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April 27, 2023

How The Corporate Metaverse is Changing the Events Industry

How The Corporate Metaverse Is Changing The Events Industry - The Concierge Club

The term ‘metaverse’ became popular when Facebook developer Mark Zuckerberg rebranded his app to Meta to mixed reviews. Some are excited about this technological advancement, while others are skeptical about entering a virtual space. Many companies have begun using the metaverse to organize a corporate metaverse for B2B marketing and lead generation. Instead of organizing physical conferences, guests and speakers are being given the option to attend digitally from their homes. But how does this virtual space affect corporate events? Before we can answer that question, you need to understand what the metaverse is all about. Keep reading this article to learn more!

The Metaverse and Its Purpose

The metaverse is a 3D version of the internet that’s parallel to the physical world. You enter as a digital version of yourself (called an avatar) and interact with other users. Entering the metaverse requires virtual equipment such as AR Glasses and VR Headsets.

Is the Metaverse a Video Game?

The answer to this question is both yes and no. First, let’s walk through the affirmative: the metaverse is present in popular video games like The Sandbox, Fortnite, and Roblox. These games encourage users to create avatars, interact with other players, and make in-game purchases. However, that’s only one side of the metaverse! This augmented digital space is also being used for sales and marketing, appearing as virtual fashion weeks, real estate showrooms, and even corporate events—yes, you read that right.

Metaverse Video Game - The Concierge Club

The Corporate Metaverse is Here to Stay

When the world was in lockdown during the COVID-19 pandemic, companies across various industries found ways to adapt. They created virtual events for their employees and other invitees so they could participate in webinars, workshops, and online conferences. Further developments in the ever-changing world of technology have now given rise to what has become known as the corporate metaverse.

In the corporate metaverse, people enter a digital event space as an avatar to attend digital corporate events. They can walk around, interact with others, and actively participate in the affairs of a corporate metaverse.

The Benefits of the Corporate Metaverse

The existence of the corporate metaverse is an alternative to networking events, concept stores, and in-office gatherings. The following benefits are some of the reasons why many businesses are considering metaverse gatherings:

1. Interactive Corporate Events

Unlike virtual events, the corporate metaverse encourages attendees to actively participate in the digital space. Instead of just watching through a screen, attendees can walk around, inspect the area, interact with others, and network. The immersive nature of the metaverse allows it to almost replicate physical events in the real world!

Avatar creation allows people to customize how they look, meaning users can express themselves accurately and be themselves in the metaverse.

2. Motivated and Focused Attendees

Employees find it hard to focus on extended periods of virtual meetings due to burnout. Instead of listening, their minds wander as they would rather be on their phones. The immersion of the corporate metaverse is a solution to this problem, as 3D glasses and headphones better keep user attention focused on the speaker.

3. Immersive Product Presentations

The metaverse is impressive because it allows companies to conduct product launches without a physical prototype. Developers can present and test their new products digitally in front of a live audience. Attendees with VR equipment can look at these products in depth, making them one of the popular experiential marketing trends.

Consequently, only needing to produce a digital prototype saves resources.

Immersive Product Presentations - The Concierge Club

4. Events With No Travel Necessary

The corporate metaverse is accessible to everyone with VR equipment. Attendees can easily hop into the digital space and enjoy an immersive event without leaving their homes, negating the need to travel long distances for physical trade shows.

5. Networking Without Time Limits

The corporate metaverse facilitates endless networking. Networking events typically occur seasonally in the real world, limiting guests and worsening their experience since they likely don’t have the time to talk to all event participants.

In the metaverse, networking and other corporate events can last longer, meaning more time for marketing and networking. All you need to do is get in to participate!

Can the Metaverse Replace Physical Corporate Events?

While it has great potential, the metaverse is still in its infancy. Even if it develops into something big, a digital space can never replace the essence of physical corporate events. Humans will always need to have face-to-face interactions to thrive!

The metaverse feels different since it can’t replicate human social cues, on-time reactions, and body language. Human interaction generates genuine connections, lending more authenticity to physical corporate events. The feeling of being present is a targeted experience for consumers that makes on-site events more attractive than digital spaces.

Instead of a total replacement, the corporate metaverse and physical world should complement each other through hybrid events where people from around the world can attend off-site and on-site at the same time!

Can The Metaverse Replace Physical Corporate Events - The Concierge Club

Do You Want to Plan a Hybrid Event?

The corporate metaverse can increase the value of your hybrid events. The accessibility benefits it grants should attract more people and allow businesses to reach new audiences. But, of course, organizing a hybrid event takes a lot of hard work.

The experienced team at the Concierge Club is here to effectively manage your hybrid events. We’ll handle the challenges and make your function an experiential campaign.

Give us a call to learn more about how we can help you.