Three Ways The Metaverse Will Enhance Your Business Events | SpaceTo.io |

Three ways the metaverse will enhance YOUR business events 

 Powerpop London based band, Marshmallow, held one of the world’s first metaverse events in 2019 watched by over 10,7 million people. This was followed by rapper, singer and songwriter, Travis Scott, holding his astronomical show with Fortnite in April 2020, watched by more than 12 million people from across the globe. In 2021, pop and RNB musician, Justin Bieber, transformed into his digital avatar for a successful performance in the metaverse and in the same year, Decentraland, a world browser platform, hosted a four- day metaverse festival of music, culture and creativity.

But it is not just entertainers and music artists who are seeing the benefits of the latest technological megatrend called the metaverse!  

In January 2022, India celebrated the country’s 73rd Republic Day celebrations in the metaverse, while Dubai hosted its first metaverse industry event in September 2022, attended by formidable leaders from across the globe. In November 2022, multinational mobile telecommunications company, MTN, hosted an Africa-first virtual concert in Africa’s metaverse called Ubuntuland, and in South Africa, insurance giant, Sanlam, made history with its first media launch held in the metaverse in 2023. Further ignited by Facebook’s rebranding as Meta, the hype continues to grow and more and more companies are creating metaverse experiences to interact with customers and employees in an immersive and 3D way to increase sales, improve recruitment and employee retention and build brand affinity.  

Utilising highly advanced technology such as Artificial Intelligence (AI), the Internet of Things (IoT), 3D Reconstruction, Blockchain (NFTs, Cryptocurrencies) and Augmented Reality, many businesses view the metaverse as a game changer especially when it comes to enhancing their customer’s experience journey through events.    

Three ways the metaverse will change your business 

1. Enhanced customer experiences 

Based on web 3.0, the metaverse offers businesses the opportunity to optimally engage customers through browser-based simplicity and unique 3D experiences where interactive video, spatial audio, customizable avatars, social networking and social streaming come together to create a bespoke meta-realm. Metaverse oriented businesses will find it increasingly easier to better engage and support customers across all consumer touchpoints through fully immersive virtual experiences to stimulate brand interaction. In addition, the metaverse offers digital economy innovations to create new markets and transform existing markets.

2. Enriched employee experiences 

The metaverse will not only change the way businesses interact with consumers, but also how businesses interact with potential and current employees. According to various employee polls conducted globally, around 87% of millennials see professional development and training opportunities as a deciding factor when choosing to join, stay or leave a company. Businesses who play in the metaverse have the competitive edge when it comes to attracting, developing and retaining staff as it empowers companies to transform conventional training simulations into 3D virtual reality immersive experiences. Utilising VR as part of the training experience will allow trainees to learn and develop as avatars in true to life scenarios without risking their safety in the real world. In addition, businesses are now able to provide multiple employees from across the world with immersive experiences in real – time.

3. Additional and new revenue streams 

Metaverse technology provides businesses with prospects to diversify revenue streams by selling digital goods, services and experiences in fully immersive virtual stores, selling tickets to virtual events, buying and renting out virtual real estate, pay-per-view content and selling collectible NFTs, to mention but a few. Businesses are also capitalising on the huge advertising and brand placement opportunities that exists in metaverse events. Nike, for instance, is estimated to have made an additional $518 000 after Travis Scott’s 10-minute metaverse concert in which his avatar was wearing Nike Air Jordan sneakers! The metaverse brings new streams of revenue and huge monetary advantages for those businesses who are brave enough to enter the new world of endless opportunities.  

At SpaceTo.io, we help you to create customised environments and to connect with customers in new shared realities built to inspire through deliberately placed 3D assets and effortless functionality.  Unleash your business potential and chat to our team to start your metaverse journey to greater success! https://spaceto.io/