Tech company EventX has purchased a piece of land on The Sandbox as part of its effort to move virtual events to the metaverse.
The company said that purchase was the result of the evolving event trends. The purchased virtual land will be used for building an event-focused digital world. It will also allow organisers and marketers to hold conferences and events, create virtual experiences to shift from Web2 to Web3 in light of the metaverse’s emergence, and prepare for a more digital future.
“Hybrid events are likely to overtake in-person events even in the post-pandemic world, and the world will expect more advanced technology to enhance the experience of going to an event. Striving for continuous growth, we will be ramping up our metaverse strategy to get our clients prepared for the new digital age,” said Sum Wong, CEO of EventX.
Moving forward, EventX said it will further tap into metaverse-related solutions that “support in a digitalised world and stay ahead of
advances in this ever-changing technological environment.”
Previously, the company conducted a survey to study event trends. The company surveyed 1,500 event organisers and experts across large enterprises and SMBs in Asia about their views on event settings. 70% of the respondents said they had planned to host hybrid or virtual events in the coming 12 months, with “digital footprint for analysis”, “enabling digital transformation”, and “provision of flexibility and variability” being the first three most important elements needed for online experiences.
Respondents also rated “education and learning”, “employee engagement”, “showcase”, “entertainment streaming” and “eCommerce” as the top five beneficiary sectors for running virtual events.
Moreover, over 80% of marketers believed that holding events on the metaverse could bring a positive impact on their organisation’s revenue. The company added that running virtual events can help save 90% of the cost.
In addition to its expansion to the metaverse, EventX also expanded its operations to Southeast Asia last year with the official launch of its Singapore operations to support growth efforts in the region. The expansion came just months after EventX closed its US$10,000,000 series B funding round.
The company claimed that its business in Asia had grown significantly in recent years, and EventX was committed to continuing to expand its already strong presence in the key Asian markets. The company claimed to have rocketed 60% month-over-month user growth in 2021, with over 5,000,000 satisfied attendees in over 20,000 online, hybrid and offline events in the past years.