A Brief Introduction to Metaverse as a Service (MaaS)

Jun 24, 2022
4 min read

The Metaverse era has significantly changed our lives in the past couple of years. It isn't easy to think of another technology innovation that has created such a stir since the dot-com era. Although the term "metaverse" has acquired prominence recently, the notion has been present since the 1980s. Nowadays, practically everything can be delivered as a service, giving users greater freedom and providers a consistent source of cash. Firms might someday use a similar strategy to install the Metaverse, giving rise to Metaverse-as-a-Service, or MaaS.

In this article, we will look at some of the features of MaaS and explore its future possibilities. Let's begin by reviewing the concept of the Metaverse.

What is Metaverse?

The Metaverse is a network of interconnected 3D virtual worlds that allow users to engage in a social economy similar to real life. On the virtual networking platform, you may buy and sell items, earn money, create friends, establish brands, and work with colleagues. The Metaverse is envisioned as a decentralized realm developed using blockchain architecture that no one entity can control. In other words, it attempts to replicate the democratic aspect of the actual world in a digital setting.

The term "metaverse" was coined in Neal Stephenson's 1992 science fiction novel "Snow Crash" as a combination of the words "meta" and "universe." Since then, other media outlets have adopted the term "metaverse" to describe digital or virtual worlds. Many metaverses have been created for mainstream science fiction films and other forms of media. Everyone is captivated by the untapped possibilities of virtual worlds, including tech companies, gaming studios, luxury fashion labels, artists, and influencers.

Introduction to Metaverse-as-a-Service (MaaS)

Metaverse as a Service is abbreviated as MaaS. MaaS is a business solution that enables businesses to create and strengthen their presence in a 3D virtual environment for collaboration, business operations, cryptocurrencies, investments, and other related use cases. People are now observing gamified environments with limited integration and engagement capabilities. As a result, the Metaverse remains a blank canvas for early adopters to test and entertain the notion. However, every organization, from large internet corporations like Meta (formerly Facebook) and Microsoft to top luxury brands like Gucci, is attempting to interact with many new realms. They are developing new physical and virtual realities to deliver services in surroundings built by others. Metaverse–as-a-service will enable this degree of customization without requiring anybody to learn any programming, allowing companies and industries to customize their features and functionality to their target customers.

How Does Metaverse-as-a-Service Work?

Brands are now employing established metaverses such as Decentraland or Roblox since it is what is accessible, where people are currently located. It offers an infrastructure for them to test first ideas about how to harness the Metaverse for marketing and branding objectives. Significantly, MaaS will not assist businesses in creating Metaverse analogues to compete with Decentraland or Roblox but will allow businesses to benefit from existing Metaverse infrastructure, similar to how SaaS works. Businesses can develop metaverse products with little or no digital experience or skill. Even small and medium-sized firms can engage in the Metaverse economy without incurring significant capital expenditures.

Benefits of Metaverse-as-a-Service

The main benefit of the Metaverse is that you are more immersed in whatever activity you are engaged in. You get to experience everything in the most immersive way possible, opening up additional possibilities for personal and corporate operations. You may exercise, socialize, play games, and conduct business meetings in a virtual environment. In addition, it promotes investment in what is still a developing technology. Most platforms are currently restricted to consumer use cases, and alternatives like Meta's Horizons suite of apps or Microsoft Mesh have yet to achieve significant adoption. In this context, MaaS enables businesses to invest in and profit from technology with minimum risk. MaaS might eventually promote industry standardization, with a few corporations functioning as Metaverse 'brokers' to aid in building infrastructure.

Examples of MaaS

• World of Ada Lovelace In October 2021, Lovelace, a cryptocurrency and NFT platform, launched a MaaS solution. The startup already has a cryptocurrency token, LACE, and plans to offer MaaS services to help people embrace the Metaverse.

• Touchcast is a Microsoft Azure Cloud-powered 3D and VR event company. At the Consumer Electronics Show (CES) 2022, it debuted its MaaS service and announced MCity. Organizations can sign up for the a.metaverse domain to receive access to a protected virtual reality arena where they can construct metaverse campuses. In addition, they may assist enterprises in the Metaverse in flourishing by encouraging cooperation, conducting events, building virtual reality storefronts, offering instructional sessions, and utilizing virtual real estate.

• MetaVerseBooks is a MaaS company that produces and administers virtual reality environments, network functions, and decentralized apps (dApps). Businesses may use the solution to increase their exposure on Microsoft's XBOX Metaverse, iOS and Android platforms, and any Unity-based virtual reality environment. Its primary product helps businesses to keep track of NFT buyers and information. The Starter Edition of this MaaS system costs USD 10,000.

The Future Possibilities of MaaS

According to JP Morgan, the Metaverse will have a future $1 trillion market valuation. Accessibility to the Metaverse is only available to a select few who can afford pricey technology such as VR headsets. So, while software developers want more people to utilize their technology, there is still a significant question mark about when the general public will be able to experience it. For work practises, many organizations find it more cost-effective for their personnel to work remotely. The Metaverse is one of several inventions that have the potential to transform the way conferences and meetings are held. Teams can convene in virtual conference rooms using 3D avatars instead of conversing and collaborating through displays. The Metaverse market is expected to expand from $47.69 billion in 2020 to $800 billion by 2024. This is an increase over the $47 billion anticipated for 2020.

The drawback is that businesses may be subject to vendor lock-in. In addition, as the metaverse advances, it will become increasingly challenging to migrate MaaS investments to some other platform, especially if you lack the essential digital skills. Nevertheless, a 'vendor lock-in' maturity level is still years away, and for the time being, MaaS is a viable choice for businesses wishing to enter the Metaverse.