Metaverse As A Service: Will It Take Web3 To The Next Level?

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Crypto metaverse projects

The metaverse is now generating a buzz in the world of technology. As a result, various crypto metaverse projects compete for attention, each of which can influence the industry’s trajectory going forward. Consequently, many crypto metaverse projects have been launched on the market, and these projects consistently produce new narratives.

The assurances of Web3 could better facilitate consistency and interoperability across metaverse experiences, which would unite disparate, disconnected metaverses into a single unified platform. This would be in the same way that we interact with digital experiences on the internet using standardized protocols and devices.

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Web3-powered technology has a vital role to play in advancing the concept and notion of the Metaverse owing to blockchain technology, extended reality (XR), artificial intelligence (AI) capabilities, non-fungible tokens (NFTs), and much more. However, the greatest value may be extracted from a metaverse-as-a-service (MaaS) offering by metaverses that include unique functions, establish new channels of virtual interaction, and speak to their clients and industry of choice.

What Is Metaverse-As-A-Service (Maas)?

It is a service offering in which companies can define their spaces as whatever they see fit for them to be. A MaaS platform allows others to develop digital places that cater to the specific requirements of each user, in whatever shape those requirements may take.

It should come as no surprise that practically every company in a diverse range of sectors is looking for ways to connect with many new worlds via metaverse technology. These efforts range from designing new virtual reality worlds to providing services in surroundings created by other platforms. At this point, Metaverse-as-a-Service, often known as MaaS, enters the picture.

Keeping Up With The Latest Web3 Trend

For consumers to have greater control over their data, Web3 is expected to enable them to achieve decentralization of the Internet. It is also planned to be more user-specific, assisting in data security and privacy while eliminating the possibility of hacking.

However, it is essential to remember that not everything must be created on a blockchain or decentralized. Businesses should always prioritize choosing the most appropriate tool for the task at hand to optimize their performance, ultimately leading to sustained success.

This blog post will discuss how Metaverse-as-a-Service (MaaS) will take Web3 experiences to the next level.

Gaming Industry

At the moment, video games are likely the finest illustration of how the metaverse works. New income streams created from Web3 experiences have been brought to light by games like Decentraland and The Sandbox. These models of crypto metaverse projects include, more specifically, play-to-earn, virtual real estate, and endless commissions for creatives (in which producers are encouraged to continue generating material because they get a part of the money earned from their efforts).

Open-world video games, such as Fortnite and Minecraft, let players create their avatars, connect with other players in real-time, and buy goods like weapons and clothes using in-game currency.

It’s vital to note that in the metaverse, users own their things as NFTs, which they may use in other metaverses that share the identical blockchain. In this way, these games represent the embodiment of the metaverse, which may be defined as an entire online community that exists in a shared virtual area or verse and engages in activities such as conversing, socializing, and buying and selling virtual objects.

NFT interoperability between metaverses has been a source of uncertainty for some players. There are confident assertions that all NFTs can function inside other metaverses. However, this is not the case at the moment. Some non-fungible tokens (NFTs), like photos, can already interoperate between platforms, but the situation becomes complicated regarding 3D assets.

Complex digital assets are now challenging to interoperate across metaverses because of the amount of effort that goes into 3D assets and the diverse aspects that different game creators use. In addition, these assets also have IP concerns, which creates problems with interoperability.

Entertainment Industry

In the entertainment business, preliminary investigations on the usage of Web3 technology have begun. For example, the crypto metaverse projects  Virtual worlds that Web3 powers have played host to many events, including high-profile celebrities like Justin Bieber and Grimes. For example, Justin Bieber held a 30-minute meta-universe performance on the virtual music platform.  This enables a new degree of involvement with the audience and the possibility of selling tickets, merchandise, and other products connected to the show.

Art Industry

The art sector of the crypto metaverse projects is already conducting trials using Web3 technology to provide new opportunities and adventures for both artists and customers. 

Not only can Web3 be used to make NFTs, it can also be utilized to establish online art exhibitions. These galleries provide a venue for customers to see artwork before making a purchase and may also be used to display the work of local artists.

Healthcare Industry

Another sector that stands to gain from widespread Web3 technologies is the healthcare sector. The use of Web3 technology may contribute to the creation of a healthcare environment that is safer, more effective, and more immersive. For instance, physiotherapy will use computer vision techniques, such as webcams to assess the range of motion in damaged joints and the patient’s progress in their rehabilitation.

Fashion And Retail Industry

Fashion and retail are experimenting with Web3.0. For example, Hugo Boss has issued a TikTok challenge in which players have the opportunity to win NFTs, each of which has a genuine copy. The campaign created over 3.1 million #Bossmoves videos and over 7.5 billion views. 

How we do our internet shopping is already being revolutionised by virtual and augmented reality. These technologies provide a one-of-a-kind and immersive digital shopping experience for customers. They may virtually try on things and explore catalogues inside a virtual environment.

The retail and fashion industries will be able to take the digital shopping experience to the next level with the help of crypto metaverse projects. This will enable the creation of immersive interactions that allow users to virtually walk through shopping malls and clothing stores without leaving the convenience of their own homes.

For instance, the Metaverse Fashion Week was recently held in Decentraland. At this event, famous fashion labels like Tommy Hilfiger, Dolce & Gabbana, and Cavalli (to mention a few) displayed their designs for the Spring 2022 season.

Public Sector

Web3 is also starting to be explored by the public sector. Web3 has the potential to make procedures in the public sector significantly more efficient and to expand access to government services for people who need them.

For instance, governments may utilize Web3 to develop digital IDs for their constituents by using the platform. These digital identities may be used to access various governmental services, including medical care, educational opportunities, and social security. In addition, voting systems that are conducted digitally and operate on the blockchain may be created with the help of Web3. This would make it possible to have a voting process that is both more secure and more open.

Social Media Industry

Another sector that stands to gain from the widespread implementation of Web3 is the social media business. For instance, Twitter enables users to show off their NFTs and NFT Profile Pictures to other Twitter Blue members on their iOS devices. The ramifications of this may be broken down into two categories. To begin, artists have the opportunity to promote and sell their work via the usage of Twitter. Second, prospective purchasers may search for and acquire artwork using Twitter.

Education Industry

More immersive and engaging learning opportunities may be achieved without requiring additional infrastructure thanks to spatial technologies, augmented reality (AR), headsets, the internet of things (IoT),  virtual reality (VR), artificial intelligence (AI), and 5G. In addition, learners from any part of the world can access educational information via the metaverse, which will remove barriers to learning caused by factors such as location, society, culture, and the economy.

The use of virtual reality (VR) technology has already shown to be of tremendous assistance in the instruction of hard skills and work simulations (such as flight simulators for pilots), bringing these talents to the next level much more quickly and at a fraction of the cost. But virtual reality is also being used to teach “soft skills” such as leadership and resilience in an era when employers are still compelled to upskill their personnel despite the rise of remote learning.

Virtual reality (VR) technology is being used by educational institutions all over the globe to meet the growing demand for remote access to higher education while maintaining an immersive learning environment through virtual campuses. Recent events at the University of South Korea included a student entry ceremony staged in the video game Minecraft. An Education Edition of the sandbox game is available, allowing students and instructors to communicate through the game.

Some Top Crypto Metaverse Projects

COMEARTH

COMEARTH is the world’s first web3.0 e-commerce metaverse which allows brands & creators to create unparalleled commerce experiences while consumers discover everything in one place. The COMEARTH planet shall be divided into six different types of parcels of land. A user is free to purchase multiple land parcels at any available location of their choice. Each parcel of land shall be sold as a separate NFT. There shall be no restrictions on the quantity and location of the NFTs purchased.

Decentraland (MANA)

With a market value exceeding 5.6 billion dollars, Decentraland has become one of the most successful crypto metaverse projects. The whole metaverse is contained inside Decentraland, which is referred to as a virtual universe in some social circumstances. Despite a significant decline since December, the market capitalization of MANA has more than doubled during the last three months.

The Sandbox (SAND)

Sandbox is the second most popular crypto metaverse project. The Sandbox is a digital environment organised according to DAO principles. It would be built on the Ethereum blockchain. This blockchain is designed to allow smart contracts via the acquisition of virtual land and other assets.

Axie Infinity (AXS)

Blockchain-based crypto metaverse project has captured the world with its lovable animal-like avatars and the opportunities it gives its gamers to make enormous amounts of money while doing something they love: gaming. As a result, the game of Axie has become a full-time occupation for many players.

AXS has continuously been recognized among the best crypto metaverse projects for the metaverse. In 2021 alone, its value increased by over 200 percent compared to its importance in the previous year.

Metahero (HERO)

The development of 3D avatars based on actual people and items from the real world via 3D scanning is at the heart of a brand-new crypto metaverse project called Metahero. The new company claims it has set up a scanning chamber in Doha, which can scan physical objects and produce a digital, 3D counterpart for use in the Metahero realm.

Star Atlas (ATLAS)

Star Atlas is a  crypto metaverse project that centers on a game set in the future, specifically the year 2620, in which players may conquer territory and obtain resources in a futuristic scenario. Hence, the game is called Star Atlas.

Bloktopia

The goal of Bloktopia’s crypto metaverse project, which has a skyscraper as its inspiration, is to develop a one-of-a-kind platform on which users can learn, socialize, do business, and experiment with a wide range of activities all inside the confines of a 21-story building. This metaverse will depend heavily on its users’ contributions and creative thinking since the first construction will be just partially finished.

Blockchain, Cryptocurrency, And Tokens

The technology known as blockchain is the one responsible for making all of this possible. Users can safely swap their hard-earned cash for tokens like Bitcoin, Ethereum, or other cryptocurrencies via the usage of the blockchain. These tokens may then be spent on things either in the digital or physical world. In addition, you can now pay and be paid in cryptocurrency via significant payment gateways like Venmo, PayPal, and CashApp, which will eventually lead to new possibilities.

These innovations in Web 3.0 also aim to provide end users more value by allowing them to earn by participating with the platforms they use. This gives users a sense of ownership over the platforms they use and helps promote brand loyalty.

Read about how metaverse platforms will give eCommerce a spin in 2022!

Conclusion

The critical thing to remember is that we are progressing toward an immersive web 3.0. It can potentially have significant repercussions for a wide variety of business sectors. Enterprises must begin experimenting with and deploying Web3 technologies as soon as possible to remain ahead of the curve. As a result, they will be able to offer new experiences for their consumers and boost efficiency and transparency.

Both the crypto world and the metaverse are seeing rapid expansion at present. Because of this, it is impossible to forecast the digital world’s future and determine which cryptocurrencies will continue to be at the forefront of the most groundbreaking metaverse initiatives. On the other hand, one may consider this to be only one more exciting aspect of the ongoing technological revolution.

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