Malaysian-based metaverse and virtual spaces development company Virtualtech Frontier (VTF) revealed its target for $3,6 million (RM16 million) in revenue and 10,000 subscriptions in 2023 during the recent launch of its platform, Mitoworld.io.
As part of 100Soonicorns, the company tripled its growth rate to $813,927 (RM3.6 million) in 2022 from $248,700 (RM1.1 million) the year prior. It also expects a 40 percent revenue contribution from the platform and 60 percent from customized projects.
Mitoworld operates based on a cloud subscription model, offering a monthly free and paid subscription service for $99 (RM445), namely MitoLite and MitoPro.
Paid subscribers can build unlimited metaverses with premium blueprints, advanced design customization and content storage of 2GB.
Meanwhile, free subscribers can build up to three metaverses per account with access to basic blueprints, 3D avatar creation and more limited content storage of 500 MB.
By the end of the year, the company aims for 10,000 metaverses established through the platform, with 1,000 being paid subscriptions. Currently, the platform has 540 subscribers, and 20-30 percent are businesses and enterprises with corporate accounts.
Businesses can customize their world using the in-platform tools and integrate them into their websites with external visuals, videos, music and 3D assets. They can also utilize the platform to host virtual campaigns, hold digital exhibitions, and create various revenue streams.
Bridging the digital gap
Virtualtech describes itself as the lead in creating an interoperable and accessible metaverse. Through the launch of Mitoworld, VTF strengthens its aim as a provider of interactive virtual solutions for corporate clients by helping businesses build their metaverse presence.
“The need for companies to always find new and engaging solutions that could target a wide range of audiences without the boundaries of borders has continuously been the goal of companies with marketing divisions,” said chief financial and operating officer Kendrick Tan.
Tan and his team observed that engagements across platforms have declined. Therefore, aside from corporate websites and social media accounts, the platform will serve as a new, alternative digital bridge.
The numbers from some of its existing projects show that users spent up to 20-30 minutes exploring the client’s metaverse space, five times the amount of “good” engagement expected on a website.
“These kinds of metrics that result in higher brand engagement and brand affinity are what brands are looking into getting out of the metaverse for this current moment,” VTF co-founder and CEO Jason Low said.
Potentials and risks of new technology in the country
Virtualtech believes in the potential of the metaverse becoming a big industry, especially since companies strive to “find new and engaging solutions that could target a wide range of audiences.”
In the future, the company also plans to integrate virtual reality (VR) into the platform while following the timing of market adoption of VR. Low considers that VR adoption will go mainstream sooner than later.
However, the company faces a challenge as local investors tend to be more conservative and aren’t too keen on investing in the new form of tech. Tan also said that the country needs to take advantage of many opportunities for innovation.
The Malaysian Digital Economy Corporation (MDEC) and the Ministry of Science, Technology and Innovation (MOSTI) are assisting with promotions through the program 100Soonicorns for startups.
At the Mitoworld launch, MDEC CEO Mahadhir Aziz highlights how the platform aligns with MDEC’s vision, saying, “Mitoworld aligns with MDEC’s vision of fostering digitalization and enhancing the competitiveness of local businesses.” Over time, Virtualtech hopes the support will grow and help them “build for Malaysia.”