Metaverse Events Are Stupid (For Now)
Article source, here.
TL;DR
This year’s Metaverse Fashion Week kicks off on Tuesday, featuring luxury brands like Dolce & Gabbana, Gucci, Balmain, Coach, and Tommy Hilfiger.
Metaverse events like these aren't intended to be instant hits, nor are they intended to replace in-person events. They'll be additions to the existing industry, that slowly grow.
Take e-commerce as a previous example: it didn't wipe out brick-and-mortar retail - like many feared - instead, it became a 'second layer' to global commerce.
Our guess is we see the same with in-metaverse events: they start out as a low cost excuse for brands to release a PR statement, and not much else...
But eventually, 'the metaverse' will lower the barrier to entry to events-based commerce.
Full Story
If you think metaverse based events feel weird, overhyped, and/or needless - we hear you and we see you!
(They're all a little 'alien').
...but that might not always be the case.
It's taken us a minute, but we're starting to see a path for in-metaverse events to be embraced at scale.
This year’s Metaverse Fashion Week kicks off on Tuesday, featuring luxury brands like Dolce & Gabbana, Gucci, Balmain, Coach, and Tommy Hilfiger.
(Weird concept, right? Who's actually going to these things, consistently and en-masse?)
But here's the mini 'aha' moment we just had:
Metaverse events like these aren't intended to be instant hits, nor are they intended to replace in-person events.
They'll be additions to the existing industry, that slowly grow in popularity.
Take e-commerce as a previous example:
When big brands first started launching their own online stores, the majority of consumers were still a little skeptical of the whole 'putting their card details on the internet' thing.
Along with other concerns like "how do I know they'll actually ship it?" and "how do I know it's the right size?".
But companies were fine with all, because embracing the technology allowed them to:
Set up globally accessible shopping destinations for their brands, without pouring money into brick and mortar locations around the world.
Talk to consumers & shareholders (via PR blasts and quarterly earnings calls) about how they were 'adopting new technology to navigate the changing social landscape' - or whatever...
And as e-commerce grew, it didn't wipe out brick-and-mortar retail - like many feared - instead, it became a 'second layer' to global commerce, which presented a lower barrier to entry for new businesses.
Our guess is we see the same with in-metaverse events:
They start out as a low cost excuse for brands to release a PR statement, and not much else...
But as these 3D virtual meeting places become commonplace, 'the metaverse' will lower the barrier to entry to events-based commerce.
We love a level playing field!