Is the Metaverse the Next Big Thing in the Event Industry?
The metaverse has been a hot topic recently, largely due to Facebook changing its name to Meta and announcing a new focus on the metaverse itself. However, the metaverse can change more than just how we approach social media, though that’s an obvious facet of online interaction that it can alter.
The metaverse can entirely change how we approach events, including how those events are hosted, something which may be required in the post-pandemic world.
- Read our article on how Backstage can rebuild the events industry after the COVID-19 pandemic.
Now, let’s take a look at exactly what the proliferation of the metaverse means for the event industry. We’ll start by discussing what the metaverse is in the first place.
What Is the Metaverse?
There are two kinds of people: those who will tell you that the metaverse will forever change human interaction and those that say that it will crash and burn before ever getting off the ground. As usual, the answer lies somewhere in the middle, and we’ll only have a clear picture once it sufficiently develops.
The metaverse is designed to be a virtual space that exists parallel to our world, much like the internet already does. So why don’t we call the metaverse the internet? It’s largely due to the differences in how people are expected to interact with the metaverse compared to how they already do with the web.
Up until now, using the web has been a relatively detached experience, since you’re doing what you do through a screen. Though certain parts of the web like online gaming can feel pretty immersive, other things like forums, message boards, and video meetings have still felt different from daily life.
With the rise of virtual reality and platforms like VRChat, we’ve seen the beginnings of the metaverse. The metaverse is essentially a union between the web and VR (as well as AR). This creates a virtual world that we can interact with much like its our own without having to feel like it’s too distinct.
How Will the Metaverse Impact the Event Industry?
Larger Amounts of People at Events
One of the main advantages of future metaverse events is that they won’t be limited based on the number of people who can physically fit in the venue. We had a stark reminder of the reason why crowds need to be limited and effectively managed in the recent Astroworld tragedy.
In the metaverse, there are still limits to the number of people who can attend an event, but this is either due to server limits or exclusivity. Theoretically, you’ll be able to fit far more people into a virtual event because their digital avatars don’t need to take up physical space if you don’t allow them to collide.
At Backstage, our blockchain events ecosystem will merge live events and the metaverse, bringing them together functionally and financially through the blockchain, BKS token, and NFTs. See our whitepaper for further details.
The metaverse opens up the floodgates for huge events, the likes of which the world has never seen. It also means that these massive events don’t have to diminish the experience for the users at the back. If you’re at a virtual concert with 100,000 other people, you don’t have to stand all the way at the back, you can be up front with everyone else.
Events Are Easier to Reach
Getting to a huge event in person is usually the worst part of the whole process, and getting back home can sometimes be even worse if you don’t decide to leave early and miss the encores. Traffic, crowds of people eager to get home, and much more can get between you and having a good time at your favorite events.
The metaverse promises to let its users enjoy their favorite events without having to leave the comfort of their own homes. Wouldn’t you like to momentarily take off your VR headset and make yourself a bag of popcorn in the microwave without having to spend $20 on some cheap snacks at your local arena?
This is an even bigger benefit for international fans who would have otherwise had to fly halfway across the world so that they could experience the event that they’ve been waiting for their whole lives. The metaverse promises to democratize events and make them far more accessible.
Events Can Be More Ambitious
As we’ve already mentioned, crowd sizes can be a lot higher in metaverse events, but the events themselves can also do things that event organizers have only ever dreamed of. If an organizer wants to turn the sky neon pink over the course of a performance, there’s nothing stopping them.
Since these events take place in a digital world, everything is mutable, and it’s up to the skills of the developers when it comes to what can be accomplished and how good it looks. With a good enough team behind an event organizing crew, the best metaverse events can rival Hollywood productions, and perhaps someday even the real world.
Event Organizers Can Cut Budgets, Making Events More Affordable
Another great thing about the metaverse is that it’s not quite as expensive to host massive events as it is in the real world. Since everything takes place in a virtual space, the cost of real estate is almost entirely removed, unless you count the cost of renting out servers to support the whole crowd.
Event staff also won’t have to worry about cleaning up event venues after people have departed, slashing another huge cost off of the list. While event organizers will still have to pay hefty retainers for the talent that will be showing up at their shows, they won’t have to book flights or lodgings for them, resulting in further savings.
Is the Metaverse the Next Big Thing for Events?
It’s hard to tell whether or not the metaverse will take over as the premier way of hosting events for all of humanity but it definitely looks like it will be giving in-person events a run for their money.
At Backstage, we believe live events will always have a place. We believe there’s a promising future for both metaverse and live events, as well as live events. And we’re building an ecosystem to power the industry, no matter where it is.
As metaverse events evolve over time, Backstage will be right there with them, facilitating access to these events using a secure coin that is designed with the entertainment industry in mind.
So, stay tuned to our project. It’s time for the crypto revolution in the event industry.
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Image sources:
https://unsplash.com/photos/ZhQCZjr9fHo
https://unsplash.com/photos/yWF2LLan-_o
https://unsplash.com/photos/zorgErvL_Fs
https://unsplash.com/photos/zbUvPw1wUIw
Sources:
https://www.wired.com/story/what-is-the-metaverse/
https://www.sciencedirect.com/science/article/pii/S1877050920321529
