Do you want to know more about Metaverse as a Service? Then we have created a blog, especially for you!
Take our word for it; check it out for yourselves. Continue reading to learn about some fascinating facts and figures and the advantages of MaaS, and some real-world examples.
Introduction to Metaverse
The term “metaverse” has become a buzzword in the tech world. There isn’t a day when it isn’t mentioned in the news. There is a massive momentum of an almost real 3d virtual world. The clarion call may have been Facebook’s rebranding as Meta, likely to be remembered as a watershed moment.
While the Metaverse may seem like a new concept, it’s been around since 1992, when Neil Stephenson coined the term in his science fiction novel “Avalanche” and saw it a decade ago on Roblox early glimpses. For obvious reasons, the market reacts in several ways.
For example, Epic Games’ Fortnite began as a popular 4-player game but quickly evolved into one of the most popular online hangouts for Generation Z. As a result of the resulting buzz; it has evolved into a social platform that most recently hosted virtual concerts by Ariana Grande and Travis Scott, attended by millions of virtual music fans.
Metaverses are persistent, interconnected virtual worlds where people can work, play, and socialize anytime, from any location, and on any device. Users can interact with each other in real-time scenarios thanks to the convergence of physical, augmented, and virtual reality. It’s a revolutionary form of digital interaction with limitless, untapped potential and enormous market potential.
This immersive virtual world that Metaverse aspires to create will not be limited to user engagement but can also be viewed as an extension of the natural world. Businesses and individuals come together to invest, build, and trade goods and services. The next-generation internet will transport us to a digital world that is both immersive and hyper-realistic.
While the concept has not yet matured, new-age technologies such as augmented reality, virtual reality, mixed reality, IoT, AI, 5G, and blockchain will undoubtedly become enabling forces in creating a fully interconnected virtual world. It’s no surprise that businesses worldwide are betting big on it.
What Is The Future Of The Metaverse? – Some Key Statistics and Facts
The word “metaverse” is composed of the prefix “meta” (beyond) and the stem “poetry” (universe). As a result, the term “beyond the Universe” was coined, the literal translation of the word “metaverse.”
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By 2024, the metaverse market is expected to grow from $47.69 billion in 2020 to $800 billion. This represents a significant increase from the $47 billion forecasts for 2020.
The term “metaverse” was first used in a science fiction novel published in 1992 in Crash of Snow.
META has recently invested $50 million in non-profit funding organizations to aid in the responsible development of the Metaverse.
According to JPMorgan, the market cap of Metaverse will be $1 trillion in the future.
Many leading technology firms regard the Metaverse as an once-in-a-lifetime opportunity to broaden their reach.
Related Blog: Web 3.0: Introduction, Pros and Cons, and Trends
What Is MaaS and How Does It Work?
MaaS stands for “Metaverse as a Service.” MaaS is a business solution that allows companies to establish and strengthen their presence in a 3D virtual world for collaboration, business operations, investments, cryptocurrency, and other related purposes.
Companies with little or no digital experience can create Metaverse solutions. Small and medium-sized businesses can join the metaverse economy without investing a lot of money. Let’s look at some of the benefits of using Metaverse (MaaS).
The Metaverse has the advantage of immersing you even more in whatever activity you’re doing. Everything is done most attractively, allowing you to expand your personal and business opportunities. You can exercise, socialize, play games, and hold business meetings in the virtual environment.
This entices investors to invest in technology that is still in its early stages. Most platforms are limited to specific user scenarios, and alternatives like Meta’s Horizons App Suite or Microsoft Mesh have yet to gain traction. MaaS allows businesses to invest and profit in technology while reducing risk in this case.
Metaverse is a Service Examples
In October 2021, Lovelace, a cryptocurrency and NFT platform, announced a MaaS solution. The firm already has a cryptocurrency token, LACE, and plans to offer MaaS services to help people embrace the Metaverse.
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To compete in these fields, the firm will assist businesses in evaluating and reimagining their virtual reality product and service capabilities.
It provides a MaaS toolkit that allows developers and users to, among other things, create and trade NFTs, run smart contracts, monetize virtual reality gaming, and interact with other metaverse platforms.
MaaS should be a propulsion system.
Propel is a blockchain solutions platform that provides Metaverse infrastructure ready to use. MaaS solutions for intelligent contracts, NFT utilities, and decentralized finance will be available, according to Propel. The company is a brand no, the information that has been released (DeFi).
It will provide businesses with end-to-end technology stacks for developing blockchain-based apps such as Ethereum, Polkadot, and Binance Smart Chain (BSC). To raise funds for their cryptocurrency token, $PEL, the company uses an Initial Hot Cross Offering (IHO), which works similarly to an Initial Currency Offering (ICOs).
Touchcast is a 3D and VR event startup powered by Microsoft Azure Cloud. It unveiled its MaaS service and introduced MCity at the Consumer Electronics Show (CES) 2022. Organizations can register for the metaverse domain to access a secure virtual reality environment to build Metaverse campuses.
They can help businesses thrive in the Metaverse by facilitating collaboration, hosting events, setting up virtual reality stores, conducting instructional sessions, and taking advantage of virtual real estate.
MetaVerseBooks is a MaaS company that creates and manages virtual reality environments, network-based technologies, and decentralized apps (dApps).
Businesses can use the solution to increase their visibility on Microsoft’s Xbox Metaverse, iOS and Android platforms, and any Unity-based virtual reality environment. The company’s core product allows companies to keep track of NFT buyers and metadata. The starter version of this MaaS solution costs USD 10,000.
If you want to launch MaaS based Solution for your Customer, this is the best time to invest in this technology. We suggest you consult the best Metaverse Development Company for this task.