The metaverse is becoming a destination for more brands, businesses, and communities to connect. A December 2022 study revealed that 69% of users believe metaverse entertainment will be remodeled social life.
Recently, the legacy Woodstock music and arts festival, known to be the most famous of 1960s rock festivals, announced that it would be reimagining itself as a digital world in collaboration with metaverse developers Sequin AR.
Festivals in the metaverse they are not a new thing. As digital life has become more prominent over the years, we have seen virtual PRIDE parades, country-specific cultural events, and metaverse fashion week.
In the case of Woodstock building its own virtual space, the immense legacy of a physical festival is being preserved and reinvented for new generations. Cointelegraph spoke with the Woodstock team and Robert DeFranco, the CEO of Sequin AR, to understand how legacy events navigate a digital renaissance.
Jennifer Roberts, a partner at Woodstock Ventures, recalled how the original 1969 festival โdefied so many expectationsโ by bringing together half a million people around peace, music and art. Now the metaverse allows a truly global audience to experience the legacy of festivals.
โWe believe that today's Woodstock Generation is united not by where they were born, but by a shared value system of peace, creativity and compassion. โ
Roberts called the metaverse a "democratizing experience" where, despite physical circumstances, people can come together to celebrate what they believe in.
Connectivity is a huge motivator for brands and companies to enter the metaverse. With more than 90% of consumers curious about the metaverse, the opportunities to create connections on a global scale are only increasing.
Related: Metaverse is not the endgame, but the 'ongoing digital transformation': Davos 2023
However, just like in real life, hosting an iconic festival for thousands of people is a huge undertaking with many considerations.
DeFranco said the goal of such initiatives is not to replace, but rather to complement what is available in the physical reality and legacy of an event.
โThere is nothing like being at a live show. The intent is to have a community to participate in and an experience that you enjoy when you can't be at a live show."
Roberts said that as he prepares to create this digital plugin, anticipating new needs for artists, audiences, and even genres of music is a new challenge. He also said that leaving room for serendipity in the process should not be overlooked.
โThe magic of the original festival was something that resulted from the alchemy of putting different elements together. We have faith that that will happen here too, albeit in ways we cannot predict."
Of independent artists to iconic pop starsthe music industry has been very active in adopting Web3 technologies.
Major labels like Warner Music have been particularly active in bringing performances to digital reality, particularly after the announcement of their own music-focused Web3 platform you are creating with Polygon.
However, Roberts said that when it comes to legacy, it's not just about keeping the past alive, it's about looking to the future.
"This is not about enshrining the past, but a way to engage new audiences and write the next chapters of history."
Over the next seven years, the metaverse is expected to create a market valuation of $5 trillion according to recent reports.
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