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Metaverse in event industry

The purpose of the majority of events is to bring people together for a common, worthwhile experience. All participants are sharing in an event that is meaningful to them, whether it is roaring spectators at a sold-out stadium, a private poetry reading, or a business conference that is reshaping an industry.

We now have more tools than ever before to design, shape, and access these shared experiences. After all, technology has played a significant role in events throughout history. Video broadcasts allowed spectators from all over the world to watch events, and microphones amplified speakers and artists. The internet increased accessibility and enabled higher levels of interaction and communication among attendees.

Virtual conferences and trade shows, virtual networking events, virtual product launches and virtual event spaces are considered as some main Metaverse use cases in event industry. Additionally, one main application of metaverse in the event industry is the use of metaverse virtual event spaces. These virtual spaces could be rented or leased out to event planners and organizers, providing a flexible and scalable solution for hosting events of all types and sizes. The ability to host virtual events that are accessible to a global audience, reducing the need for physical travel and resulting in cost and carbon footprint savings are one of the benefits of metaverse in event industry. As the event industry continues to evolve, almost every company is turning to familiar metaverse development company or metaverse developers for cutting-edge metaverse development services to enhance virtual and hybrid events.

What's the difference between digital events and metaverse events?

It's reasonable to claim that many individuals are unaware of the Metaverse or confuse it with existing digital solutions. If you fall into this category, be sure to read our explanation of what the Metaverse is. For the time being, let's summarize: this is a virtual environment accessible via VR where anyone can work, play, and engage in other activities, including communicating with others.

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With that in mind, you might be wondering, "Well, we already have digital events and entertainment online, so what's new about this?" Let us investigate more.

  • Hardware
    Because the metaverse revolves entirely around virtual reality, VR headsets are required to access it. VR hand controllers, gloves, and other sensors may also be integrated to enable more accurate motion tracking. While the gear required for traditional digital events (a PC or smartphone) is unquestionably more demanding, it provides greater immersion and capabilities.
  • Avatars and interactions
    Every individual in the metaverse is reflected by an avatar. It can be humanoid, animal, or anything else as long as it allows them to express themselves and engage with the online world. Although digital avatars have been used for decades, metaverse avatars are designed to more correctly interpret user movements and expressions, as well as have additional functionality built in to interact with the virtual environment and users.
  • Constraints
    Prior to the appearance of the first Metaverse events, virtual events were often hampered by constraints. For first, most of them were held on platforms such as Hoppier, Weve, and Mixily, which offered a basic set of interactive and media elements, but this one-size-fits-all approach limited the breadth of interactions and functionality that many organizers would like to use. Furthermore, several of them impose severe constraints on the user populations that may be sustained. Businesses, on the other hand, generally create their own Metaverse platforms, allowing them to include all of the features and capabilities that they want.

What Are the Advantages of Using a Metaverse in Event Planning?

Everyone understands that just because something is new does not imply that it is superior to all that came before it. However, the Metaverse offers enough benefits and value to justify its position as a worthwhile investment. Here are just a handful of its benefits:

  • Greater immersion and excitement
    Even though virtual reality has been available for over 6 years, its "wow factor" has yet to wear off. In other words, people are enthusiastic about using it, and any event offered through it is going to generate a lot of attention and interested attendees. You can create a next-level immersive world using powerful Unity metaverse development tools or other specialized applications.
  • Possibility of reusing
    Any event platform designed in the metaverse has a fair probability of longevity and a wide range of applications. After all, as long as the software and hardware remain operational, the platform may be utilized for events and new functionality can be introduced. It might also be leased to other providers using the SaaS business model or sold entirely.
  • Opportunities in next-generation technology
    The metaverse is frequently cited in combination with bitcoin, blockchain, and NFTs, all of which are current hot technologies. By incorporating some or all of these technologies, event managers may also future-proof their platforms and attract new investors. They could, for example, include digital objects and NFTs in events that can be purchased with a crypto token, or they could record critical data from events on the blockchain.
  • No space constraints
    Unlike events staged in music halls, conference rooms, and stadiums, metaverse platforms can accommodate an almost infinite number of people, and everyone can be in the front row of the action - no shoving or early queue required.
  • Simple personalization
    In addition to the previously mentioned unlimited sitting area, the features and interactions available in metaverse event platforms are extremely diverse. Any organization may apply their creativity and business plan to come up with a unique list of features, functionality, and content that will make them shine and make it happen through the software as long as they have a hold on development.

What Kinds of Events Can Take Place in the Metaverse?

With hundreds of platforms either installed or in the works, the Metaverse is already gaining a foothold in this unique market. To provide context, we've included some of the most typical use cases:

  • Expos and conferences
    Expos and conferences
    It is quite simple to design expo halls and exhibitions in VR, so you may benefit from a rapid development cycle or take the time to add exciting features like animations, user feedback, and others.
  • Live performance entertainment
    Concerts are already taking place in the metaverse, and they may soon be joined by movie premieres, celebrations, festivals, and other loud and visually vibrant events.
  • Sporting events
    Sporting events
    Some sports leagues, like as the NBA, have already embraced immersive experiences combined with live games. While spectatorship is popular now, future events may allow users to put bets, buy NFTs, and express their emotions at stadiums and contests.
  • Fashion displays
    Fashion displays
    The metaverse is an excellent venue for fashion presentations and galas, with fashion items represented by 3D models or streamed real-life photos/footage into VR. Big brands in the business, such as Prada and Balenciaga, have already begun to deliver on this front.

Let's build together on Metaverse

What are the difficulties involved with the metaverse?

Although the benefits of the metaverse for the events sector speak for themselves, there are some hurdles that event professionals must consider before jumping in:

  • Accessibility
    Although people in the United States and Europe may have high-speed fiber-optic connections in their homes or offices, not everyone does.
    When preparing an event in the metaverse, event organizers must pay close attention to where their ideal attendees are. Assume your ideal guest lives in a region where internet speeds and connectivity aren't optimal. In that scenario, you might want to reevaluate your plans for a metaverse event.
  • AR/VR Technology
    Most futurists predict that headsets or AR glasses are required to enter these 3D virtual worlds, which may create a socioeconomic barrier to entrance. However, as the metaverse spreads and demand grows, the cost of VR gear should fall.
    "Anyone seriously considering the metaverse should consider alternate ways for guests to engage beyond headphones, which can be a big barrier to admission," Boyle added.
    Furthermore, there is no platform parity. Some may be using iOS or Android devices, as well as Chrome or Safari, while others may be utilizing an Oculus or iOS VR set. This diversity of technologies might pose interoperability issues, causing friction in the event experience.
    Assume your purpose is to use the metaverse to break down barriers and increase attendance. In that circumstance, it's critical to seek for event technology solutions that allow attendees to interact with the metaverse regardless of the technology they have — or don't have.
    "Gear your events toward the person who has the least amount of technology," Carlson says.

Additional Difficulties

Everyone active in the metaverse has learning curves. Attendees, suppliers, and speakers may struggle to adapt to and use the technology, so you may need to make a variety of training films or provide free workshops to get everyone up to speed.

Event planners may also struggle with new technology. Conceptualizing and creating dynamic metaverse experiences may necessitate substantial training, specific relationships, a large budget, and other resources.

Furthermore, the majority of metaverse platforms have limits. Some venues, for example, limit the number of users in a space to 30 to 60 at any particular moment. This may be appropriate for internal training, team meetings, or networking events, but not for a user conference or SKO.

"Live events are intricate. Don't expect it to be simpler in the metaverse," Kebler said. "It is not less complex; it is simply different."

For the best outcomes, take baby steps into the metaverse, identify a partner with experience in the domain, and iterate over time.

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