Events in the metaverse

What is the metaverse?

What is the metaverse? This is a question asked and Googled plenty of times in the past couple of years since it was announced. But what is it? Is it a video game? Is it some sort of internet experience?

The metaverse, according to The Conversation (2022), is "an integrated network of 3D environments." Roblox, which is popular among young children, is a prime example of this.

But how does this apply to the events industry?

Virtual and hybrid events have been popular since the pandemic, from meetings to exhibitions. The technologies available to host virtual events have advanced so much in a short space of time, it will be easy to transition these events into the metaverse.

The metaverse hasn't yet gained much traction, but it's expected to grow significantly over the next few years.

'The metaverse hype cannot be overlooked – it is all over the place. Estimates are that it will reach a value of $800M by 2024' (Taggverse, 2022).

How does this differ from virtual events?

It's simply a development of the virtual events and activities that many of us participate in on a daily basis, and many virtual platforms already incorporate ideas from the metaverse like avatars.

The current limitations of the metaverse

Because they are the most affordable, effective, and scalable way for businesses to communicate with clients, partners, and staff, metaverse events will only grow in popularity.

Nevertheless, setting up and presenting a metaverse event might be challenging.

First off, there are current limitations on technology and the ability of participants to join the metaverse. With specialist equipment including VR headsets needed to participate, it may not be a feasible option for many organisations.

There's also a lot of hesitancy regarding the uses of the metaverse, with many people outright rejecting the concept.

Additionally, to help attendees navigate the system and understand the full potential of your upcoming event, your event may need to incorporate metaverse training prior to the event. This could take up time and resources, which could be utilised somewhere else.

Why should you care about organising events in the metaverse?

It's the next big thing within the events industry! And it's worth staying ahead of the curve.

Why are we excited about the metaverse?

1. The metaverse allows attendees from all over the world, which is better for the environment and may present opportunities for your event and enhance networking opportunities.

2. It opens up some new engagement opportunities and event experiences. In the metaverse, you can build the unthinkable. From experiences, games, monetise advertising space and much more.

3. You are not limited by the venue. In the metaverse, you are free to host any kind of experience with any number of participants, avoiding the limitations of the venue.

The world of events is changing fast, and it's not slowing down. The metaverse provides opportunities for events to bring their attendees closer, and in more innovative and creative ways. If you’re an event organiser and haven't started thinking about a metaverse strategy or simply learning about it, it's time to get involved.