500 Global backed metaverse development startup, Virtualtech Frontier, launches its Mitoworld
By Azizul Rahman March 20, 2023
- Platform is endorsed and supported by MDEC and MOSTI
- Browser-based Metaverse creation and experience tool for enterprises
Malaysian based Virtualtech Frontier Sdn Bhd (VTF), a metaverse development startup, which in January raised a US$700,000 (RM3.14 million) seed round backed by 500 Global which invested US$500,000 and Blockchain Founders Fund, launched its enterprise focused browser based SaaS metaverse-building platform, Mitoworld, last week. It is specifically designed to help businesses create their metaverse presence without the need for coding or incur high financial investment. Acting as a bridge, it will help ease enterprises into the metaverse from the 2D world without the hardware costs and technical skills needed for an immersive virtual reality (VR) world.
Jason Low, CEO of VTF, explains “The platform offers a no-code solution that simplifies the process of creating a Metaverse for corporates. We’ve created the platform to be as beginner-friendly as possible, allowing users to create their own avatars and virtual worlds through ready-made blueprints and world-building tools.” He claims it to be the first such browser based enterprise focused metaverse platform in Asia.
Creation and experience on Mitoworld are optimised for the browser on a desktop or laptop, with just a mouse and keyboard.
“However, the mobile browser experience is still within an optimisation phase and will only be ready in the upcoming few months,” added Low.
While Mitoworld does not support VR, it does have intentions to integrate VR into the platform with the timing guided by market adoption of VR.
“As a VR user myself, VR will always be an awesome experience for users. However, executing the technology on a level that could give that immersive experience is always a challenge with the hardware and skills limitations, not to mention the strain from long-term usage via a VR headset,” Low said. Nonetheless, he is confident that technology improvements will allow VR adoption to go mainstream, sonner rather than later. When that happens, VTF will be ready, said Low who launched the startup in Jan 2021 and has a team of 40 today. Half are developers focusing on the backend with talent in game development, web platform development, product development, and art development.
SaaS for world building
Using Mitoworld, businesses can customise their world through in-platform tools and integrate them into the brand’s website for greater engagement, upload external visuals, videos, music, and 3D assets. It can also be used to host virtual campaigns, hold digital exhibitions and create new revenue streams for businesses through NFT, social commerce, convenience, and exclusivity.
With its SaaS model, Mitoworld is available in two subscription options. MitoLite is free and grants access to basic blueprints, 3D avatar creation via Readyplayerme, and a space with a content storage limit of 500MB. For US$99 (RM445) a month, MitoPro comes with all MitoLite features, plus access to premium blueprints, advanced design customisation features a customised domain name server, and a content storage limit of 2GB.
The amount of storage might seem small but as Low explains it, the size of a world in Mitoworld is based on the blueprint. The space limit is for the media files used, such as video and images, it does not dictate the size of the blueprint. More features such as function integration, multiplayer of up to 50 players per world, and the ability to host private events are coming soon. In the future, it will also be possible to integrate APIs and SDKs into the platform.
It currently has over 40 virtual worlds built with 70% of the users being individuals like artists, designers, influencers, or for personal use. 30% have been identified as corporate accounts.
Support from MDEC and MOSTI
Mitoworld has caught the attention of both Malaysian Digital Economy Corporation (MDEC) and the Ministry of Science, Technology and Innovation (MOSTI) and is part of 100Soonicorns, a programme by MDEC and Penjana Kapital to help groom the next business unicorns of Malaysia. Mahadhir Aziz, CEO of MDEC attended the media launch of Mitoworld, saying, “Mitoworld aligns with MDEC's vision of fostering digitalisation and enhancing the competitiveness of local businesses."
Arthur Joseph Kurup, Deputy Minister of MOSTI gave a supporting quote in the ensuing press release. “In the long term, I forsee the digital government initiatives can also be integrated with the metaverse,” he said.
Mitoworld which has done custom metaverse work for Omega and Nestle, claims 2022 revenue grew 3x over 2021.
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