Hello there, everyone!
Despite the fact that it is now 2022, the anticipation around the Metaverse and the new markets that the technology is expected to unleash continues to thrill me and many other crypto fans. This merges technology with finance in a fresh and exciting way, with seemingly endless possibilities! After the internet and blockchain, the Metaverse is the next big thing, and the music industry isn't going to sleep on the technology's incredible potential. The industry is going to experience a dramatic transformation.
Let's start in February 2019, with a Marshmellow concert, which was an interactive virtual event that took place within the popular videogame Fortnite. This will go down in metaverse history as the first of its kind. After announcing his ambitions for the future of the Metaverse a few months ago, Meta CEO Mark Zuckerberg certainly got the word out.
Simply defined, the Metaverse is a virtual community where people can play games, work, and, yes, even attend concerts! There's no denying that Fortnite's concert was a huge success! The event was live streamed by 11 million people, and the video currently has over 60 million views on YouTube.
Travis Scott, a popular rapper, chose to journey into virtual concert space in 2020 to explore astronomical space in the metaverse. And believe me when I say it was a big success. His performance demonstrated how lucrative such events can be. Many items can be sold virtually, just as they are in real-life concerts. Players who attended the event were able to buy skins and "emotes," which are dancing routines and other actions that a player's character can execute in the game.
Sourced from Youtube
To briefly state it, Scott is said to have made $20 million from merchandise sales from the FortNite collaboration. Try taking a look at his whole AstroWorld tour from the previous year, which brought in $53.5 million.
Following FortNite's success, other companies, such as Pokemon, have decided to join in the fun! In February 2021, they created and held a virtual concert with Post Malone to commemorate the company's 25th anniversary. Ariana Grande staged a virtual performance in August, which apparently grossed around the same amount as Travis Scott's. One of the most recent pop singers to declare plans for a concert in the metaverse is Justin Bieber. The concert will be held in collaboration with Wave (a virtual entertainment company).
The unique aspect of Wave's virtual concerts is that they will be performed live. When compared to the shows on Fortnite, this is a plus. Attendees will be able to send emotes to the performer, who will be able to see them in real time.
The change that is expected to take place in the virtual concert sector is absolutely worth keeping an eye on, especially in terms of how much money the firms and musicians involved produce!
What about we have our own metaverse concert on Hive?! It would undoubtedly be worthwhile for everyone! So let's get it on, hivers!!
Anyways, thank you for taking the time to read this.
Please feel free to provide your thoughts in the comments section.
