Metaverse Event Glossary: All You Need To Know About Virtual Events

8 min read
Share with:
Metaverse Event Glossary: All You Need To Know About Virtual Events

Virtual events with huge crowds of 3D avatars are no longer a futuristic concept. Travis Scott held a concert in the exciting Fortnite setting, open to an audience of 12.3 million concurrent players. K-pop group BTS also chose Fortnite to debut their new single. Right now, many companies all over the world are holding their team-building events, conferences, and celebrations in metaverses. This trend is driven by the COVID-19 pandemic and restrictions on large in-person gatherings. But the metaverse concept gained its popularity and audience long before COVID.

Table of Contents

What do metaverse events look like?

metaverse glossary

In the most idealistic view, the metaverse is a virtual world that offers an experience parallel to the real world, with the potential for empowerment, similar to the artificial world of The Matrix. In more realistic representations, attendees of a metaverse use sophisticated motion-tracking mechanisms and virtual reality headsets to physically interact in the virtual world, where they take on the form of virtual avatars to attend events and play games.

The metaverse can be described as a virtual replica of our real world with realistic elements. The major difference is that it contains conveniences such as teleportation, content projection, and endless customization of one’s virtual appearance.

In terms of technology, the metaverse uses AI, blockchain, virtual reality, mixed reality, and advanced IoT technology to help users perceive and interact with virtual entities as if they were real.

For all of you who are new to the concept of a metaverse or who want to dive deeper into it, we have prepared a glossary of metaverse terms to help you better understand the fundamentals of the idea.

API

Application Programming Interface is a special protocol for the interaction of computer programs that allows you to use the functions of one application inside another.

An example is quick registration using a social networking account. The application can use the social network API to provide the user with simplified access.

APIs are widely used for the interaction of programs and applications with operating systems or internet sites. If the Application Programming Interface ever went down, almost all services on the internet and most computer programs would stop working.

With APIs, the metaverse can work as a consistent mechanism with all the necessary elements for users.

Avatar

An avatar in a metaverse is a 3D image, with which you can “identify” a user. An avatar is needed so that communication is personalized. An avatar can appear in almost any way. But it has to be the user’s identity throughout that universe.

metaverse avatar

Bandwidth

Bandwidth is a communication channel characteristic that shows how much data can be transmitted through this channel per unit of time. For systems using analog signals, it is measured in Hz, for digital channels (for example, satellite or fiber optic) – in Bit / s.

Blockchain technology

Blockchain technology is a decentralized technology that allows people to own digital assets (from money to game items).

Through blockchain, cryptocurrencies, and NFTs, verified digital ownership is enabled, whereby users can buy and sell their digital goods as they please. This is the main catalyst for the metaverse and the user-owned meta economy. Digital goods can exist outside of the projects that create them and persist if a project fails, much like you can own old shoes from a company that has closed.

With the help of the blockchain, for the first time in history, users have been able to own a digital product in the same way as DVDs, clothes, or any other physical product. Currently, in blockchain networks, there is a unique distinction between transferable digital ownership and leased digital ownership. After being transferred to a user’s digital wallet, tokens or NFTs become their property.

This promotes immersion in the metaverse, as NFTs develop the concepts of digital permanence and identity in the virtual space. This mimics the invisible social framework that makes up our own physical reality and creates a comparable parallel between the physical and the digital, which is likely to contribute to the illusion of a digital universe.

Boundlessness

The metaverse is a 3D virtual space that eliminates all types of barriers, physical or otherwise. It is literally an endless space with no limits to how many people can use it at the same time, what types of activities can take place, what industries can use it, and so on.

Compatibility

All projects built on the blockchain can easily interact with each other thanks to a common underlying infrastructure. This leads to the creation of interconnected ecosystems that create a unified user experience.

Users can borrow on DeFi protocols, play income-generating games, and buy NFTs on the same platform. The user gains access to an interconnected ecosystem where NFTs can be exchanged for credits, or where gaming revenue can be used to purchase NFTs. All this happens on the blockchain network, so internal interoperability allows the user to seamlessly use the blockchain-based online experience.

Content hubs

Content hubs are related collections of content on similar topics.

They consist of three parts:

  1. Hub Page/Content Pivot: This is a top-level guide to a broad topic.
  2. Subpages/Content Cluster: These are separate guides that expand on specific aspects of the main topic.
  3. Hyperlinks: Links that connect the hub to subpages. The hub contains links to all subpages, and each subpage contains a link leading back to the hub.

Thanks to content hubs in metaverses, participants of an event can view and consume content based on their interests and activities. Organizers and sponsors get a clearer idea of where and on what attendees spend most of their time to improve future content and communications decisions.

Decentralization

The metaverse does not belong to a corporation or a single platform. It is owned by all of its users, who have control over their personal data. Blockchain technology is an important part of this since it ensures that all transactions in the virtual world are public, easily traceable, and secure.

Dogecoin metaverse event

dogecoin metaverse event

A metaverse can exist in almost any form. And in some cases, it can even be devoted to Doge! Users can meet other community members within such a metaverse, play games, explore easter eggs, and follow community content. Organizing thematic events, even online, can be a real headache. That’s why companies can choose ready-to-enter spaces for their team building, conferences, onboarding, and so on.

Want to host a metaverse party for your community? Try Party.Space:

Book a demo

Event technology

Event technology is a digital tool or software that makes planning, managing, and executing an event easier. Such tools are registration software, marketing platforms, social media tools, AI, metaverse platforms, streaming services, mobile apps, event management software, and more. The Party.Space metaverse platform provides all the necessary tools for virtual corporate events and online communities to enjoy the most engaging online experiences.

Interaction

There are many ways attendees of your metaverse event can interact with your content, including polls, surveys, live chats, and question submissions.

It is especially important for remote gatherings to drive connections between attendees and include specific activities like attending a keynote session or taking part in a video breakout session. These help to capture the focus of an attendee as they participate in specific activities related to an event.

Party.Space offers a variety of engagement tools and features, such as different virtual ice breaking games, activities, polls, quizzes, and more.

Gamification

Gamification is the introduction of gaming techniques into non-game processes.

Gamification technologies are relevant in several areas at once. They can be used both in promotion, where users involved in the game will be more willing to order and buy goods, and in building relationships and workflows in a team. The method can be used to improve the performance of employees, creating a more friendly working atmosphere.

During a metaverse event, gamification helps to motivate and engage attendees within the space. Gamification elements can be meetings with event staff and colleagues, access to content and colleagues, and more. Users can also assign points for individual activities or content items and then offer prizes to the most active winner.

Hybrid event

A hybrid event is an interactive event that combines elements of an in-person and virtual presence so participants can attend no matter where they are. Hybrid events can be meetings, training sessions, master classes, conferences, exhibitions, seminars, and any other events for your business.

Each hybrid event is different. In some cases, companies may add a virtual presence component to what is normally an in-person event. Perhaps to improve the experience for in-person attendees, to make the event accessible to more people (47% of organizers say hybrid events bring together an international audience), or to meet restrictions on in-person events due to the pandemic. In other cases, an online-only event can be expanded to include in-person attendees.

There are many possibilities when it comes to the structure of a hybrid event. Here you can check virtual event planning template and plan your perfect virtual event, whether it will be fully in the metaverse or hybrid.

Immersion

metaverse slang

Metaverses bring a new level of immersion and interactivity. As a highly realistic space, the metaverse allows users to be present in the space in the form of their avatars, move around the space, communicate with other attendees, drink cocktails, dance, and so on. Thanks to this and the possibility of customizing spaces according to specific requests and metaverse event ideas, all participants’ senses are more fully engaged and users feel more immersed in their experiences.

Integrations

The most important quality of digital objects is the possibility of integrating them into different spaces. An object once won or bought in one virtual world can be recognized, interpreted, and integrated into another: from fantasy worlds to Instagram filters. And the physical picture from your house can also be transferred to your office in the metaverse. Or vice versa.

Objects can be adapted in different ways: algorithms, neural networks, and even in the hands of living artists and designers.

Intraverse

The intraverse is the combination of the intranet and metaverse, a place where employees can interact within an organization’s ecosystem.

Gartner defines the intraverse as an internal implementation of the metaverse fulfilling many of the roles an intranet plays today.

Since the intraverse has much in common characteristics with the metaverse, research and debate continue on how to properly distinguish between these concepts. The main difference between the metaverse and intraverse is that the intraverse has characteristics as the metaverse but within the boundaries of a single company.

NFT in metaverse

Metaverse NFTs are unique digital assets that certify the originality of a piece of work or a particular article. On the virtual reality platform Decentraland, several pieces of digital land have exceeded half a million dollars.

NFTs have grown in popularity in the metaverse as they represent the main means by which people can acquire various objects in the universe through their avatars. These objects include art, houses, cars, and others.

Roblox metaverse event

Roblox is the world’s largest online game creation platform. It allows users to create games and share them with others.

The Roblox metaverse event Metaverse Champions was a four-week global event that started on April 15, 2021, and ended on May 20, 2021. During the event, players were able to go through various Roblox games in search of hidden chests that contained accessories for their avatars.

The more chests a player opens and returns to the Metaverse Champion Center, the more points the champion’s faction gets. Ultimately, the player with the most points at the end of the event wins a special exclusive prize.

Virtual economies

Metaverse participants are able to engage in decentralized virtual economies powered by cryptocurrency. This includes marketplaces where users can buy, sell, and exchange items like digital assets (avatars, virtual clothing, NFTs, and event tickets).

Virtual auction

A virtual auction is a kind of real auction, only it is held online. It uses the capabilities of the internet and virtual spaces. The main difference between virtual auctions and traditional ones is that virtual auctions are held remotely. Participants of such auctions can be in completely different places and even different countries.

Another difference between a traditional auction and a virtual one is the time it takes to complete it. The traditional auction continues until the bets run out. The participant who made the maximum bid wins. In a virtual auction, time is limited by the seller, and the winner is the buyer whose bid was the last, and therefore the highest of the proposed bids in a given period of a bid.

In the metaverse, a popular type of virtual auction is based on a token-gated principle — selling NFTs.

The metaverse has arrived

Over the past few years, the metaverse has evolved from a fantasy future depicted in various works of fiction to a reality that actually exists, albeit in its infancy. The groundwork has been laid for the next set of immersive metaverse applications to emerge and the core technologies behind them are steadily evolving.

As the future state of the metaverse is yet to be determined, developers, designers, users, and dreamers will need to create a user-owned digital universe that is defined by decentralization, immersion, and connectivity. And Party.Space is here to make this a reality.

Published Nov 3, 2022

You might also like

Party.Space launches Townhall Space for corporate metaverse events
Jan 27, 2023
17 Not-dull Virtual Team Building Activities for Work in 2023
Jan 23, 2023
Enter your email
to access virtual space


    * Virtual space works only on desktop in Chrome browser

    Halloween Quizzes
    in Metaverse
    Play a spooky and
    ghostly trivia quiz
    with your team
    Book Now
    Decoding the Metaverse
    and its business opportunities

    Webinar Oct 13-th | 12 PM PST

      asdasd

      Agree to comply with the Terms & Conditions and Privacy Policy.*

      Want to celebrate an outstanding Xmas party with your team?
      Developing Successful Metaverse Strategies
      Want to celebrate an outstanding Xmas party with your team?