The future of the events industry? Gaming advances into AR and VR paving the way for project ‘Metaverse’.
The world of gaming has developed vastly in years gone by. As the world improves digitally, it is reflected via new technologies, new controls and recently, new experiences into this market. As shown below, there is a stark contrast between the graphics of the past in relation to modernised gameplay. The visual difference in games between 1993 ‘FIFA International Soccer’ and 2021 ‘FIFA 20’ is clear to see, yet the development further of the gaming industry is something to keep an eye on. Will the technology used become integrated more closely into societal norms?
Studies on the gaming industry following the ‘Covid-19 pandemic’ and subsequents lockdowns have displayed increasing engagement throughout. With many people stuck at home and experiencing increased boredom, love for gaming soared. In G2A.com’s (the worlds largest online marketiplace for gamers) interview with Forbes: data concluded a ‘200% increase in the number of people aged over 60 searching for games on our platform’. This is inconjunction to the current ‘93% of under-18s’ of regular users. Gaming as an end user experience accelerated due to the Covid Pandemic, with rapid increase in gaming consumption related to heightened social interaction, with gaming interatction their main form of outer home social contact.
Technology increases have resulted in the need for immersive gameplay. The younger, upcoming consumers are stating preference for unique gaming experiences, following the use of virtual worlds. The industry is advancing into immersive game play to offer realistic game play; accessibility; but mainly, realistic experiences for end users. The main forerunners in this market include Minecraft, Roblox and Fortnite. Exemplified through Roblox with ‘150 million monthly active users’ and majority of ‘players under 13 years old’. In these virtual worlds, gameplayers can create, destroy, and live their life in different modes. Yet, technology is rapidly improving, and there is alternative ways to access these worlds.
Technological advancements have developed new ways of gaming. The use of Augmented reality (AR) and virtual reality (VR) has implemented new ways to interact with different environments. AR according to Investopedia is an ‘enhanced version of the real physical world that is achieved through the use of digital elements’, and VR is an enhanced version of a simulated and completely virtual environment. They both draw upon senses, such as vision, touch, hearing and smell. One huge example of AR technology in gaming is ‘Pokémon Go’ which allows players to explore locations in their city to experience Pokémon in the real world.
In the world of technology, Mark Zuckerberg is a global leader. In the 2020s he has predicted that VR and AR will ‘redefine our relationship with technology’, explaining that this platform will become the next ‘ground-breaking platform’. Zuckerberg, formally the owner of ‘Facebook’, has opted to commit to the potential of this technology and has subsequently rebranded as ‘Meta’, in line with the potential of the ‘metaverse’ which he believes is the next channel for digital media. This channel provides opportunity for AR and VR to be used outside of gaming and it is ‘poised to deliver these magical possibilities and take connection to new heights.’
In gaming there is evidence of the ‘Metaverse’, where the lines between virtual and physical events are blurred. Companies like Meta have made investments of roughly $10 billion in the metaverse in VR labs, to expand the ability to live as an avatar into new experiences. Shown through ‘NFTs’: these are cryptographic tokens that exist on blockchain and can tokenise real world assets. This can signify buying and selling of real-world items on a digital marketplace. Leading to the creation of digital ranges of items — ie Nike have acquired RTFKT Studios a ‘leading brand that leverages cutting edge innovation to deliver next generation collectibles that merge culture and gaming.’
Technology has given use of these virtual worlds in games such as ‘Fortnite’ has allowed new ways for artists, musicians and clothing brands to market and make money. So far there has been hosting of concerts, sporting events, music festivals, luxury fashion shows, promoting the idea of potential expansion outside of gaming to create more events to attend experiences. Famously Travis Scott hosted a concert on Fortnite, allowing game players to witness his 15-minute set whilst playing the game. Experiencing a vast amount of visuals alongside the music, something that is limited during live events.
Other experiences of a crossover between digital and the real world is exemplified through Kings of Leon, who released their album to be bought as an NFT. This token is sold for $50 (£35.70) with access to a digital download of the music and a vinyl. With other examples including artists and a ‘Metaverse fashion week’ — will technology that makes you feel like you are at an event, surpass actually being at a live event? Valerie Bihet, owner of event production company VIBE Agency, argues that the event industry is “entering a world that is totally digitized, and having a digital entity in your event is a must.”
Yet will there be further room for expansion into further marketplaces? The prospect of VR and AR is currently being utilised in additional areas — developing opportunities for expansion into new markets, where consumers can develop skills in ways previously unimaginable. This immersive technological revolution has prompted Price Waterhouse Coopers (PwC) to delve into VR, investing in future technologies to present futuristic solutions; exemplified by the driven corporate nature to run ‘training sessions for up to 1,000 PwC colleagues in a day’, aiming to enhance business processes and increase corporate efficiency.
