As the world continues to grapple with the coronavirus, international tourism and the events industry remain some of the most affected sectors.
The UN World Tourism Organization (UNWTO) noted 2020 was the “worst year on record” for global tourism. International arrivals dipped by 74%. The collapse in global travel, according to the UNWTO, put “100-120 million direct tourism jobs at risk.”
A similar story still rings true within the event management world as countless in-person activities have been postponed or otherwise canceled since early 2020.
Japanese officials announced the cancellation of October’s Tokyo Motor Show in April 2021 – the first time the event had been called off since it was first held in 1954. Brazilian officials decided in early January 2022 to once again cancel the world-famous organized street parades during Carnival for the second year in a row.
Global event planners have struggled to adapt to the ever-changing world of COVID-related restrictions. A Meeting Professionals International survey conducted in March 2021 revealed 96% of event organizers had experienced COVID-related cancellations.
As The Online World Expands – Crypto-Based Endeavors Lead The Way
Unsurprisingly, many restrictions and cancellations have led activities and events to jump to the digital world. Research now projects the virtual events market will jump to an estimated $504 billion market size by 2028.
Many within the cryptocurrency world – already adept with digital technology and familiar with collaborating with others worldwide – have helped drive the popularity of virtual events over the last two years.
March 2021’s virtual Greater Bay Area Blockchain week featured more than 3,000 participants and over 100 speakers, while the 2021 Community Ethereum Development Conference (EDCON) was also held online in August 2021.
In December 2021, metaverse platform the Monkey Kingdom hosted a Christmas party performance with famous DJ Steve Aoki. The virtual concert trend was notable in 2021, with singer Ariana Grande reportedly collecting more than $20 million from a virtual gig in October.
The shift online-only looks set to intensify across 2022, especially within the crypto world. Crunchbase data revealed venture capitalists invested $10 billion across 2021 in virtual world startups. In addition, CNBC’s Kif Lewsing wrote on New Year’s Day how “2022 will be the biggest year for the metaverse so far.”
Legacy tech giants like Meta (formerly Facebook) continue to ride the trend. Many see the company’s upcoming new Project Cambria headset as a step up from the Oculus Quest Pro virtual reality headset. Early January 2022 also brought news that Qualcomm and Microsoft were teaming up to develop custom chips with accompanying software that consumers could use for metaverse applications.
Blockchain and DeFi Keeps Shaking Up Traditional Event Management
As the world becomes more comfortable and adept at navigating the digital world, event managers and planners continue to look towards virtual tools to maximize revenue and make it simple to host and organize online activities.
In keeping with this trend, the PhoenixDAO’s events dApp allows attendees to find and secure NFT tickets with cryptocurrency and verify peer-to-peer ticket transfers. Event planners can rely on the fraud-proof platform to create and manage the ticketing process for their online activities.
A December update from the PhoenixDAO team detailed a comprehensive dApp enhancement plan, which includes the introduction of new asset options for payment, enhanced UI/UX changes, and additional analytics and reporting tools.
Event management tools like Phoenix’s events dApp only grow more popular as those within many industries look for solutions to cut down on ticket fraud and scalping, and as consumers hunt for platforms to buy and sell tickets without having to pay high fees to a centralized platform.
As many companies across the world recognize the convenience and cost-effectiveness of hosting virtual events, activities, and engaging with the online world in new ways, platforms like PhoenixDAO, emphasizing digital identity, continue to lead the way forward as virtual events only grow more popular.
