These days it seems everyone is talking about the metaverse and Web3, but many executives are still unclear about the tangible benefits of these virtual concepts. Beyond the obvious brand plays (things like digital Prada purses and virtual 3D stores), there are a number of more business-oriented benefits that retailers can tap into, including:
- Smart contracts stored on the blockchain have the potential to reduce administrative costs and improve efficiency;
- The decentralized nature of Web3 means that content will be freed of the “walled gardens” of large tech companies, creating the opportunity for more egalitarian exchanges; and
- That same decentralization will also mean that data is hosted on the blockchain, rather than owned by any one entity, thereby reducing privacy risks.
To learn more about how the metaverse and Web3 can benefit retailers, check out this infographic and the accompanying report from Coresight Research and Blokhaus.