What is the Metaverse? Learn How to Host a Virtual Event

What is the Metaverse? Learn How to Host a Virtual Event

In 2021, the worldwide market size of virtual events was valued at $114.12 billion. By 2030, the market size is expected to have a growth rate of 21.4%. Today, online events are becoming increasingly popular as they offer an exceptional and immersive experience that may not be possible in the physical world. 

Virtual events can range from festivals and concerts to meetings and conferences. Such events take place in the metaverse, which is a simulated online environment. In 2024, the worldwide metaverse revenue opportunity is anticipated to reach $800 billion. What exactly is the metaverse, and how can you organize a virtual event in the metaverse? Read on to find out. 

What is the Metaverse? 

Initially coined in “Snow Crash,” a 1992 science fiction novel, the word metaverse refers to a virtual arena that people are extensively considering to be the next iteration of the internet. However, it is not just an extension of how we use the internet. It is a completely new digital landscape. 

The metaverse can be defined as a network of 3D virtual worlds where individuals can work together, carry out business, and establish connections through their ‘avatars.’ In the metaverse, businesses can create bespoke environments that allow users to go beyond the mere act of searching for an item on their website. The metaverse allows users to step into an organization’s space and interact with it in a similar way to visiting a physical store – but with unlimited opportunities for interactivity and engagement. Creating customized metaverse spaces empowers businesses to intuitively engage with consumers. 

Types of Metaverse Events 

Metaverse events leverage the power of virtual reality to design appealing, social, and inclusive gatherings, which effortlessly attract high-paying sponsors, attendee registration, and return on investment (ROI). Here are some of the popular metaverse events that you can organize: 

• Metaverse concerts 
• Metaverse award functions 
• Metaverse product launches 
• Metaverse networking events 
• Metaverse business meetings 
• Metaverse conferences and workshops 
• Metaverse trade shows 
• Metaverse job fairs 
• Metaverse gaming events 
• Metaverse graduation ceremonies 
• Metaverse fundraising events 

Job Outlook for Virtual Event Planners 

Event planners, including virtual event planners, make an average yearly income of $49,470, according to the U.S. Bureau of Labor Statistics. Furthermore, jobs for event planners are also projected to grow 18% through 2031, which is much faster than the average for all professions. On average, about 16,600 jobs for event planners are expected annually over the decade. 

How to Host a Virtual Event 

Hosting a virtual event can be overwhelming, but it does not have to be. Here are a few best practices that will help you ensure your online event is effective and leaves everybody with a wonderful experience: 

1. Specify clear objectives from the beginning 

Before you start planning the schedule of your virtual event or choosing the best online event platform, make sure that you know why you want to organize the event. Set clear goals and ensure the entire team responsible for the project understands what you are looking to accomplish. 

2. Choose the right virtual event platform 

Not all virtual event platforms are the same. Although some offer acceptable experiences to attendees, the best platforms are designed to engross, excite, and deliver memorable events. Many platforms also allow you to co-host an event with another organizer. Some important features you should look for in a virtual event platform include registration and ticketing, customization, engagement tools, integrations, analytics, etc. 

3. Select the right event time 

Keep in mind the number of visitors that will attend your event, whether or not they are in different countries or time zones, and how much time you need for Q&A sessions. 

4. Advertise your online event 

Make sure that you promote your event well in advance so visitors know when it is happening, what they can expect, and how they can take part in it. 

5. Create a clear schedule 

Your event agenda should include details like speakers and timeframes. You do not want your visitors to be waiting around for long periods. Share a clear schedule with the timings marked and mention any relevant links, so that attendees can plan ahead. 

6. Include event moderators 

Make sure that you have enough moderators readily available during your online event. Your virtual event moderators should use charm, persuasion, and organization skills to make sure that visitors, hosts, and guest presenters have an unforgettable online event experience. They should introduce and support presenters, moderate Q&A sessions, and ensure that timelines are being followed. 

7. Engage your attendees 

Your event should not look like a boring monologue. To make your event interactive, plan activities that encourage active contribution. Persuade your attendees to have discussions with each other and ask questions. 

8. Keep potential technical difficulties in mind 

To avoid any last-minute hassles, you may want to consider using more than one virtual event platform. Just in case there are any technical problems with your audio or video, you can switch over to a different tool and continue the event as scheduled. 

9. Follow up after the event 

Make sure to communicate with your visitors after the event to get their feedback. You may also use this opportunity to tell them about how they can get access to event recordings and encourage them to join again next time. 

Become a Successful Virtual Event Planner 

ed2go’s Virtual Hybrid Event Planning course will prepare you to start or grow your career as a virtual event planner. In just nine months and 300-course hours, you will explore potential technologies and applications of virtual human interaction in the metaverse with a framework that you can apply to any online event experience. 

Once you have completed the training program, you will be able to confidently identify numerous options for a range of online event platforms and make suitable selections based on event goals, mission, and objectives. Get practical experience in hosting and managing online events to build confidence and a portfolio of work in virtual and hybrid event planning. Enroll today!