What Are Events in the Metaverse
As event organizers know, technological progress can lead to major event planning changes, and this has never been truer than it is now. The online shift instigated by COVID-19 seems likely to be here to stay, and a significant part of this shift is the increase of events in the metaverse.
A metaverse event is an activity held in a virtual environment rather than a physical one. In other words, instead of going to a concert hall, stadium, or auditorium, you attend the event via a device in your home.
Potential exists for any event to be successfully held in a virtual space. Concerts, meetings, conferences, university classes, sporting events, and gaming tournaments are just a few possibilities.
What Is the Metaverse?
The term “metaverse” is somewhat vague, but it’s helpful to consider the metaverse more as a form of interaction with technology rather than a specific platform or company, such as Facebook or Instagram.
Essentially, the metaverse combines technologies that already exist, including cryptocurrencies, social media, and virtual reality, to create an entirely unique online experience. Industries across the board are exploring ways to offer opportunities and events in the metaverse by developing strategies for social interaction, gamification, and online shopping.
Why Has There Been an Increase in Metaverse Events?
Although the concept of the metaverse is still growing and many of its capabilities are yet to be explored further, event professionals already see the benefits of hosting events in the virtual world. Consequently, this has led to a recent uptick in metaverse events, and this growth is expected to continue in the long term.
Consider these numbers from a December 2021 survey to help put the prevalence of metaverse events into perspective:
- 74% of adults in the United States said they would join or were considering joining the metaverse.
- 41% of people wanted to join to experience things that aren’t possible in a physical reality.
- 40% are interested in communicating with others in the space.
- 38% think it would unite people in a positive way.
These statistics clearly represent that the public is primed for these experiences, which effectively bring together all of these interests into one virtual adventure, and the rising number of metaverse events in 2022 should come as no surprise.
Unlimited Attendance and Remote Attendee Interactions
One of the most significant differences between an in-person event and one held in the metaverse is that there are no limits on attendance.
Unlike a physical space, where the capacity of the available rooms restricts the numbers, a metaverse environment can be expanded to allow more attendees to enter. Therefore, you could have thousands or tens of thousands of guests at any one event instead of dozens or hundreds.
The potential for interaction is another advantage of metaverse live events. Attendees can create their own fully customizable avatars and then move about different rooms as they choose, talking and gathering with other guests worldwide.
More Efficient and Profitable Than Physical Events
In addition to allowing for greater attendance, metaverse events can also be more profitable than traditional ones. Whereas physical events require significant investments of time and money in reserving the space, seating, food, and decor, the metaverse involves none of this.
Additionally, the potential for monetization in the metaverse is seemingly endless. For example, you can offer VIP access to events, perhaps selling opportunities for one-on-one interactions with keynote speakers or merchandise using Non-Fungible Tokens, better known as NFTs.
You can also give people the option to upgrade their avatars and their ability to interact with the environment, much like they do in modern video games.
Virtual Venues Are More Flexible Than Physical Spaces
The flexibility of a metaverse space is multi-faceted. First, virtual venues allow global audiences to attend without concern about travel expenses, extensive planning, and possible interference from traffic and weather.
Second, there is far more opportunity for people whose family obligations, such as caring for a child or parent, might have prevented them from attending an event in a physical space. Because they don’t need to leave their homes, they can fully participate just like everyone else without guilt or concern about whether their loved ones are being cared for properly.
Third, traditional events can sometimes be limiting for people who are deaf or have significant hearing loss. These guests can now communicate freely with anyone else in the room through the use of closed captioning or sign language. Likewise, people whose physical mobility is restricted can easily travel around the virtual space as they please.
Finally, language barriers don’t exist in a metaverse event. With real-time translation, you can speak to anyone from any country in the world regardless of whether you have a shared language.
Online Events Can Provide a More Immersive Experience
Virtual events in the metaverse can be more immersive than attending events in person. In a real-life experience, you are often limited to a certain view or angle. However, virtual reality goggles allow for a 360-degree view of a high-definition, 3D environment.
Wearing haptic gloves or using game controllers also allows you to interact with the people and things around you. Because you’re likely not to get tired, you can move about for as long as you like, exploring different aspects of the event and meeting as many people as you want.
Virtual Experiences Have No Design or Creative Limits
One of the most exciting aspects of using a virtual environment for your event is that it opens the door to limitless creativity. You can hold your event anywhere you wish, whether on a boat, in the arctic, or on a tropical island.
There are also no expenses or codes related to construction or capacity, and the laws of physics don’t apply in the metaverse. If you would like to hold a dance party on the moon, there’s no reason why you can’t.
Types of Virtual Events That Can Be Hosted in the Metaverse
Although possibilities are endless, some of the most popular metaverse live events include concerts and online gaming.
Musical Performance or Rock Concert
Music events are a major trend in the metaverse. The most successful example thus far is a rock concert hosted by Epic Games. During this event, Travis Scott performed in the online game Fortnite, and millions of people attended the show.
Warner Music and Universal Music Group are also latching on to this concept. Warner Music is planning a hybrid musical theme park and concert hall where they will host music events, and Universal has already released official metaverse avatars for some of their most popular artists.
Studies show that the development of music performances in the metaverse is definitely worthwhile:
- 45% of the public is interested in the idea of seeing live music in the metaverse.
- 61% of millennials would attend metaverse concerts.
- 56% of people in Generation Z would like to attend a virtual music event.
In addition to the significant appeal of the performance itself, NFTs have great potential in metaverse music events. For example, tickets sold as NFTs have much more secure authentication, essentially blocking fraud and scalpers. Promoters can also use NFTs to let guests unlock exclusive experiences, such as interacting with the performers.
Online Game Competition
Gaming is perhaps the area that’s furthest along the path to full use of the metaverse. The transition to online gaming has been a steady process for several years. Fortnite, for example, has 350 million registered users.
Currently, the more noticeable shift in gaming is the switch to metaverse tournaments. While they have long been available for online viewing, gaming tournaments are being reimagined so that viewers can watch and interact during these experiences. This allows the hosts to mimic and enhance what a guest would experience while attending in person.
For example, one-of-a-kind NFTs can be sold or given away in the same way someone would purchase merchandise or pick up freebies in a real-world tournament. Fans also have the opportunity to interact with the avatars of their favorite players and socialize with other avid gamers.
Organize a Metaverse Experience With Event Planning Software
If you’re interested in planning an event in the metaverse but feel overwhelmed by the options available, Events.com is ready to help. You’ll have access to a suite of event planning and management software tools to effortlessly set up your event and start selling tickets in a matter of minutes, whether you’re planning a hybrid or fully virtual event.
Get started now with Events.com and the user-friendly event management technology that allows you to manage every aspect of the process, from creating a landing page to data and analytics. With just a few clicks, you’ll soon be well on your way to hosting an amazing event in the metaverse.