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How Businesses Can Use Automation To Capitalize on the Metaverse Opportunity

In the metaverse virtual reality, customer trust and safety are key to future business success. Learn how to navigate metaverse problems and capitalize on the opportunities.

MAY 11, 2023

As cryptocurrency stabilizes into the backbone of the metaverse economy, there’s another, bigger currency in play when it comes to customer experience – trust.

Customer interactions in the metaverse will involve an unprecedented level of data needing to be exchanged. And it’s growing all the time. By 2026, an estimated 25% of the global population will log onto the metaverse for a least an hour a day.

But this large and sprawling landscape has much more potential to harbour risk. Safety in the metaverse is threatened by anything from identity fraud to harmful content.

How can businesses earn customer trust in this virtual world?

The answer lies in applying responsible and transparent data processes. But to do so at this scale, they need automation.

The metaverse’s virtual reality is grounded in real-time interactions involving staggering volumes of data. Automation and AI that can capture, analyze and deliver actionable insights on this data are crucial to creating a support system for trust and safety.

Here are some examples of how this can be put into practice.

Content Moderation to Combat Metaverse Problems

Events hosted in metaverse venues are gaining popularity - like Samsung’s phone launch or virtual sports events.

But much like the real world, things could turn ugly at a football match. In an immersive virtual venue, you’re sharing the space with other people. In this situation, businesses will have to rely on advanced content moderation in order to ensure safety and gain trust, – particularly from young attendees and their parents.

With an even greater volume of content to moderate, automation and AI will play a huge role in strengthening trust and safety within virtual spaces. Automated tools like natural language processing (NLP) combined with human expertise will be key to detecting and rooting out hate speech, harassment and violence.

How Businesses Can Use Automation To Capitalize on the Metaverse Opportunity

NFTs – Not a Silver Bullet

Possessions and retail in the metaverse play a massive role in its success. A Gucci bag famously sold for $4,115 in the metaverse – topping the price of its real-life counterpart. Decentraland’s finite geography enables property value to rise and fall. In June, a parcel of land was purchased for over US$900,000. 

But how can consumers protect their possessions in this land seemingly without limits?

Non-fungible tokens (NFTs) are an uncontestable record of digital ownership. They’re stored in blockchain and used to authenticate possession of property, products or, most crucially, identity.

But a lack of widespread crypto expertise is creating metaverse problems. For example, hackers could steal NFT assets via smart contracts, abusing software infrastructure flaws or using manipulation tactics. In fact, a recent high-profile story details how a former NFL player's NFT losses totaled $139,000 due to their wallet becoming compromised, highlighting the need for tighter security and education for new users.

Businesses will therefore need expertise that will cover the knowledge gap and maintain a safe environment for their customers. With powerful automated security monitoring tools, real-time actionable alerts can be generated when suspicious activity is identified.

Digitally Engineering a Metaverse Virtual Reality

From cybersecurity to data handling, extensive digital engineering and integration are needed to make the most of the metaverse opportunities.

But the ultimate goal of the metaverse is to become interoperable so users can hop from one realm to the next. However, to do so, an even greater level of data must be exchanged. This poses the greatest risk to customer safety.

A decentralized digital world will expand the attack surface for bad actors. And cyberattacks that can now become three-dimensional will be even more harrowing for users.

Blockchain-based credentialization services and metaverse multi-factor authentication will be crucial to securing identities as they travel between platforms and make transactions.

How Businesses Can Use Automation To Capitalize on the Metaverse Opportunity

Compliance Monitoring

Avatars will harbour an unprecedented level of personal data surrounding users. In regulated industries such as finance or healthcare, trust is even more crucial when dealing with customer data privacy and security into the metaverse.

The best automated compliance monitoring tools will be needed to ensure businesses keep pace with ongoing laws and regulations while tracking and reporting on issues in real-time.

Automation in Human Hands: A Force for Good

The key to capitalizing on the metaverse lies in applying the best of automation. By implementing processes that bring together the benefits of human and robot digital workers, you can shift gears to focus on planning your business strategies in the metaverse. 

See how a digital transformation specialist can help you use automation to capitalize on the metaverse opportunities.

Improve Customer Satisfaction & Increase Revenue

Vikas Verma

VP & Global Head of Research

Vikas has years of experience in investment management, venture capital, private investing, special-sits, and growth equities.

Vikas Verma

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