Now that crypto has crashed, what's next for the metaverse?

The opinions expressed by entrepreneurs contributors are their own.

The collapse of crypto exchange FTX is sending shockwaves through the metaverse. The cryptocurrency exchange was once seen as a stable and responsible leader in an industry that is often fast-moving and unregulated. In the wake of its failure, many are wondering what the implications will be on the metaverse.

While this time for FTX will likely be seen as a learning moment for crypto, metaverse, and Web3 organizations and projects, it will also likely be seen as a huge opportunity that some saw for what it was while others missed it completely. It's essential to recognize that now is a great time to think about what's possible in the metaverse and how best to leverage it through your personal brand.

Related: Metaverse: A Game-Changing Innovation for Entrepreneurs

seize the moment The metaverse is just beginning to take shape. As exciting as the VR and AR experiences on offer today are, they are only the embryonic stages of what is to come. A recent survey showed that 54% of experts expect the metaverse to be a polished and immersive aspect of the daily lives of half a billion or more people around the world by 2040. That would be a game changer. culture similar to the rise of the Internet.

As the metaverse grows, AR and VR experiences will be better able to reach and serve consumers than current technologies. These new technologies will become a more important part of our lives and provide users with the ability to purchase virtual and physical goods, travel, and even receive healthcare. The metaverse will be an extension of our daily lives.

In this post-FTX time, users may be spending less in metaverse settings due to FTX's challenges on many cryptocurrency holders. It's not much different from the effects of an economic downturn, and it's not permanent. There will be a widely felt impact, but it won't last forever, and this momentary setback shouldn't cloud our view of what the metaverse will become.

Now is the time to gain positioning in the metaverse. This technology will be an integral part of the future and offers unique opportunities to shape your brand and connect with consumers. Our lives are increasingly taking place in a hybrid of online and offline spaces. Don't let fear keep you from gaining a foothold in this important space.

Related: Why Your Business Needs to Prepare for the Metaverse

Be real in the metaverse

A lack of clarity on many levels made FTX's ending particularly shocking to many. The lack of clarity makes it seem like it came out of nowhere. An important lesson to learn here is that clarity is critical to CEO success in the metaverse and crypto spaces. People want to know what's going on. They also need to have things explained to them in a way they can understand.

The metaverse creates new opportunities to connect with customers and customers. Kind of like social media...