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What is the metaverse and why Ukrainian technology companies need it

Юрій Філіпчук
Юрій Філіпчук Party.Space, CEO
17 листопада 2022 6 хвилин читання

In 2022, due to the war, Ukrainian companies faced the challenge of maintaining social ties with displaced employees around the world. The need to hold general meetings and synchronize with remote teams to ensure high levels of efficiency is becoming increasingly urgent. The metaverse and 3D space are modern tools that help keep colleagues in touch, regardless of external circumstances.

The state of affairs on the market

It is important to note that the field itself is actively developing and rapidly gaining popularity. For example, as reported by Verified Market Research, the metaverse market size was estimated at USD 27.21 billion in 2020 and is projected to reach USD 824.53 billion by 2030, growing at a CAGR of 39.1% (compound annual rate growth) from 2022 to 2030. 

It is also known that, as of September 2022, there are over 400 million monthly active users of the metaverse (according to Bankless Times). Despite this, many organizations are still in the process of learning about the metaverse concept and its benefits. 

Metaverse is the new communication tool 

The popularity of the metaverse in Ukraine is growing rapidly due to its numerous advantages over traditional forms of online communication, such as email, video calls, etc. It is quickly becoming the go-to option for organizing conferences and online meetings for business or personal use.

Traditional methods of online communication, such as Zoom or Skype, are becoming less effective in terms of interaction and collaboration. According to research from Stanford University, the main disadvantages of Zoom are the lack of non-verbal communication and the constant need to look at yourself and communicate in a static digital environment. On the other hand, the metaverse provides an opportunity to interact face-to-face, as is usual for us in a real environment. It (the metaverse) encourages a creative approach to communication, allowing participants to move freely in the space and interact with content on their laptop or phone screen.

Useful possibilities of the virtual spaces 

The benefits of hosting events in the metaverse are numerous. Many startups and international companies, such as Slack, Grammarly, and Zapier, are already using virtual spaces to communicate with customers and colleagues. Metaspaces help them grow their businesses faster on a global scale. For example, one of our customers was Zapier, which used Party.Space to host its first party in the metaverse for hundreds of employees and guests from around the world. Slack used the 3D space for its regular product demonstrations to customers and potential investors.

All these companies were interested in the unique possibility of organizing virtual meetings in the metaverse, where they can create a dynamic, exciting, and extraordinary experience for their visitors. In addition, you can even prepare a virtual office and use it regularly in the metaverse. Currently, we have already developed this type of space for the individual order of the organization. And we expect that in the future, every company will have an online area for working on routine tasks.

A virtual office at Party.Space. Photo: Party.Space A virtual office at Party.Space. Photo: Party.Space

 

What do Roosh, OBRIO, and Innovecs have in common? They are hanging out in the metaverse

In the summer of 2022, Ukrainian technology companies such as OBRIO, Roosh, and Innovecs organized events in the metaverse to discuss results and plans with the entire team around the world.

For example, in June, Party.Space organized an investment conference for Innovecs. The main goal of which was to teach people about successful investment strategies, thanks to invited specialists from the IT industry. The virtual event gathered more than 100 participants from all over the world. During the conference, participants had the opportunity to ask questions of the speakers, chat, build their network of contacts, play board games, and take photos in the metaverse. 

For the startup Roosh, we hosted a virtual meeting in the metaverse. The event was also a good opportunity for team members to network. The Roosh team appreciated the «feeling of presence», interactivity, and level of emotional expression in the metaverse. More than 100 people joined Roosh Synchro Day, and in total, guests spent more than 4 hours in the 3D space. The event was a great success for the team and helped create a productive environment for future work.

Roosh Synchro Day at Party.Space. Photo: Party.Space Roosh Synchro Day at Party.Space. Photo: Party.Space

 

OBRIO hosted The Episode and regular meetings like this. But this time it was held in our Party.Space metaspace. The purpose of the event was to discuss the successes of the previous quarter and plan for the next one. The entire conference room was designed for participants to present their success stories on the main screen without using Zoom, Google Meet, or other online platforms that are common for such meetings but have many limitations that are not present in the metaverse. 

While watching the retrospective presentations, each participant could listen to the speaker and discuss their thoughts and ideas with colleagues sitting at their table. Finally, our Party.Space team prepared a special quiz to determine who knows the company's culture and history best. Every guest spent more than four hours in the metaverse, which is significantly higher than the average for similar events.

The Episode by OBRIO at Party.Space. Photo: Party.Space The Episode by OBRIO at Party.Space. Photo: Party.Space

 

The conclusion 

Metaverse technology has huge potential in many industries and we will see the demand for individual metaverses grow over the next few years. We also believe that Party.Space, along with other companies in the industry, will play a key role in supporting this growth by providing exceptional virtual event services through its advanced technology platform.

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