What is the Role of Metaverse in the Event Industry

Digital technology has significantly transformed the face of the event industry. Event planners and organizers have now invested their interests in the internet and technology. Believe it or not, traditional methods of event management are now history. Hard to imagine, no? It is now the era of the metaverse. You heard right! Metaverse is the virtual world that operates right beside the real world. Advanced tech and software support this new world of virtual and augmented reality. As a result, we have witnessed a rise of the metaverse in the event industry.?

Many top industries and businesses will transform their empires in the metaverse. However, the metaverse already exists in its entirety. So, for now, the corporate, educational, and medical sectors have begun integrating metaverse technology. Precisely, they are aiming to host events online, virtually.?

A great example of a metaverse in the event industry is the recent Ariana Grande concert in a virtual world for the spectator to attend as an avatar. Now, only with VR goggles, one can experience the virtual world as if they are actually there.

To better understand the future of the event industry, let’s dig into the metaverse.?

What is Metaverse?

Metaverse is the parallel universe of virtual reality space. Undoubtedly, the metaverse will now define how we interact with each other across the globe. The idea has turned the business world upside down. 2021 has witnessed the rise in virtual events hosted worldwide. By now, the event industry is most welcoming to the metaverse and has reaped the benefits. The immersive online experience involves virtual conferences, meetings, trade shows and concerts. Join our virtual conference platform today for a successful online conference!

Now, it is about time to understand the role of a metaverse in the event industry to practice it from 2022 onwards.?

Metaverse in the Event Industry?

Putting behind the in-person gatherings or hosting big events at fancy venues, the event industry now prefers holding events online through a metaverse. Metaverse offers a 3D digital space where attendees engage and network in a custom-designed virtual world. This virtual space contains a variety of features for people to explore. Compared to the bland experience of zoom meetings, metaverse event experience is considered above and beyond. For instance, it allows event organizers to set up the content for their event, create personalized 3D space, put representative avatars, and enable networking opportunities (text, audio or video). Not just that, live polling and Q&As provide engagement opportunities among the attendees.?

Although with a decline in Covid restrictions, many organizations choose to combine physical and virtual event experiences to maximize the possibilities of their events. These events are called ‘Hybrid events.’ So, either go virtual or hybrid to fully experience the metaverse.

In short, the metaverse is just what the future promised. So get comfortable on the couch and easily attend your next conferences, meetings or concerts.

1. Access to a Global Audience

Switching to metaverse maximizes the opportunities for the event industry. People residing at the far ends of the world can join in the virtual event with just a matter of clicks. Now, event organizers can host thousands of people in metaverse space without worrying about their accommodation. Also, there is no excuse for keynote speakers to attend virtual or hybrid events despite their busy schedules. Just like that, business professionals host industry peers worldwide to discuss new business ideas to easily maximize their marketing potential.?

The process benefits all and not just one. So, be it a product launch, trade show or virtual exhibition, your brand receives global attention and revenue likewise.

2. Combination of Digital and Virtual Reality

Metaverse is the combination of digital and virtual reality. People easily access the virtual event through their computer or mobile devices by connecting through the internet. Here, digital technology and virtual reality come together to create a metaverse experience for all. Moreover, the virtual experience offers attendees real-time engagement opportunities to build instant global connections. Everyone moves about and interacts in a 3D space. The virtual space mimics the physical world so naturally that it is hard to tell it apart from reality.

3. Personalized Event Space

Do you wish to create a fully customized and branded virtual event? Well, metaverse has saved the day by incorporating unique 3D technology into the virtual space. From lobbies or halls to each exhibitor booth, metaverse allows personalizing the entire virtual space. You can easily create a replica of the physical venue, your office space or meeting halls for attendees to enjoy an immersive experience. On the top, the virtual space displays company representative avatars for people to have a wholesome close to reality experience.

4. Creative Event Organization Ideas

The event industry has only reaped tons of benefits with metaverse. Wish to host a concert in the metaverse? You got it! Wish to host the annual business conference as a hybrid model? You got it! From hosting a small business meeting to hosting thousands of individuals at a virtual event is how you go about using metaverse technology. In addition, the immersive platform offers numerous networking and engagement opportunities throughout the event.?

For instance, businesses host virtual roundtables or virtual workshops where attendees can engage in one on one or group sessions. Moreover, there are audio/video conferencing options, live polling, meeting schedulers, or Q&As.

5. Blend of Virtual and Hybrid Events

As mentioned earlier, the event industry can now organize virtual or hybrid events as per the need. The audience-centered customization, 3D environment and engagement opportunities create a VR experience for attendees. So, you can either host a virtual event in metaverse or combine physical and virtual experience by hosting hybrid model events. There’s no denying that the event industry is in the early phases of shifting to the metaverse. But it is evident that it shall consume the corporate, education and medical sectors.?

As of now, the entertainment industry uses VR models most to its advantage. For instance, hosting a virtual concert is an immersive virtual event experience where attendees use VR devices or simply their mobile devices to enter the event. Furthermore, many historical places, museums, and entertainment events now go virtual or hybrid to allow a global audience to join in. This enhances the market and creates a digital world experience for all. Read more about why do businesses need to host hybrid meetings??

6. Increasing Popularity of Virtual Events Platforms

The use of metaverse in the event industry has increased the popularity of virtual events platforms. Previously, people who wish to host events in metaverse now partner with a virtual events platform to execute exceptional events. Fortunately, virtual event platform is the ultimate metaverse in the event industry business. Nowadays, many virtual events platforms allow organizations worldwide to partner and carry out their business or entertainment events online. Also, explore how to plan a virtual event.?

However, it is evident that the popularity of such platforms has increased with the decline in physical gatherings of people due to Covid 19’. But with time, the metaverse is becoming the new reality for the event industry. So, let’s welcome the future as it is.?

How to Invest in Metaverse?

2022 predicts to witness the greatest enterprises turn business into the metaverse. Wondering how they would do it? Well, investing in virtual events platforms would help event industry professionals earn maximum benefits with less expenditure. For instance, meta platforms such as ours enable global businesses to invest and benefit from the best software or digital technology. Therefore, the event industry easily invests in virtual events platforms to expand its reach and maximize the overall business revenue.?

In Conclusion

The future of the corporate, entertainment, education and medical sector is metaverse technology. The VR experience is the new normal in 2022. Likewise, the goal of the virtual events platform is to create a metaverse environment for the event industry to connect people residing in the far ends of the world. There is no denying that 2022 would witness the internet turning into an intranet, virtual workspace, virtual roundtables and VR entertainment. So, why not host your next business event online??

Join VRD, the feature-enriched virtual events platform, to organize your next big hit event. Get in touch with us and request a demo to get started.