The metaverse era has arrived. Since the dot com era, it’s difficult to recall any technology notion that has generated as much excitement. Everybody is interested in the untapped potential of virtual worlds, from tech companies to gaming studios to luxury brands to artists and influencers. Aside from the $10 billion that Meta has committed to developing its virtual reality social network, other major technology companies, including Microsoft, Nvidia, and Shopify, have also made significant investments in the metaverse.
The luxury industry is likewise breaking new ground. The first-ever Metaverse Fashion Week will be held in Decentraland at the end of March, showcasing dozens of worldwide companies, virtual shows, and after-party events.
NFTs, the token type that makes up the wealth of the decentralized metaverse, have also recently seen a boom in popularity. The NFT industry is expected to reach $80 billion by 2025, according to Jefferies, an investment firm that previously projected this figure.
It’s the Beginning of a New Era
In light of this, it’s essential to keep in mind that the present metaverse user experience isn’t even close to what it will be in the future. There are several barriers to entry in the decentralized realm that is still in place, such as purchasing a virtual reality headset and navigating exchanges, blockchain platforms, wallets, and exchanging crypto with fiat money.
Things are already changing, though, as is typically the case with a new technological cycle. Known entrepreneur and investor Marc Andreessen famously said in 2011 that “software is devouring the planet.” He was well aware of the revolutionary possibilities that software was about to unleash. Enterprise software investment increased 123% within a decade after his speech, to $600 billion per year.
Nowadays, no one buys software licenses or installs them on their computers. Everything from infrastructure gear to document storage to software is now supplied “as a service” by companies rather than owned or operated by them.
The next logical step is to provide access to the metaverse as a service. To begin testing ideas for using the metaverse for marketing and branding reasons, existing metaverses like Decentraland or Roblox are being used since they are already in existence, have a large user base, and offer an infrastructure for testing concepts.
But, who would want to construct their metaverse besides the large IT companies? After seven years of development, it’s fair to say that Decentraland has just recently started to attain significant popular success. A high-end business or an influencer doesn’t want to deal with the stress of dealing with a bad review. They’re trying to develop methods to connect with people who like spending time in the metaverse and are interested in purchasing digital hardware.
Increasing the Number of Metaverses opens up New Possibilities
It’s already clear that the current tiny number of operational metaverses will be unable to support all of the metaverse’s use cases for a worldwide user population. Although blockchain scalability is a significant concern, the user experience and return on investment for brands are just as necessary. Metaverse traffic increases the difficulty of anyone’s brand or use case to stand out and the difficulty of finding what a user wants to discover.
In addition, a “one-size-fits-all” approach always fails to please everyone. How many parents would allow their children to spend time in a metaverse with inappropriate information for their age? But on the other hand, many genuine adult enterprises may be barred from a metaverse if it is made child-friendly by enforcing laws.
Thus, when businesses and brands learn to see the benefits of having their virtual worlds, the business model known as “metaverse-as-a-service” will become the dominant one.
For this reason, a luxury brand metaverse, which may have logos, catwalks, and virtual stores, will necessarily be quite different from a wellness metaverse, which may include virtual doctors and yoga classes.
To narrow down the notion, it is possible to do so. Many variations on the concept of a food metaverse, a virtual restaurant where you may explore takeaway menus and place orders for home delivery, are possible. Distinct courses, skills, age groups, and languages might be the emphasis of different school metaverses.
Venture Into The Unknown: Metaverse-as-a-service
Because of this, companies and industries may customize their features and functionality to their specific target audience without learning any code thanks to the Metaverse–as-a-service platform. The gatekeeping for age-appropriate material and the creation of VIP metaverses like VIP membership clubs might be easily implemented.
If we look to the future, it’s clear that the metaverse will follow a similar trajectory to that of software. It will only be when metaverse-as-a-service becomes the norm that metaverses will completely take over the planet.
Metaverse-as-a-service is a golden opportunity for businesses who are willing to scale up their game in the coming escalating future. Luckily, experts at Cooperative Computing have already geared up. With several successful Metaverse projects under our belt and more actively in progress, we’re open to new projects. Feel free to share your desired goals with us, so we can provide you with a viable business solution.