Source: Alexander Kirch - Shutterstock

• BUILDAVERSE is an Ecosystem-as-a-Service for individuals, enterprises, corporations, NGOs, etc. build on the Shimmer base layer.
• This Web3 project from SoonLabs will help them to enhance operational scalability and flexibility for users.

SoonLabs, which runs on IOTA’s decentralized Shimmer Network has come up with an interesting new project in the Web3 space. Dubbed BUILDAVERSE, this is the next big project from SoonLabs after making a feeless NFT marketplace Soonaverse.

As the IOTA Foundation is working towards full interoperability and decentralization via the upcoming IOTA 2.0, SoonLabs decided to build on this platform. BUILDAVERSE is a modular Web3 platform operating system and an Ecosystem-as-a-Service for individuals, enterprises, corporations, NGOs, and anyone who’s looking to build communities with common interests dubbed “Verse”.

BUILDAVERSE is a white-label platform of Soonaverse which has been quite popular among users. SoonLabs notes that verses can focus on things that require communities to either collaborate or govern. The new Web3 platform BUILDAVERSE will allow users to leverage verses wherein they can start small with one module but later expand over time into a fully featured ecosystem.

Additionally, a Verse can generate its own native token to drive governance, staking rewards, memberships, and much more. Since BUILDAVERSE is modular, no particular module is required. Some of the core features of the platform include NFTs, DAO-on-Demand (Spaces), Reputation, Tokenization, and voting.

The Shimmer Network helps build towards IOTA 2.0 and serves as the base layer. The Shimmer Network is feeless, scalable, and modular and allows for use of the modular design, especially for the Web3 Operating System Kernel.

The growing Web 3.0 market size

Web 3.0 is turning out to be one of the fastest evolutionary fields currently in the market and every major tech giant is trying their hands on Web3 development. Last year in 2021, the global Web 3.0 market size was $1.36 billion.

As per Grand View Research, the market is likely to expand at a compound annual growth rate (CAGR) of 44.9 percent for the next eight years. The growing popularity of cryptocurrencies along with the deployment of powerful technologies like the 5G and 6G with further fuel the growth of Web 3.0.

One reason for Soon Labs to be tapping into the Web 3 project is to enhance operational scalability and flexibility for users. BUILDAVERSE will work as a Unified Experience Platform that will work seamlessly with different infrastructure configurations and provide value to any number of use cases.

They can also integrate with traditional Web 2 platforms, and ERP partners, as well as with SoonLab’s decentralized dApp store, commonly referred to as Service Modules. In its official announcement, SoonLabs notes:

Any Verse can integrate with any Service Module. We have approximately 21 modules in production, planned, or in talks to deploy in the dApp store in 2023 and expect to greatly expand this program once ShimmerEVM is launched early next year.