/encyclopedia.kaspersky.com\/glossary\/sim-swapping\/\" target=\"_blank\" rel=\"noopener\">SIM swapping<\/a>, where cybercriminals hijack users\u2019 phone numbers to receive authentication tokens.\u201d<\/p>\n<p>Assolini is also concerned about unclear roles and responsibilities in the metaverse. \u201cIf I\u2019m a business and investing in, say, a launch party in the metaverse, is it my responsibility to put encryption and other security in place? Or is it for the end user to be more savvy when they\u2019re joining these experiences?\u201d<\/p>\n<p>\u2018<a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/cryptojacking-2019\/28951\/\" target=\"_blank\" rel=\"noopener nofollow\">Cryptojacking<\/a>\u2018 is another concern in the metaverse. Hacking users\u2019 devices to use their processing power for mining cryptocurrency is seriously on the rise, with <a href=\"https:\/\/www.kaspersky.com\/about\/press-releases\/2022_crypto-miners-on-the-rise-kaspersky-experts-report-more-than-230-growth-in-the-number-of-malicious-mining-programs\" target=\"_blank\" rel=\"noopener nofollow\">Kaspersky research showing a 230 percent increase in 2022<\/a>.<\/p>\n<p>While Meta\u2019s chief technical officer says <a href=\"https:\/\/www.theverge.com\/2021\/11\/12\/22779006\/meta-facebook-cto-andrew-bosworth-memo-metaverse-disney-safety-content-moderation-scale\" target=\"_blank\" rel=\"noopener nofollow\">moderating user behavior \u201cat any meaningful scale is practically impossible,<\/a>\u201d business will be glad to know <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/get-ahead-metaverse-security\/46191\/\" target=\"_blank\" rel=\"noopener nofollow\">metaverse security concepts are roughly the same<\/a> as any online, digital environment. \u201cFundamental security practices carry over because the architecture is the same. It still runs on a server, you have databases on the backend, user and password management, and so on,\u201d said Nick Donarski, co-founder and chief technology officer at blockchain company <a href=\"https:\/\/ore-system.com\/\" target=\"_blank\" rel=\"noopener nofollow\">ORE System<\/a>.<\/p>\n<h2>Best metaverse advice for business<\/h2>\n<p>I asked James and Cortney their best metaverse advice for business.<\/p>\n<p>James says, \u201cGo the extra click. If someone sends you a headline saying this is where the future is, find out where that\u2019s come from. Who paid for that data? There\u2019s an often-cited report from <a href=\"https:\/\/www.mckinsey.com\/capabilities\/growth-marketing-and-sales\/our-insights\/value-creation-in-the-metaverse\" target=\"_blank\" rel=\"noopener nofollow\">McKinsey valuing the metaverse at 5 trillion US dollars<\/a>. When you look at where that figure came from, it doesn\u2019t mean anything.\u201d<\/p>\n<p>Cortney says, \u201cJust start learning and experimenting. It\u2019s free or very cheap to sign up to many metaverses. Create a world just for fun. Spend time talking to people. Then you\u2019ll understand what you like, what you don\u2019t like, what could be better. You\u2019ll be more informed \u2013 or worst case scenario, <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/should-business-use-metaverse\/44828\/\" target=\"_blank\" rel=\"noopener nofollow\">have some fun<\/a>.\u201d<\/p>\n<p>Listen to the <a href=\"https:\/\/insight-story.podbean.com\/\" target=\"_blank\" rel=\"noopener nofollow\">full Insight Story audio series on Podbean or your usual podcast provider<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metaverse experts Cortney Harding and James Whatley explain what businesses are getting wrong \u2013 and right \u2013 in these much-hyped, immersive online worlds.<\/p>\n","protected":false},"author":2521,"featured_media":47659,"template":"","coauthors":[3452],"class_list":{"0":"post-47658","1":"emagazine","2":"type-emagazine","3":"status-publish","4":"has-post-thumbnail","6":"emagazine-category-digital-transformation","7":"emagazine-category-emerging-tech","8":"emagazine-tag-insight-story","9":"emagazine-tag-metaverse","10":"emagazine-tag-virtual-reality"},"hreflang":[{"hreflang":"x-default","url":"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-metaverse\/47658\/"},{"hreflang":"en-us","url":"https:\/\/usa.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-metaverse\/28165\/"}],"acf":[],"_links":{"self":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/emagazine\/47658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/emagazine"}],"about":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/types\/emagazine"}],"author":[{"embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/users\/2521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/media\/47659"}],"wp:attachment":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/media?parent=47658"}],"wp:term":[{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/coauthors?post=47658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}