NFTs, The Metaverse, Holograms

Is it just us, or does it feel like things are moving at warped speed this year? With the rise of NFTs, talk about meetings in the metaverse, and even holograms replacing speakers at major events, we are watching the stuff of sci-fi movies move into the mainstream. Innovation is literally unfolding before our eyes. So, the age-old question stands: beat em’ or join em’?

At Decibel, we’re all about innovating and bringing our industry forward, utilizing the latest technologies available to create memorable events. Today we’re sharing our thoughts on understanding and navigating these new technological additions and how they can complement, even elevate, the way events are conceived of and executed.

When it comes to new digital realities and products, NFTs are probably the hottest trending topic. These non-fungible tokens are used to record and identify the owner and information of a particular digital ‘asset’ using the blockchain. As of now, the most popular blockchain for NFTs is Ethereum (ETH). We’ve been hearing a lot about art NFTs, but these can really be any conceivable item that people might be interested in owning – including the signature of Star Trek creator Gene Roddenberry implanted in strands of rapidly replicating DNA.

With the rise of virtual and hybrid events due to the COVID-19 pandemic, NFTs have a pretty good chance of being easily integrated into the events industry. Not only are they perfect for displaying during virtual gatherings, but now many places are developing means of exhibiting these digital assets like physical works of art through digital signage and video.

Plus, it might not always be the events industry that needs to accommodate the display of NFTs. These digital assets can also be a source of revenue for charity or community events. Not only are they a trendy and compelling way to engage your audience, but they also have a certain FOMO inducing effect that could be just the thing to attract additional supporters or donors.

When it comes to gatherings, it’s easy to lament the loss of being able to hold large-scale events due to COVID-19. We’re on the fence because losing the special human connection that can only come from a thousand people co-existing in unison is hard to let go of.

However, options like the metaverse provoke some important questions about the future of the events industry. While the metaverse certainly has its potential dark sides (further isolating individuals, creating even more distance between communities, increased inequality for those without access) it also presents the opportunity for different forms of creativity and communication, even if only virtual. The metaverse isn’t entirely new at all. Preludes like Travis Scott’s larger than life concert in the Fortnite universe, show us that creating a special space within the virtual sphere can provoke a similar feeling of excitement as attending an event in person.

The metaverse may also be able to offer virtual events a second chance. One of the main reasons why these virtual reality technologies can have such an impact on event management is the increased audience engagement. You can choose your avatar and engage in shared experiences being co-present in a space. The metaverse also has unprecedented scalability. Organizers can design spaces that are perfectly tailored for the number of attendees, rather than being confined to a physical location. Lastly, we can’t deny that the metaverse is inherently more sustainable. The carbon reduction from hosting events in the metaverse is probably one of the most convincing arguments for (responsibility) migrating many of our large-scale events into the virtual space. Let’s face it, this is no longer a fantasy; we saw it at Microsoft’s Ignite 2020 conference, just to name one example.

Perhaps a middle ground between NFTs (assets) and the metaverse (an entirely virtual space) are – and we can’t believe we’re saying this – holograms. No, we’re not talking about R2D2’s projection of Princess Leia in A New Hope, but a very realistic compilation of light beams that come together to form the projection of three-dimensional figures that can potentially interact with real people in real spaces. Companies like PORTL are changing the way we think about remote interactions. Imagine beaming a keynote speaker into an event from anywhere in the world in full scale detail. The potential for single speakers is clear, but we can also easily imagine it working for panels and groups.

All these technologies are poised to bring the events industry into a new era of technological innovation. The reach and potential for new forms of engagement cannot be denied. We don’t think (hope) anyone is ready to give up in-person events. The significance of the human connection that comes from physical events is something special we’re not ready to let go of yet. However, as virtual reality technologies are on the rise, people will have the opportunity to immerse themselves in a very unique experience that features innovation, engagement, and connection all at once, regardless of geographical or venue constraints. If we’re not asking questions about these changes, then we might as well be stuck in the past. 

To learn more about how we use technology to create incredible events, connect with the Decibel team at www.decibelmanagement.com.