The Future of Metaverse in the Event Industry

Team Wiztales
December 12, 2022
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The metaverse has arrived and is already having a significant impact on the industry today. A number of industries are experiencing profound changes in how communities communicate, how creators are compensated, and how companies can interact with their customers and fans. The metaverse has the potential to fundamentally change how we communicate with one another, mainly due to the development of the internet and how social media has altered radically our digital lives. The event industry is a great place to observe the metaverse's beneficial effects. Here are a few ways that, in our opinion, the upcoming wave of internet technology will fundamentally alter both in-person and virtual events. There was considerable controversy when Facebook changed its name to Meta in October 2021 to reflect its emphasis on the metaverse. Despite this, there is little question that spending on the metaverse will increase dramatically over the next few years; according to Bloomberg, it will be worth $800 million by 2024. Corporate events are one of the areas where the metaverse is anticipated to have a particularly big impact. Sometimes, one can think of questions like ''Is the metaverse right for your event strategy

But, wait! How much do we understand about what metaverse is?

The word "metaverse" is used to describe a persistent and immersive 3D world that heavily utilizes cutting-edge technology like virtual and augmented reality. It tries to introduce individuals to virtual worlds outside of the screens. Contrary to common opinion, Mark Zuckerberg's Meta wasn't the first or the only player in the metaverse. The Second Life online multimedia platform by Linden Lab was one of the first to use the idea, which has been done so for about 20 years. The idea that the metaverse exists largely to support immersive gaming and other forms of entertainment is another prevalent misunderstanding about it. The metaverse, however, goes far further even though it makes use of many of the same technologies as those employed in the gaming sector.

How does the metaverse work and impact events?

The fact that the metaverse provides limitless space for ideas is perhaps its most significant aspect for the events industry. A physical venue, on the other hand, has a limited capacity for people, and the exhibition which an event can hold in a physical location. The number of participants in the metaverse has no hard limit. The metaverse may be utilized to hold events of virtually any magnitude, including significant trade fairs and the like, due to its very immersive and expandable nature. For instance, a company may take part in a significant virtual event by setting up a virtual booth that visitors can approach in the virtual world similar to how they would at an in-person event. The metaverse aids in removing the remoteness of distant labor for smaller or big-scale occasions like conferences and exhibitions in a way that can aid in boosting engagement and business culture.

It's important to not undervalue the component of participation. The idea of gamification, which is currently commonly used to engage customers, staff members, and, in the case of events, attendance, substantially expands in the metaverse. As a result, there is a rise in the capacity for self-expression and creativity, and interactions become more dynamic and connected. After all, the metaverse provides individuals with virtually infinite options for developing their virtual selves through interchangeable avatars. 

Marketing and the metaverse as a service offer another enjoyable and original approach to interacting with clients, customers, event partners,etc. If we had to summarise, then metaverse represents a significant improvement over the virtual and hybrid occurrences to which we have all grown used throughout the pandemic. Given that the metaverse aids in bridging the gap between those attending in-person and virtual events, the effect on hybrid events is particularly significant. Attendees can take advantage of the same exciting and superior experience in any scenario. The metaverse will become an appealing way to connect individuals from different regions of the world as virtual and hybrid events grow more prevalent.

How metaverse is becoming the future of the event industry?

Because of the numerous advantages that the nascent technology offers to companies, speakers, vendors, and attendees, the events sector will aid in accelerating the growth of the metaverse. People could have a highly engaging experience in metaverses where they can move around freely and take part in two-way conversations without ever leaving their houses. One of the most intriguing aspects of the metaverse is its capacity to transcend space, time, and even languages. The many advantages of holding events in the metaverse should be taken into account by event organizers.

1. Accessibility

A metaverse is accessible to everyone because it is virtual. Participants from any location can participate with the right equipment and technologies. Events can be attended by participants from wherever they feel most at ease, removing the need for uncomfortable travel for persons with different abilities or responsibilities. Users in the metaverse can speak with one another no matter how far they are apart. To communicate with an avatar in the Metaverse, users need merely to walk up to them like they would in the physical world. Space constraints are the most common problem about events in the real world, but they don't hold true in the metaverse.

 2. 3D Avatars

Users are able to identify however they wish and to be whoever they want to be. People have unrestricted freedom and creativity in the metaverse. Additionally, it allows people to express themselves freely without being constrained by their gender, physical attributes, race, or age. Additionally, users have access to virtual goods like clothing, skins, and accessories that they would not have in the real world. Future metahumans will have the ability to create avatars that eerily reflect who they are or how they choose to seem.

3. Unlimited Vendors and Suppliers

In the real world, if your supplier is not available on the day of your event, you cannot use them. The metaverse is exempt from these limitations, though. A tech team can also construct and customise the venue space for you however you like if it doesn't currently exist. Your event can be planned with any features and in any manner you like.

4. Nurture Sustainability

Event planners can adhere to corporate environmental, social, and governance (ESG) objectives by using metaverses because participants do not need to travel, plan for lodging, food waste, and other waste.

5. Customization

The metaverse's digital makeup makes it completely customizable. With the right strategy, brands can plan the perfect event. In addition to conventional events, organizers can use the metaverse to build VIP lounges with entertainment, enjoyable activities, and NFTs. To get th best of the benefits of hosting an event in the metaverse and to make it stand out, you can collaborate with businesses that have knowledge of creating custom VR environments.

Closing Notes

With multiple options available and a great number of options available to use in the metaverse space. This signifies what a tremendous opportunity the metaverse can be for the future of the event industry. For converting your event into a blockbuster, the hero could be one of the best metaverse platforms like Altyug which is a metaverse created to host such creative and luxurious events.

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Team Wiztales
Founded in 2018, Wiztales is the world's fastest-growing Event Tech Platform. We empower organisations by merging the excitement of live events with the panache of the virtual world to create unparalleled event experiences for global audiences. With multiple product lines, Wiz365 a virtual and hybrid platform for organising virtual events, Wizit an In-person DIY Event experience app, and Altyug, an eCommerce and events metaverse, Wiztales aims at empowering organisations to create unparalleled experiences for global audiences. Over the last 3 years, we have helped 150+ brands execute 1000+ virtual events with the viewing participation of around 1 million users. Wiztales emerges as India's Best Virtual Events Platform at Wow Awards Asia 2022
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