What is the Metaverse, and Why Does it Matter for Marketing and Events?

Mark Zuckerberg of Facebook recently made the news after announcing that the company was changing its name to Meta. The tech entrepreneur stated that the name change was just the beginning of a new way of interacting with the digital world. He wanted Meta to be at the forefront of a concept known as the Metaverse.

You may have heard of the Metaverse already, but many people underestimate just how far-reaching the impact will be. Marketing and events will be transformed as the online world evolves. Businesses in the sector must understand the potential of digital spaces so they can adapt and keep up.

What is the Metaverse?

The Metaverse is an umbrella term for different technologies that allow us to step inside a digital space. The word 'Meta' means self-referential or refers to the conventions of a genre. When combined with 'universe', we get the idea of a digital world that encompasses the conventions of the physical world. In other words, the Metaverse is a digital recreation of the real world that we can interact with in various ways. Like many technological advancements, it was first conceived by a science fiction writer. Neal Stephenson coined the term in his 1992 novel Snow Crash.

The exact definition is very loose, and these digital worlds exist in different ways. Some are accessed through virtual reality, while others can be accessed via your laptop or phone. Video games like Fortnite or life simulators like Second Life, for example, allow players to walk around in fictional worlds. Many brands also create their own 3-dimensional spaces where they can market and sell products. Tech pioneers like Zuckerberg hope the Metaverse becomes a more comprehensive digital space where many services exist together in a central location.

So, that's what the Metaverse is, but how does it impact the events and marketing sector?

Pioneers of Event Marketing in the Metaverse

Many brands already use the Metaverse to host events and promote their products. Video game platform Fortnite has already played host to massive music acts like Travis Scott and Ariana Grande in virtual concerts. They have recently announced a series of new shows. Other video game platforms like Roblox have followed suit.

Gucci embraced the Metaverse and created a campaign called Gucci Garden. Consumers can walk around a digital world, exploring boutiques and bookstores filled with products. The event also partnered with Roblox, selling a range of Gucci items players could wear in the game.

Platforms like Virtual Booth allow companies to create virtual showrooms, trade show booths, and meeting rooms so that events can be hosted in a virtual setting. Although the technology is still relatively new, the fantastic potential of the Metaverse is already being realized.

The Benefits of the Metaverse for the Events Industry

The Metaverse is not a fad that you can ignore. It is the next logical step in the evolution of the internet, bringing many benefits to the events industry. 

Wider Reach

Traditional events are limited by location. Although some people will travel, most of your attendees will be from the surrounding area. People from around the globe can attend when you host events in the Metaverse that can be accessed online.

More Inclusive Events

For people with disabilities, attending events can be a challenge. Allowing people to attend virtual events from their own homes removes those barriers. You can also implement accessibility tools like subtitling and text-to-speech for hearing or vision impaired people.

Reduced Costs

The logistical costs involved with event planning are drastically reduced with Metaverse events. There are no expensive venues or travel expenses to pay for. This makes event planning more accessible to organizations and individuals with smaller budgets. 

Sustainability

Finally, virtual venues are far more sustainable than in-person ones. You can avoid emissions caused by travel and any material waste from the event itself. Virtual events have 98% fewer carbon emissions than in-person ones.

Embrace the Future Today!

The Metaverse will play an essential role in your future if you work in the events and marketing sector. Embrace it today or risk falling behind!