What: Brands and customers are still confused about the differences between web3 and the metaverse.

Why it is important:  A McKinsey study predicts that the metaverse will have up to 2.6 trillion USD in value for e-commerce by 2030. While the survey results showed that 64% of consumers indicated they were excited about metaverse shopping, other research from Wunderman Thompson Intelligence showed that consumers have very little understanding of what the metaverse is.

Brands also lack a deep understanding of the difference between web3 and the metaverse. Still, there continue to be many brands joining platforms like ROBLOX, which does not use blockchain technology, to establish a solid digital presence and offer virtual shopping experiences.

Virtual shopping is mislabeled as metaverse