3 Issues with virtual & hybrid events that the Metaverse could solve 

# tags: Metaverse , Digital

The Metaverse is not new. It was conceived way back in the ‘90s. However, it’s only now that it’s starting to feel like it could be real. 

For those that are still cynical, consider that Bloomberg estimated the Metaverse market will be worth $800 million by 2024.

And for the event industry, the timing couldn’t be better, as over 90% of event planners will be running virtual events in 2022. 

These events have boomed since Covid-19. Before the pandemic, only 45% of people had attended a virtual event. 87% have now. Read on to find out how the Metaverse could cure the virtual event problem. 

The big issue with virtual & hybrid events 

Due to the limited technology of the time, these events have been unfulfilling for both attendees and event planners. It’s no surprise that 71.1% of event planners say that engaging their virtual audience is their biggest challenge. 

But what are these issues, you ask? Well, firstly, they are just not engaging for attendees. Event professionals see it as their biggest challenge in running successful events today.

Secondly, they don’t offer effective networking opportunities, which traditionally has been the bedrock of corporate events. Attendees of in-person events aim to network; attendees of virtual events login to learn. It turns out that 72% of virtual attendees are primarily hoping to learn something new, and just 7.7% are hoping to network. 

This has all led to a worrying rise in no-shows, with cases for virtual events rising to 35%. 

1. Engagement

Sadly, to remotely attend an event is to watch the action from your laptop screen. This is an alienating experience. The Metaverse will resolve this issue through its intrinsic gamifying nature. Even before the Metaverse, gamification led to 87% of users feeling more socially connected. 

This development makes the remote event experience hands-on. It replicates the in-person experience like never before. It’s going to make it even more effective, and naturally, networking along with it. 

What’s more, there is literally no limit to what can be done in these 3D worlds. Spaces, style, creativity; they’re blank canvases for unique 3D experiences. From Wild West frontiers to deep space to towering glass office spaces of the future. Now that’s more engaging than a screen in your home office, right?

2. Increased registration 

There are several reasons why the Metaverse will lead to high registration and, furthermore, increased attendances.

Firstly, they’re new and exciting. It might seem superficial, but it’s true; the hype factor will be good for event planning statistics in the short term. 

Secondly, they require less commitment of time and money than traditional events, so attendees are more likely to take a chance on them.

Thirdly, Metaverse events are in a unique situation where they can offer prospective attendees free trial sessions to their events. 

And finally, Metaverse events can offer exclusive swag, like NFT’s, for example. This can be part of their gamification techniques in the form of a competition, or it can be a freebie to lure in hesitant attendees. We’re already seeing this take place with giveaways with big names like DC doing a superhero NFT giveaway for every attendee registration. 

3. The return of networking

As we mentioned before, virtual events have a serious problem with networking capabilities. However, due to the immersive nature of the Metaverse, this problem could be consigned to the past. 

Speaking to Dietrich Moens - CEO of Spacehuntr - he said, “The sad truth that we’ve struggled to admit is that remote events have denied us the sincerity and authenticity that live events provide. That’s the core reason why networking hasn’t been effective in virtual events. The Metaverse will give attendees the confidence to engage with each other again.”

Wrapping up

So, to wrap up, event planners have been scrambling to see what the Metaverse can do for them and the industry as a whole. 

It is early days, but it looks like his new concept could go a long way to solve ingrained problems with existing virtual and hybrid events. 

As a matter of fact, they could even challenge the dominance of live events as the master-event to rule them all.