Table of Contents
- How were events conducted earlier?
- What limitations were encountered?
- What is metaverse?
- This is where Metaverse Live Events come in
- What formats are possible with the metaverse?
- What are the future predictions for the metaverse?
- Advantages of incorporating metaverse event strategies
- Conclusion
- FAQ’s
Events on metaverse have been making news as of late and renowned companies across the globe have been using this event strategy.
How were events conducted earlier?
Virtual and hybrid events have been a popular choice that have been known to have a wider reach than physical events – attendees from around the globe can log in via the internet and enjoy the event in real-time.
What limitations were encountered?
Platforms like zoom, microsoft team meet and Google Meet pose several challenges and limitations for hosting events virtually.
- Lesser engagement owing to isolated experiences
- Less immersiveness owing to restrictive 2D simulations
- Too restrictive in terms of achieving the vision for a virtual event
What is metaverse?
A metaverse is a 3D virtually simulated environment where users log in using their own avatars and interact with each other and the environment.
This is where Metaverse Live Events come in
Events on metaverse have been becoming increasingly popular owing to their extremely immersive nature, high engagement and the social and shared experience that it offers.
What formats are possible with the metaverse?
Metaverse for events are used in two ways
- A purely virtual event hosted on the metaverse.
- A hybrid event with attendees attending the event either physically at the venue or via the metaverse.
Both methods have been known to derive high ROI and offer all the advantages of the metaverse, assuring value-addition.
What are the future predictions for the metaverse?
- The metaverse market in 2022 was worth $47B and is expected to grow to $678.8B by 2030
- About 400 million people are present on the metaverse and experts believe that the metaverse will experience rapid expansion within the next 5 years.
Advantages of incorporating metaverse event strategies
- Global Reach – Metaverse live events attract attendees from around the globe. Its virtual nature avoids the geographical restrictions posed by physical events.
- Cost efficiency leading to higher ROI – Physical events demand renting a venue, travel costs and even printing costs. Using a metaverse would involve only the cost of setting up the metaverse and maintaining it thus involving low investment and resource expenditure and high returns.
- Enhanced engagement – The simulated environment is realistic with gamified features that can be incorporated. This makes events on metaverse not only value-driven but also fun to navigate for the attendees. They can explore the platform and attend the event with their peers, keeping them engaged for longer. Furthermore, by integrating AI (Artificial Intelligence) chatbot avatars into the platform, attendees experience a seemingly humanised conversation as compared to text-based chatbots.
- Customization and branding opportunities – A metaverse platform can be designed to look as per your event’s requirements. Be in a “Digital Twin” (exact digital replica of a physical venue) or a whole new digital venue, it can be done on the metaverse, free of restrictions. Owing to its expanse, there are endless branding opportunities to ensure that the event establishes strong brand recall amongst all your attendees.
- Data-driven insights – On the metaverse, you can track the activities of your attendees, from the places they visited to their connections and the enquiries they made. This ensures maximum benefit and key data takeaways from the event. Furthermore, AI integration would help in higher data volume interpretation and analysis.
- Sustainability – In an age where the carbon footprint of an event draws a lot of attention, a metaverse live event saves up on the environmental resources spent in travelling, printing and the waste produced after. Being a digital environment, you can experience a drastic decrease in carbon emissions by using a metaverse.
Conclusion
An extremely immersive and shared experience is offered by events on metaverse and they have the ability to boost your ROI significantly. In an age where everyone’s eyes and attention are drawn to the latest tech innovations, a metaverse live event is sure to bring your event to the forefront!
FAQ’s
Does it take a lot of money and time to set up a metaverse?
ibentos offers various subscription levels and you can scale up depending on your requirements. Furthermore, our team will speedily set up a metaverse platform that suits your requirements.
Who can access the metaverse?
Anyone with a verified login can access the metaverse platform. In the case of a public platform, users can login simply using either their mobile number or their email address, depending on your requirements.
Do you need special equipment like VR glasses to access the metaverse?
No, a VR headset is not necessary. At ibentos, we make sure that our metaverse platforms only require a device like a mobile, laptop or tablet for login, and a stable internet connection! You can opt for a platform which uses VR but it is not necessary.
Do I need a special tech team to maintain the metaverse?
ibentos metaverse platforms are no-code and easy to sustain. While you use our platform, our tech team will be there to guide you at all times.