The events industry has been evolving ever since the pandemic hit the world. After the pandemic outbreak, the industry pivoted to the online format of organizing events. Then, when things got a little better, organizations began to organize hybrid events. In this case, the industry added a virtual extension to the in-person events, making them reach a much wider target audience.
Further, as Facebook got rebranded to Meta, Mark Zuckerberg gave a push to a whole new concept of taking the world online with the Metaverse technology. Since then, the world has been organizing multiple events in the Metaverse. But is this really the future of online events or the events industry? If yes, what are the pros and cons of hosting events in the Metaverse? And how can one organize these events? Is it even possible to go ahead with this? In this blog, we have covered all the answers for you. Go on and dive into the world of Virtual Events as they move towards the Metaverse.
What are Virtual Events?
Virtual events are events that take place in an immersive virtual environment provided by excellent virtual event platforms. These platforms do not only render the organizers with 3D virtual venues but also with highly interactive & engaging functionalities. The world has witnessed the advantages of taking meetings, conferences, and other events virtual with online event platforms. Now, as the Metaverse has come into prevalence, people are curious about taking events virtual using the Metaverse technology.
Virtual Events in the Metaverse
Metaverse is a super-immersive 3D virtual environment that is helping the world take a step ahead from their screens and step into a collaborative virtual world, enabled through advanced technologies. Some of the key technologies that are going to make the Metaverse possible are Virtual Reality, Augmented Reality, NFTs, Cryptocurrency, etc. ️As per a report, the global AR, VR, and MR market is set to reach approx $300 billion by 2024. Through Metaverse, people can have a collaborative virtual experience and use various features enabling them to move, jump, dance, etc.
Over the last few months, many brands and organizations across industries have organized events in the Metaverse using different immersive platforms. From Decentraland & Fortnite to Yugverse & Spatial, many platforms have become very well-known for organizing virtual events in the Metaverse. Mentioned below are a few examples of top events organized using the Metaverse technology:
- Metaverse Fashion Week
- Samsung S22 Launch
- World’s First Metaverse Marriage & Reception
- Various Interactive Metaverse Musical Concerts & Events
- World’s First Movie Launch in the Metaverse
- And a lot more!
If you read about these events, you will clearly notice that the Metaverse technology is being used across industries and event types. From launch events to the wedding reception, people are looking ahead to take all types of events live using the technology. But did these events come without any drawbacks? Obviously not!
All the events hosted on the Metaverse had different types of glitches that led to negative user experiences.
Pros and Cons of Organizing Events in the Metaverse
What are the advantages of Hosting Events in the Metaverse?
- Limitless Scale
Although a virtual event platform also provides you with the same scalability, the Metaverse just takes it a step ahead. With the technology, there is no limitation on the number of attendees who can access the event.
- Solves the Remote Work Challenges
While a virtual event platform helps you organize all types of meetings and conferences online, events in the metaverse can be powered by augmented reality. However, functionality like that doesn’t fully exist yet.
- Completely Different & Immersive Event Experience
A virtual event is highly engaging as it is powered by superb engagement tools & a customized environment. However, the Metaverse technology builds a very immersive virtual environment that is absolutely different from that of a virtual venue. Users can actually see and interact with other users present in the same environment in real-time.
Now explore the disadvantages of organizing events in the Metaverse.
What are the Disadvantages of Hosting Events in the Metaverse?
- Device Compatibility
The technology of Metaverse is so heavy that only people having robust devices can access it. Not that the environment is absolutely inaccessible, but the possibility or chances of buffering is way higher. The devices can also crash if the event has more number of attendees. However, this is not the case with a virtual event. The best online event platforms are completely accessible & compatible on any & every device.
- Lack of Technological Tools
To operate the Metaverse completely, users should have high-quality AR & VR tools that they might not necessarily have. From VR helmets and gloves to headsets and body detectors, several tools are required to operate in the Metaverse. For example, VR headsets like Oculus Quest 2 have been gaining matchless significance to successfully enter the Metaverse. However, most of the users don’t have access to such devices.
- New Experience that Builds Confusion
Across many events in the Metaverse, a common problem faced by the users was the lack of understanding. This is not because users lack knowledge of operating in the Metaverse, but because they need time to understand a new technology & experience. For example, during the inception of virtual event platforms, half of the audience failed to understand the concept, until they got used to it.
How to Organize Virtual Metaverse Events in the Best Way Possible?
As of now, the best way to organize immersive virtual events is by adding a touch of Metaverse in it; instead of depending completely on the technology. It is so because instead of spending a lot of time, cost, and effort on an unpredictable technology, it is better to add an extension of it to the main virtual event. For example, you can simply add an auditorium to your virtual event that operates as the Metaverse. Reach out to an excellent virtual event platform that can provide you with an extension of Metaverse along with engaging tools for your virtual event.
While the Metaverse technology is the beginning of a whole new era, the relevance of events in it is still questionable. Therefore, it is significant to make a practical decision that suits all your requirements, without any drawbacks.