Metaverse for the Event Industry: Meaning and Benefits | Program-Ace

“The Metaverse” is a concept that has thoroughly captivated the world, intriguing some and confusing others. Businesses have also reacted, with many companies like Disney, Tencent, and hundreds of others exploring the feasibility and usefulness of creating their own metaverses.

But what about the event management industry? Well, the Metaverse is very well suited for entertainment uses, so it stands to reason that this market will also benefit. And we are already seeing the first steps be taken in this direction.

If you work in this field and want to know more about what the metaverse can do for your business, we’ve got just the thing for you. This article will outline all the practical uses of this solution type, and help you find a metaverse development company, should you need one.

Digital Events & Metaverse Events: What’S the Difference?

It’s safe to say that a huge number of people don’t understand the Metaverse or confuse it with existing digital solutions. If you’re in this camp, be sure to check out our breakdown of what the Metaverse is. For now, let’s put it in a nutshell — this is a virtual world accessed through VR where anyone can work, play, and do other activities, including interacting with others.

With this in mind, you may be thinking: “Well, we already have digital events online and entertainment, so what’s new about this?” Let’s get to the bottom of it.

  • Hardware

The metaverse is centered all around virtual reality, so VR headsets are essential to access it. Additionally, VR hand controllers, gloves, and additional sensors may be integrated to provide more accurate motion tracking. While this hardware is certainly more demanding than that used for traditional digital events (a PC or smartphone), it delivers more immersion and capabilities.

  • Avatars and interactions

Every person is represented in the metaverse with an avatar. It can be humanoid, animal, whatever, as long as it lets them express themselves and interact with the online world. Obviously, this is nothing new for digital events, since digital avatars have been in use for decades, but metaverse avatars are designed to more accurately translate user movements, expressions, and have more functionality built in to interact with the virtual world and users.

  • Restrictions

Before the first Metaverse events appeared, virtual events tended to be plagued by restrictions. Firstly, most of them were held on platforms like Hoppier, Weve, and Mixily provided a basic set of interactive and media features, but this one-size-fits-all approach has limited the range of interactions and functionality many organizers would like to use. Furthermore, some of them have strong restrictions towards user populations that can be supported. In contrast, Metaverse platforms are mostly being custom-made by businesses, allowing them to implement all the features and capabilities they prefer.

What are the Benefits of Using a Metaverse in the Event Industry?

Everyone knows that just because something is new, that doesn’t mean that it is better than everything that came before it. However, the Metaverse provides enough benefits and value to support its standing as a solution worth investing in. Below are just a few of its advantages:

1. More immersion and excitement
Though VR has been around for about 6 years now, its “wow factor” has still not worn off. In other words, users are excited about using it, and any event hosted through it is certain to generate a lot of buzz and eager attendees.

2. Potential for reuse
Any event platform built in the metaverse has a good chance for long life, and a versatile range of uses. After all, as long as the software and hardware stay active, the platform can be used again and again for events, functionality can be added. It might even be leased to other providers with the SaaS business model or sold altogether.

3. Next-gen tech opportunities
The metaverse is often mentioned in conjunction with cryptocurrency, blockchain, and NFTs — all hot technologies in our current time. Event managers can also future-proof their platforms and attract new investors by implementing some or all of these solutions. For example, they might feature digital items and NFTs in events that can be purchased with a crypto token, or save important data from events on the blockchain.

4. No space restrictions
Unlike events held in concert halls, conference rooms, stadiums, etc., metaverse platforms can be near-unlimited in the number of visitors that can attend, and everyone can be in the front row of the action — no pushing or early queuing required.

5. Easy customization
Adding to the previous point about unlimited seating space, the features and interactions including in metaverse event platforms are also very diverse. As long as they have a handle on development, any company can apply their creativity and business strategy to come up with a unique list of features, functionality, and content that will make them shine and make it happen through the software.

What Types of Events Can Be Hosted in the Metaverse?

The Metaverse is already taking a hold on this unique industry, with hundreds of platforms already deployed or in the works. To show the bigger picture, we have listed some of the most common use cases:

Conferences & Expos

It is superbly easy to create expo halls and exhibits in VR, so you can take advantage of a quick development cycle or take the time to add cool features like animations, user feedback, and others.

Live entertainment

Concerts in the metaverse are already happening, and with time, could extend to movie premieres, celebrations, festivals, and other loud and visually-dynamic events.

Sports events

Some sports organizations like the NBA have already embraced immersive experiences paired with real-life games. While spectatorship is currently popular, future events might let users place bets, purchase NFTs, and express their emotions at stadiums and matches.

Fashion shows

The metaverse is a great place to hold runway shows and galas, with the fashion items being represented by 3D models or streaming real-life photos/footage into VR. Big names in the industry like Prada and Balenciaga have already started delivering on this front.

And more…
There are many more possible use cases for events in the Metaverse. So you can let your imagination fly and build something that hasn’t been done before.

How to Build a Metaverse for Your Events

There are numerous challenges to overcome before your event platform can be up and running, but it’s really nothing too spectacular. Even if you don’t have in-house developers that have designed VR applications before, you can hire a development partner for a faster, more professional, and convenient production cycle.

For example, Program-Ace is a strongly-established name in the field of immersive development. We were one of the first companies to begin developing VR solutions (just as the first headsets appeared), and have accumulated a vast amount of experience over the years. In other words, we know how to build complex and versatile solutions, and have a large team available to deliver it quickly.

If you want to know more about what cooperation in the development of your metaverse event platform might look like, be sure to send us a message about your project.

Originally published at https://program-ace.com.

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