Event Tech

Metaverse – the Future of Events

Eventually Learning Team

16 March 2022

Read time 5 minutes 30 seconds

In recent times, especially since 2020, the event industry has gone through a transformational phase where organizers and attendees have successfully transitioned from attending in-person events to enjoying virtual events.

According to a survey conducted by Kaltura, more than 90% of event organizers are planning even more virtual events in 2022. With the advent of Metaverse, things are set to get even more interesting.

What is Metaverse?

So is Metaverse the next big thing? Is it here already? And are you gearing up to jump on the bandwagon? Well, if you still have your doubts, we’ll take it on from here…

To start, the Metaverse is essentially a completely virtual world that is uniquely designed to co-exist alongside the real world we live in. With the help of technologies like Virtual reality and Augmented reality, we can choose to enter and exit the Metaverse at will.

To highlight the legitimacy of the Metaverse, which has often been in doubt, various game makers (Epic games and Roblox), start-ups, conglomerates like Facebook (Now Meta), and even giants like Microsoft are investing their time and resources by making headways in the Metaverse. Even a global sporting event like The Australian Open is planning a metaverse gathering for the entire tournament duration, exclusively for their fans.

Conceptually, the technology behind all of this will allow attendees to feel like they are physically present at an event in the Metaverse. And with VR goggles, you will be able to access 3D, high-definition environments in your own customized avatars.

Real World vs. Metaverse – The Difference

A free world with no rules

When it comes to events in the Metaverse, one doesn’t have to play by a manual or a rulebook. This generally means that there are absolutely no rules and the platform developers are free to create and experiment.

Ultimately, the developers get to decide whether or not there are rules and limitations to a particular context or scenario. For example, if you wish for your event to be promoted throughout the world or only in certain parts of the world, it can be done accordingly.

Identification in the Metaverse

There can be a system in place for strict and thorough identification in the Metaverse to avoid false identities. However, to make the experience even more immersive, attendees appear in the form of customized 3D avatars that resemble them in real life. Having said that, every platform may have different criteria and dynamics for creating an avatar.

For example, a business event will have avatars tailored in business outfits. Similarly, at a gaming event, avatars would be crafted to look like gaming characters.

Metaverse and Events – The Future

Though the Metaverse will have a considerable influence on the future of events, there’s still quite a way to go before its widespread usage, especially for more extended periods. For example, a casual setting can be equated with a family or a bunch of kids who would like to have VR headsets on for a while but only for a certain period.

Using it for professional purposes will likely see a few alterations as it’s unlikely that people would want to attend business meetings in the form of avatars. However, it could be the ideal setting for a team-building event. Having a solid presence in a world that is wholly digitized by having a digital entity in place will be a norm in the future.

Ultimately, the idea and acceptance of using the metaverse as a platform for attending professional and casual events will take some time to settle in, just like it did for the internet all those years ago, but will inevitably shape the future of events in the long run.

Features of the Metaverse

Global Reach

Owing to the nature of the Metaverse, one of the more significant features it offers is a global reach that spans across continents. During the pandemic, a rock concert was hosted by Epic Games in one of its online games called Fortnite. It was promoted globally, and millions watched Travis Scott perform live from the comfort of their homes. Big Sports leagues like the NBA and NFL are now considering the metaverse as a platform for its events and activities. Educational institutions are no exception, as they too have started to alter their curriculum to match growing digital demands.

Limitless Design

Another key feature of the Metaverse is that it is not limited to design or structure of any sort, unlike in-person events. The Metaverse is not restricted by physical limitations and events that happen in it can be designed and molded at will, with peculiar concepts. For example, if you desire to host your event on a planet other than earth, that can very well be designed and themed accordingly. Similarly, countless meeting places and networking rooms can be created for attendees to interact with each other.

Increased Revenue

The Metaverse being a virtual space with a global reach means it is central to bigger and better monetization channels, as the virtual world brings with itself a plethora of money-making avenues. In the past, video games have earned a fortune by having paid up-gradation systems in place for their users to access better and more refined game experiences. While hosting an event in the Metaverse, you can work on similar lines by allowing attendees VIP access or have paid upgrades that they can avail to unlock better event experiences in terms of interaction, a select environment, or coveted networking opportunities which they wish to avail. The event industry will have to adapt to its ever-changing environment, and integrating with the Metaverse will be critical to captivating relevant audiences.

Frequently Asked Questions

What is Metaverse event?

The metaverse is a cluster of virtual and 3D worlds, where people get to create their personalized avatars and explore across different industry events.

What technologies are used in the Metaverse?

Various technologies like virtual reality (VR), augmented reality (AR) and brain-computer interfaces (BCI). Extended reality (VR, AR, and BCI) technologies are gradually emerging as efficient computing platforms for the Metaverse.

Will Metaverse replace reality?

The metaverse will use technologies like virtual reality and augmented reality to immerse users in an alternate world. The technology is still under development however, companies like Facebook (now Meta) claim they are building and refining these devices.