During the Oscars, celebrities dress to impress the public and each other. During the Costume Institute Gala, also called the Met Ball, they dress to impress a far more discerning audience: Vogue editor-in-chief Anna Wintour. More than the Oscars or any other event, the Met Ball is where you’ll see fashion that is playful, fresh and risky — well, maybe not Lady Gaga meat dress risky, but asymmetrical/embellished-sleeve/bold-patterned risks, instead.

View Photo Gallery: Stars swarmed the red carpet of the 2011 Met Ball in trend-setting gowns by Stella McCartney, J. Mendel and Sarah Burton of Alexander McQueen.

The steps of the Met, which is where guests walk the paparazzi gauntlet, provide one of the most dramatic and demanding red carpet entrances of any event. Walking up them puts each dress on a pedestal as a work of art (and for those in precarious shoes, it offers additional challenges). But until now, we’ve only see this arrival queue from photographs: Though the Met Ball can be called “The Oscars of the East Coast,” it has never had a pre-show, has never been televised and has maintained its elite status by maintaining an aloof aversion to our new insta-update live-streamed norms.

That will change this year. For the first time, arrivals at the Met gala will be streamed live online — viewers can watch at Vogue.com on May 7 at 6:30 p.m. In another step toward the Oscarization of the met Ball, viewers will be able to submit questions via the Twitter hashtag #metquestions.

One question they won’t need to ask certain guests is who they’re wearing. Because designers bring model and celebrity guests to showcase their work, they usually wear their “date’s” label to honor him or her. Since Carey Mulligan is hosting and this year’s honoree is Miuccia Prada, that will be her label of choice — especially since she wore a Prada wedding gown for her recent nuptials. Heidi Klum told Hello! magazine that she’ll be wearing Escada. Azealia Banks tweeted — and then deleted — that she would be going to the ball with Alexander Wang, in one of his custom creations.

One celebrity who could wear anyone she pleases: Kate Upton. The Sports Illustrated cover girl purchased her own $25,000 ticket to the event, according to Page Six. Though she’s a free agent, she’s reportedly chosen to wear Michael Kors, and will sit at his table.