Events in the metaverse can range from business meetings and conferences to gaming tournaments and concerts. They’re designed to provide a more engaging and interactive experience than traditional events, allowing participants to explore and interact with the virtual environment in ways that would not be possible in the real world.
But aren’t they anything more than an interesting novelty? I mean, come on. How many people out there are actually using the metaverse on a regular basis? Five or ten million? If you’re familiar with the industry, you might know the answer. But many people are still surprised when they hear a six-digit figure.
25% will spend one hour or more than that each day in the Metaverse by 2027. Source: DemandSage
According to statistics found on different pages, including Luisa Zhou’s blog, that number is currently around 400 million. It’s also important to note that 74% of adults in the United States have joined or are considering joining the metaverse.
So not only is there an already established audience but there’s also great potential for the future. We also encourage you to read our post that discusses more excellent metaverse business ideas.
Examples of events in the metaverse
Do you know how many people saw the live performance of Marshmello during his Fortnite concert? 10.7 million. That’s quite impressive, isn’t it? Popular names in the music industry, like Travis Scott, Ariana Grande and Justin Bieber, also had concerts on the platform. Although some might argue Fortnight isn’t a full-on metaverse, we can all agree that these concerts were a handbook example of successful virtual events.
While on the topic of music events, have you heard about The Decentraland Metaverse Music Festival? Its latest edition took place between the 10th and 13th of November, 2022. With 15 unique stages, around 200 artists performed, among them headliners like Björk, Ozzy Osbourne, Soulja Boy and Dillon Francis. We couldn’t find data on the attendance in 2022, but reportedly 50,000 people participated in the 2021 edition.
Another great place for hosting events in the metaverse is Roblox. Many well-known brands like Hyundai, Nike and Gucci have created their own virtual environments on the platform. These are a great basis for future happenings like product launches, trade shows and conferences.
Benefits of virtual events
New opportunities
Events in the metaverse open up new opportunities to do and build things that would be otherwise extremely complicated or simply impossible to achieve. For example, you aren’t limited by physical constraints in the virtual world. So you can create buildings floating in mid-air or give out jetpacks for guests to fly around. You can even add teleports, so it’s easier and faster to navigate the event and get things done.
Or you can spice up a show by adding special effects that are usually too dangerous to use. Live fire, for example, or a thunderstorm to set the mood. And let’s talk weather. How many times have you found yourself at a music festival in pouring rain or freezing because of low temperatures? And heat can be just as bad. If you go to open-air events frequently, you probably know the struggle. A struggle you won’t come across in the metaverse!
Accessible from anywhere in the world
One of the most exciting aspects of events in the metaverse is that it gives people from all over the world a chance to come together for various activities without ever leaving their homes. People can come together for gaming tournaments, educational seminars, or even social gatherings without worrying about travel arrangements or scheduling conflicts.
It also offers unique opportunities for those who cannot attend traditional events due to physical limitations such as mobility issues or distance constraints. With events in the metaverse, anyone can participate regardless of their location or any medical conditions.
How about hardware accessibility? After all, still not that many people are willing to splash out on a VR/AR headset. Well, the fact is they don’t have to. Most events can be accessed both from a headset and a PC. Besides that, the number of VR and AR users is growing faster and faster every year. It’s forecasted that almost 77 million VR/AR devices will be shipped in 2024 alone.
Increased safety
Another great benefit of hosting events in the metaverse is that it allows hosts much greater control over their event than if they were hosting it physically. They can have complete supervision over who attends their happening, for example, by granting access to a particular space only with an invitation or once the user verifies their identity. Also, hosts can set up different access levels to create VIP areas.
Moreover, they also have full control over what type of content they allow into their venue – ensuring that all participants are there for the right reasons and not just trying to cause trouble or disrupt things unnecessarily. Finally, it’s easy to ban people who misbehave, as opposed to physically kicking them out during events in the real world.
Lower costs
The last key advantage that events in the metaverse offer are cost savings compared to traditional events. Since no physical spaces need renting out, nor are there any transportation costs, hosts don’t incur additional fees associated with these expenses.
Attendees needn’t worry about covering transportation costs either. All this makes events in the metaverse far more accessible than traditional ones. Additionally, sponsorships can become less expensive because there’s no need to manufacture physical advertising materials such as signage, posters etc.
But it’s not all roses…
Of course, virtual events have some downsides, and it feels only fair to talk about them as well. The biggest issue is the difficulty of creating an immersive and engaging experience. Replicating the feeling of a real-world event can be difficult. It can be hard to replicate the energy and atmosphere of a physical gathering, and it’s often hard to make sure that attendees stay engaged and excited throughout the event.
Additionally, technical issues may arise during events in the metaverse. This includes problems with the software or servers, which could lead to delays, glitches, or even crashes. Finally, virtual events can be harder to market, as many people are not familiar with this form of gatherings. So alongside promoting the event, you have to educate your audience on why events in the metaverse are as good or even better than standard ones.
Still, events in the metaverse are a great alternative
Overall, virtual events offer a great alternative to traditional events and can be a great way to bring people together from all over the world. Some challenges still need to be overcome, but with the right technology and planning, virtual events can be just as successful as their real-world counterparts.
If you’d like to bring your events into the digital world or need an experienced development team for your next virtual event, check out our offer and fill out the contact form. We’ll write back within a few hours and schedule a free conference call with one of our experts.
