The metaverse is the next step in the development of the internet, allowing you to fully immerse yourself in a dynamic digital universe using tools like augmented and virtual reality. The metaverse is a huge craze right now, stories and promises about its potential are all over social media and the major news headlines.
A glance at Google Trends shows that ‘metaverse’ is very much the new kid on the block, with a dramatic boost in search interest ever since Facebook renamed itself Meta.
The Indian singer Daler Mehandi had his debut metaverse concert in the month of January, and 20 million people logged in at once, crashing the servers. One of the first metaverse hubs in India, PartyNite, served as the venue for the event. With this, Mehndi became the first Indian musician to perform in the metaverse, joining artists like Travis Scott, Justin Bieber, and Ariana Grande.
This speaks volumes about the fact that metaverse has a widespread reach in the entertainment and social media industry as well and we will be elaborating more on the same. This is in continuation with the series revolving around the use cases of metaverse across industries.
- Why Metaverse Matters To The Businesses?
- Use Cases of Metaverse : Gaming
- Use Cases of Metaverse: Entertainment & Social Media (this article)
- Use Cases of Metaverse: Fitness
- Use Cases of Metaverse: Education
- Use Cases of Metaverse : Corporates
- Use Cases of Metaverse: Automotive
- Use Cases of Metaverse: Design, Architecture & Engineering
- Use Cases of Metaverse: Travel, Hospitality & Tourism
- Use Cases of Metaverse: Real Estate & Construction
- Use Cases of Metaverse: Fashion & Apparel
- Use Cases of Metaverse: Medical & Health
- Use Cases of Metaverse: Banking & Finance
In the modern virtual world, the metaverse itself serves as a location of amusement. Users can experience a completely other world away from reality in a strange environment, which is the most exciting aspect of Metaverse. Theme parks and amusement parks will have access to a number of spacious areas that will be free to use in order to draw visitors from across the world.
Due to the little travel distance required for tourists or visitors to visit certain locations and have fun, it is both time and money effective. Sporting events or the online gaming market are examples of entertainment. Because of this digital ecosystem, sports betting is becoming a well-liked and profitable application. Virtual reality frequently helps us view the game more clearly so we can decide quickly and wisely.
For more competitive entertainment, it plans to provide its own cryptocurrency wallet. The COVID-19 pandemic’s rise is already largely responsible for popularising online conferences, meetings, and concerts. Popular musicians have already begun holding virtual reality concerts for their devoted fans, like BTS, Imagine Dragons, and many others.
As a result, the Metaverse is slated to offer profitable and sizable venues for holding concerts and performing for a long period, similar to several actual music events. Media psychology is important in this Metaverse because while being aware of the significant distinctions between the physical and virtual worlds, people frequently mistake them for one another. The target audience may have a significant cumulative effect that helps them better understand consumer behaviour. As a result, the Metaverse has a significant impact on the media and entertainment industry for devoted followers and customers.
How Are Metaverse & Entertainment Tied Together?
There can be plenty of options to select from different entertainment venues and services, according to the preference and tastes. Metaverse will provide myriad implications for the media and entertainment industry with key capabilities of the digital ecosystem. There will be a
- Virtual reality movie theatre
- 360-degree videos
- Immersive infotainment experiences, and many more.
According to McKinsey, sectors leading the way on metaverse adoption include high tech, media & entertainment, and automotive.
- Virtual Concerts
Virtual concerts are musical events that take place in the metaverse. Anyone with a VR/AR device or computer that can connect to the metaverse has the ability to see their favourite musicians perform in a virtual space where everyone is represented by an avatar.
A number of well-known musicians are preparing to perform on various metaverse platforms. Among the many musicians that have already built a name for themselves online are Marshmello, Travis Scott, Ariana Grande, and Indian singer Daler Mehndi.
What grabbed the headlines was Claire Elise Boucher, better known as Grimes, who performed on the final day of the Metaverse Fashion Week (MVFW) in March 2022 with a DJ set for all in attendance.
The MVFW was the first fashion week to ever take place in the metaverse, and it featured a number of well-known clothing companies, including Bulova, Tommy Hilfiger, and Dolce & Gabbana. It was housed on the Decentraland platform, where users can trade and construct anything using digital lots known as LAND, ranging from a little shop to a huge city.
Everything at MVFW, of course, was digital; all guests were represented by stylized versions of themselves, with the exception of Grimes, whose hologram resembled a woman with two white ponytails.
Additionally, The Sandbox and Warner Music Group (WMG) partnered in January 2022 to develop the “first music-themed environment” in the metaverse of the game platform. And of the biggest leaps in metaverse concert experiences happened in May 2022 with the ABBA Voyage, where people could actually see it at the ABBA Arena in Queen Elizabeth Olympic Park in London with no external device over their eyes or a computer.
The ABBA Voyage event was thus a distinctive fusion of the virtual and actual worlds. The experience is remarkably similar to actually witnessing the holographic discussions from the MCU and Star Wars movies.
2. Theme Parks
In May 2022, one of the largest stories relating to theme parks broke. In Q3 2022, AstroWorld, which was destroyed in 2005, reopened as a virtual theme park in the metaverse. While exchange listings and AstroWorld Beta unveilings took place in Q2 2022, its map and official website were launched in Q1 2022.
The AstroWorld NFT or an AstroWorld token can be used to purchase tickets for entry into the virtual park. Visitors will have unrestricted access to the virtual theme park with the AstroWorld NFT.
The virtual park is modelled by AstroWorld in real life. These include coasters like the Texas Cyclone, the suspended XLR-8, and the single-loop Viper.
Walt Disney patented a system in December 2021 that enables guests at its theme park to interact electronically with Disney characters while actually being there. Without the use of AR technology, the “virtual-world simulator” patent enables individuals to view 3D visuals and effects in actual environments.
3. Metaverse and Cinema
In a future where individuals are connected to and reside in the metaverse, the 2018 movie Ready Player One is regarded as a landmark. Tron (1982), Tron: Legacy (2010), and the dystopian British anthology TV series Black Mirror are a few of the other examples that are either set in a comparable future or portray a world akin to the metaverse (2011–2019).
However, if “metaverse cinema” is defined as just those immersive experiences created with an AR/VR device or viewable on one, then none of the aforementioned productions can be referred to as “metaverse cinema” because they were developed using the conventional method of filmmaking with visual effects.
The experience of watching movies in the metaverse is soon becoming a reality because of the convergence of video game and filmmaking technologies, such as ILM’s groundbreaking accomplishments and the growing use of motion capture. We now have VR animated shorts that are best experienced with augmented reality gear.
For Outstanding Innovation in Interactive Programming in 2020, The Line won the Primetime Emmy. In The Line, unlike other movies, spectators can interact with the surroundings to aid in the development of the 20-minute plot.
Furthermore, notable Hollywood stars have already taken an interest in VR. The voice cast for Baobab Studios’ VR animated interactive story Baba Yaga included Kate Winslet, Daisy Ridley, Glenn Close, and Jennifer Hudson. The English version of Gloomy Eyes, a well-known VR movie about a human girl and a zombie boy, was narrated by Colin Farrell.
The animated series Lustration, whose trailer was made available by Meta Quest in May 2022, is another excellent example of metaverse cinematography. The movie allows viewers to experience the narrative from several perspectives and outside of the main plot. Because of this, viewers feel as though they are actually in the scenario and are hearing the characters speak as they would in the real world.
Metaverse & Social Media Are Also Raging High
Solutions for metaverse development will be in charge of much more than merely facilitating social media interactions. Interoperable networks will be established as a result of the foundations of embracing metaverse in the entertainment sector, as well as the introduction of a 3D plane that is not restricted to viewing people on mobile devices or computers and hearing their voices.
Together, augmented reality and virtual reality will make it possible to create intensely realistic experiences that surpass the capabilities of the present social media features. Users will be the only ones who produce interactive, real-time digital media products or services in the metaverse, which will have richly detailed social media content.
Will social media be safer in the metaverse?
An important aspect that needs to be addressed is the potential for harm that may be caused by social media that’s more immersive, engaging, and quite possibly more addictive than anything we have seen before.
These risks might undoubtedly be amplified by a new, more immersive social media platform that is tougher to leave behind because it is so much more engaging and enjoyable. This might make social media on the web3 a dangerous environment. Anyone who wants to venture there and leave their mark must be careful to grasp the risks and be familiar with the safety measures that platform providers have put in place. Early adopters’ complaints about “virtual groping” and other unpleasant behaviour, for instance, prompted Meta to add a “safe zone” feature that enables users to immediately create a barrier around themselves.
Metaverse itself is an entertainment place in the virtual world in recent times. With changing times and inclination towards more immersive experiences of entertainment and social media, it is quite evident that the Metaverse is here to stay.
It has created a parallel virtual world among the real word audience which was an unexpected dream a decade ago. Therefore, it’s crucial for modern businesses to explore and embrace possible Metaverse opportunities and make the most out of it — before it’s too late.
About Rising Capital
As Rising Venture Studio, we promote the entrepreneur and the company building process. We know what it’s like to be in the founder’s shoes and support the ‘next big thing’ in crypto, metaverse or gaming with apt resources and network.
As the Rising Capital Fund, we invest in early-stage crypto companies across the NFT, Gaming and Metaverse Sectors, while keeping a portion of our portfolio in liquid assets. We strive to take a fundamental approach to identify unique investment opportunities in the emergent and evolving crypto asset class.