What can the software-as-a-service model do for Web3?
In the era of services like Netflix, Dropbox or Amazon Prime, it’s quite easy to forget about the times when customers were getting in line to acquire boxed digital products, like software or entertainment media, with one-time purchases. The age of annual fees started when consumer products turned into subscription-based services.
From providing enterprise-level Ethereum infrastructures to blockchain-based document storage systems, Web3 SaaS companies offer decades-old business services reimagined in the Web3 environment, and fresh data shows that the business world is open to trying new ways of doing old things.up the total addressable B2B SaaS3 market calculated that 57 Web3 SaaS projects generated revenue ranging from $500,000 to above $100 million in the second half of 2022.
Web3 startups need to start introducing the blockchain-based way of doing business to traditional companies with baby steps, according to the Fuse CEO. “Salesforce users think of nonfungible tokens less as collectibles or art and more like the next generation of loyalty programs for their finest customers,” Smargon said. “NFTs can be changed on the fly to adjust terms and unlock physical and digital rewards as customers engage more with a company.
“To do that, [Web3 startups] need to produce solutions for businesses to build secure products without taking on the burden of custody, reaching customers without incurring the costs of compliance and licensing, and providing exceptional consumer experiences without building wallets from scratch.” When looking from the opposite perspective, however, SaaS has already won the Web3 space, Pihl claimed: “Platforms like Infura and Alchemy run huge chunks of the Web3 ecosystem because so few can, or even want, to run their own nodes.”
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