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Metaverse Technologies May Redefine Traditional Gathering Spaces

1 min read · 417 views Bong-Geun Choi Feb 22, 2023

Metaverse technology is breaking down the divide between the physical and digital worlds.  As a result, traditional gathering spaces are evolving, and the definition of a home, event, and even a vacation is evolving. 

 

New Virtual Venues

No longer do individuals have to travel to stadiums, arenas, or theaters to take in performances or for entertainment.  Now, you can sit in the comfort of your home and attend events in virtual space. 

 

A survey conducted by Wunderman Thompson Intelligence (WTI) found that over 60% of respondents found attending a digital concert, play, or musical appealing. Some 78% founds digital movies appealing.[1]

 

Concerts from performers such as Lil Nas X, Ariana Grande, Post Malone, and BlackPink have already been held in virtual spaces such as Fortnite and Roblox.

 

Virtual venues are also playing host to smaller, more intimate gatherings.  A social entrepreneurship festival hosted 40 people in a networking and mingling event.  Virtual social clubs, nightclubs, and cabarets are popping up. 

 

Virtual venues have the flexibility to host events with the number of attendees ranging from several people to millions.

 

Liminal Spaces – Blending the Physical and Digital

A liminal space blends elements of both the physical and digital worlds. Often, digital elements are transposed onto the physical.  One example includes an augmented reality (AR) exhibition that projects virtual sculptures along New York’s High Line, which are visible through the use of special glasses. 

 

Other installations include virtual artwork that moves and transforms in response to visitors’ movements.  One production in London of an adaptation of Shakespeare’s A Midsummer Night’s Dream pairs live actors with light and technology to transform the actors on stage and bring the audience into the production, enabling them to participate as fireflies.

 

The possibilities of liminal spaces could extend to retail spaces, brand hubs, and business centers.

 

Digital Real Estate

Real estate is now being sold in virtual worlds in the metaverse.  Mars House, the world’s first digital house, sold for $500,000 in March 2021.  Virtual worlds, such as Decentraland and the Sandbox, have sold millions of dollars’ worth of virtual real estate.  Buyers are able to monetize their spaces, setting up virtual stores or other types of business outlets.

 

Virtual real estate may allow owners to develop and monetize space within the metaverse.

 

Travelportation

Companies, such as Microsoft, are creating travel experiences through metaverse technology.  Donning virtual reality headsets, individuals may travel to faraway locations to which they may not be able to travel physically.  Such technology may be a boon to individuals with mobility issues.


[1] All data sourced from: Into the Metaverse, Wunderman Thompson Intelligence, 9/14/21


 

Bong-Geun Choi

Chief Economist

bchoi@fountinvestment.com

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