Businesses can use smart contracts to mitigate brand-safety risks on the metaverse

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 02, 2022, 5:52 AM GMT+0

Along with leveraging the metaverse to engage with target audiences, brands must prepare to tackle the risk of being overrun by hateful players.

While metaverse communities have the control to regulate conversations, self-regulation may run into unanswered questions like – how should things be regulated and who should take the charge of regulation. There are concerns around platforms that over-rely on users to regulate other users. One solution that brands can rely on for regulation woes is smart contracts.

Stored in the blockchain, smart contracts are programmes that activate only under certain conditions. In fact, these programmes do not run in case the conditions of the smart contract are violated. Brands can use such contracts to establish certain rules of behaviours before selling an NFT to someone.

Smart contracts can also feature rules or decorum that brands can lay down before allowing users, entrance into a virtual space – necessary for mitigating risks around brand safety. But, brands must also ensure they employ professionals who know the metaverse well before setting up smart contracts. 

Discover the top organisations in your market and industry that have customers buzzing using YouGov BrandRankings

Read the original article

[8 minute read]

Explore more data & articles