Metaverse is an online replica of the real world in a 3D digital environment. People can now access the virtual world through augmented reality (AR) and virtual reality (VR), and they can “live online” as digital avatars that can interact with each other. The metaverse displays an ideal personality that complements a physical personality without replacing it.
Hosting events in the metaverse has grown significantly. This is due both to better understanding and to the pandemic. Major brands have experimented with virtual reality, and it will play a bigger role in the future.
For the events industry, Metaverse has opened up a whole new way of doing things; conferences, in particular, no longer need to be in-person events. Technology has made organizing and hosting public meetings much easier during this crisis. Using virtual avatars can make you look like an important presence at the conference, even if you are thousands of miles away.
One of the keys to the development of the metaverse is high-quality virtual reality, which allows users to interact with different elements in the same way as they would in the real world. Developing an event portfolio while minimizing operational costs is the holy grail for the event planning community. In order to build a relationship with stakeholders, companies use innovative 3D platforms. 3D avatars can be used to facilitate successful conversations with employees, partners and suppliers on a regular basis.
The affordability of experiences will increase as a wide range of experiences and products, previously reserved for the wealthy, become available to poor and middle-class consumers. By providing a new and often more efficient means of achieving our goals, the Metaverse will be a huge boon to sustainability. By attending workplaces, schools, and social gatherings virtually rather than physically, valuable resources can be saved.
The idea of the metaverse is exciting, but it’s still new and little known. Therefore, there are fewer opportunities to reach large audiences than on social media or search engines. They can be expensive and difficult to create, and users need special equipment like VR glasses to interact with them for now. This severely limits the potential market for brands and hampers mass marketing efforts. Privacy and data security remain an obstacle.
Viewing the metaverse as a virtual experience inside a game based on predefined logic, a major branding opportunity can be created in terms of visitors experiencing branded products in real, immersive 3D or 360 degrees as well as regular signage. Additionally, these experiences can also be monetized with real-money transactions for an experience (this would largely apply to some interesting content or artist performances).
Event organizers can plan signage or branding prime spaces to attract more eyeballs and sell them at a higher price. Brands can interact with customers looking at their brands more proactively, instead of the usual reactive approach. The metaverse as a solution is evolving day by day; powerful analytics and meaningful insights into the users of this virtual world are captured. As AI and ML have more and more databases to evaluate, we will begin to see crystal clear measurability of ROI from brand investments.
Metaverse is an immersive virtual universe where people can socialize, shop, or even attend events through their
virtual avatars. It is a virtual world with the potential to combine the physical and digital worlds. By mixing them together, it offers endless possibilities for entertainment, engagement and perseverance.
The author is CEO and Founder of VouchPro
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