The bear market is the perfect time to educate ourselves and one topic that I have personally researched recently is the metaverse. Still in its infancy, but with so much potential. Some people think its a brilliant idea like good old Mark Zuck and some people aren’t too convinced like our friend Elon. Regardless of your current views, the possibility of virtual reality and the metaverse itself changing our lives in one way or another, can’t be ignored.
Although this article is primarily based around sporting events, this is simply the rabbit hole that I personally fell down due to being a sports fan myself. The potential of the metaverse is much wider than just sports in fact, my first interaction with virtual reality was just a few weeks back when I was viewing a new kitchen that had been virtually designed which really got me thinking about the possibilities. Anyway, we really don’t need to hear more about kitchens, let’s get into where we could find ourselves in the next 5–10 years…
How could the metaverse change sporting events?
Let’s start with a basic fact that some people may not be aware of… The television was invented almost 100 years ago. When I read this statistic, it did get me asking why it has taken so long for us to see some kind of advancement when it comes to common home viewing and entertainment. As I looked into alternative ideas and innovations, it did start to become apparent that maybe the metaverse is the long awaited answer to this.
Now some of you may be aware that the metaverse and sporting events are already being developed in the early stages. Fox Sport VR is already a thing and English football team Manchester City are currently working with Sony to create a stadium in the metaverse. These are just a couple of examples, but let’s dive into the benefits that this can bring to the everyday sports fan.
So you’re at home with family and friends watching the game in your living room. This scenario applies to a large amount of people as 80% of people will never attend an arena or stadium in their life. In this moment, it feels like the metaverse is the closest opportunity many may ever get. Viewers will be able to watch the game from different angles and different areas of the stadium just like in real life with physical head movements impacting what they will specifically see. It definitely feels like an advancement from watching it on a TV from a set camera angle, creating a much more authentic viewing experience.
Furthermore, what impact can this new technology have on sporting events when we divert our attention away from the actual game itself? Well, imagine being able to meet your favourite sports stars and talk with them in the metaverse. Of course, this may come at a financial cost but it could be one of many way that fans can engage with their favourite players in a way that is also convenient and safe for the professionals. We can also touch on NFT’s being used for a number of different purposes. NFT’s could replace physical tickets, be used for souvenirs such as digital autographs or match-day programs that will be stored on the blockchain forever. These are just a few examples that spring to mind that make sense to me, but I’m adamant the possibilities can advance much further than this.
So, what are the problems?
It all sounds great and maybe too good to be true, but like all early stage technology products, the metaverse won’t be perfect from day one and will have teething issues. There are a few potential issues that stand out to me and money definitely plays its part in the speed of adoption. How will these experiences be priced? Will it be affordable? These are questions that are relevant for the consumer but then on the other-hand, we could see some delays in the release of this technology due to TV rights. Even if the technology is ready to be released, I’m sure it won’t be so simple for a number of companies, sports teams and franchises to agree on viewership deals with big money involved. Will each club be responsible for the VR experience or will the big boys such as Sky Sports or ESPN claim viewership and therefore financial rights?
Another problem could be around safety. When wearing the virtual reality headsets physical safety could be an issue. People often become so emerged in the technology and forget that they are wearing headsets. Something to think about for the manufactures is how they can place sufficient health and safety guidelines for users. When a few people are sat on the same sofa after a few beers, it seems pretty likely that things might go wrong. How could this tech practically make it into sports bars and pubs? I’m sure large companies will be carefully thinking about this to avoid pending lawsuits.
Final Thoughts
I feel like this may take some time to work out, but there is no denying a huge opportunity here for the potential of this technology and how it can revolutionise how we watch or even attend sporting events. Like I mentioned earlier, this technology could apply to much more than sporting events such as live gigs and concerts, stand up comedy, gaming competitions and evidently, designing kitchens!
We’re lucky enough to be part of an era where recent technology advancements have huge benefits and positive impacts on our lives and I do think despite the negative connotations, the metaverse could be one of the most exciting changes that we see.
When it comes to investments into the metaverse, we are so early which makes it very difficult to take a best guess at who will be the blue chips in this sector. Will it be an established company or a project that launched in the space recently? One thing that I believe is that if the metaverse is to reach it’s full potential and become a long term part of our lives, you won’t need to be super early to profit from the revolution if you’re patient enough and looking at the long term.
Thanks for reading, Posty.
Disclaimers:
- Nothing in this article should be considered as financial advice.
- These are my personal views and are for entertainment purposes only.
