MTV Launches Metaverse Award Category
- MTV Video Music Awards has announced a new metaverse category amid multiple virtual concerts.
For over two decades, the MTV Video Music Awards (VMAs) has recognized some of the best musical performance featuring several stars. However, the organizers have announced plans to celebrate digital concerts with a new category for “Best Metaverse Performance.” The VMA said it added the new category after considering the stunning performances in the metaverse.
The show, which began in 1984, awards outstanding musical videos and includes categories such as Artist of the Year and Video of the Year. Artists such as Madonna and Kanye West are previous recipients of the VMA awards. The move to create a metaverse category mirrors the VMA’s growing interest in the virtual world. The music industry is slowly shifting to virtual concerts after seeing a drop in physical events.
The VMA has also seen a significant decrease in its audience over the last few years. According to Billboard, the award show had a record-breaking 12.4 million viewers in 2011, but that number dropped to less than a million last year.
Six musicians are considered in the inaugural metaverse category: Ariana Grande, Charli XCX, Twenty-One Pilots, Justin Bieber, BLACKPINK, and BTS. All of the nominees delivered performances on various metaverse platforms, such as Roblox, Fortnite, and Minecraft. The winner of this category will be unveiled on August 28 during the VMAs in Newark, New Jersey.
MTV’s involvement in the metaverse may be an effort to increase its ratings and revive its fan base. Along with adding the category for metaverse performances, MTV also developed its own VMAs metaverse experience in Roblox, which includes games with music and dance themes and a virtual red carpet for metaverse photo sessions.
The past few years have seen a rise in the number of metaverse concerts. Several musicians and businesses have jumped on the bandwagon since DJ Marshmello attracted 11 million fans to one of the first metaverse performances in 2019. According to reports, music star Travis Scott made $20 million from a Fortnite show he organized in 2020. Several other stars have cashed out huge sums from virtual performances.
The world finally realises that Web3 has come to stay and is the digital future. The music industry is not the only one that has embraced Web3 trends in recent months. Sports teams have also struck several partnerships with various Web3 platforms, while singers like Snoop Dogg connect with their younger fans through NFTs and other digital assets.
Regardless of the loopholes in the growing Web3 industry and policies, experts believe adoption will soar by 2025.