Something truly transformative has broken into the unstoppable growth trajectory of modern technology: the metaverse. What’s more, it’s attracting the attention of investors and companies. It’s a given that the ‘virtual world’ the metaverse represents is still taking its initial steps – the first of many to come, no doubt – but at a very fast pace, and with hopes of practically exponential growth.

And it’s a concept that might just change the way we understand many of the everyday activities seen in the business world. These include, among others, organising and holding events of all kind, from product presentations and meet & greets to symposia and conferences, to name just a few. The metaverse looks set to become yet another corporate ‘playing field’ before too long.

Initial strategic moves in the metaverse: the real estate market

The metaverse is still only just starting its journey towards mass adoption by the general public. Right now, most users are still just beginning to understand what is the metaverse, what changes it could bring to how we consume and interact with technology, as well as what it will take to fully immerse ourselves in it. But forecasts already predict that by 2026, 25% of people who use the Internet now will spend an average of an hour a day in the metaverse. What seems futuristic today will soon be part of our new normal.

That’s why so many big industry players, in a variety of markets – investors, technology giants, as well as companies not even directly related to the metaverse – have been strategically shifting their pieces around the board for a number of years now. Above all, they’re investing in ‘digital real estate’. Why is this strategic positioning taking place?

Because, in a short space of time, one of the most valued assets in the metaverse will be the ‘virtual space’ needed to build, i.e. digital land where you can ‘build’ homes, facilities with a variety functions, leisure hangouts, recreation spaces, and more. This also means space to build offices, hold meetings and organise events. What’s now just empty space will be rented out, bought and sold in the years to come.

Benefits of planning and holding events in the metaverse

The possibility of holding events in the metaverse will open up a vast array of options for organisations, companies and institutions alike. Having a presence in the virtual world – as well as being able to organise events there – will offer a number of advantages. These include:

• Linking corporate brands to development associated with technological innovation.
• Positioning companies as leaders in digital transition strategies.
• Saving the considerable amount of resources needed to hold physical events but that aren’t necessary in the metaverse.
• Having the capacity to reach a potentially global audience, eliminating physical and geographical barriers altogether.
• ‘Decentralising’ the processes that events have to include, alongside production and management processes.
• Opening a window of opportunity towards ‘internationalising’ companies.
• Increasing or establishing security and responsible data transfer policies given, in the metaverse, one of the main technologies involved – blockchain – is inextricably linked with both of these concepts.

To really take advantage of all the possibilities involved in the metaverse, organisations and companies must act now. Either by acquiring assets in the metaverse to be exploited later, as mentioned above, or by including strategic development pathways in the metaverse in both their medium- and long-term plans.

Just like the general public and various user groups within the metaverse, company executives – or, at the very least, those responsible for this area of strategic development – need to understand and be at ease with the technologies that operate and will operate in the metaverse, including blockchain, cryptocurrencies, NFTs, avatars, virtual reality headsets, etc.

And, in the same way, they need to be able to analyse and focus on implementing different solutions that already exist to gain a foothold in the metaverse today. They need to have a ‘virtual head office’, to organise events in the metaverse that boost a brand or product – albeit limited by current technology –, to sponsor or fund gaming events in the metaverse and, above all, to identify and make the most of trends that will be commonplace in the not too distant future, transforming the metaverse into yet another important environment where companies have to compete.