Rendezvous with Metaverse (in India)
19 Aug 2022
Dear Reader,
In the recent years, Metaverse has moved from being a niche topic of interest for tech enthusiasts to hit the fancy of mainstream population. For the uninitiated, Metaverse is an immersive virtual world that is facilitated by the use of virtual reality and augmented reality technologies. Bloomberg Intelligence estimates that global Metaverse revenue opportunities will reach $800 billion in 2024, compared to $500 billion in 2020.
India being no stranger to accelerating development and growth by leapfrogging to new technologies is perfectly poised to play an important role in building and adopting Metaverse. According to a report by DappRadar, a business that measures user behaviour across blockchain projects, India is placed fifth in terms of interest in metaverse projects, trailing only the United States, Indonesia, Japan, and the Philippines. The immersive world is ripe for exploration and provide unlimited opportunities for new business models and in India, companies are racing to gain the first-mover advantage.
A number of events companies have jumped at the possibility of such a platform and in January 2022, Somnium Space, an Ethereumbased 3D virtual platform, hosted a metaverse concert by an Indian event agency, Cryptic Entertainments. Since then, India has seen Metaverse weddings as well.
Earlier this year IPL team Lucknow Super Giants launched itself into the metaverse with the help of Gigabyte Technology where Fans could meet and greet avatars of their cricketing idols and get a glimpse of Lucknow’s heritage.
Lately, Wiztales announced the launch of their Metaverse 'Altyug' which is an E-commerce and Events Metaverse platform. Their platform allows users to experience shopping, 2D hypercasual gaming, intuitive interactions with individuals on the same platform and an option to explore multiple, immersive and futuristic events and venues.
Also, Flipkart recently launched Flipkart Labs, an in-house innovation capability to explore metaverse commerce, NFT-related use cases, virtual immersive stores etc.
Not limited to events and ecommerce, Rivaah by Tanishq, a wedding jewelry focussed subbrand from the house of Tanishq, launched its Polki collection in a virtual press conference hosted on the Metaverse platform. In the automobile sector, Maruti Suzuki India has unveiled the Grand Vitara on NEXAverse, its metaverse initiative.
Gartner has predicted that 25% of the global population is expected to spend at least an hour every day in the Metaverse by 2026. Against this backdrop, it will interesting to see how Metaverse in India evolves with so many new happening already happening.
Highlights of #Issue 10 of FinTalk are:
- Home grown StartUp Stories: D'leaps - One Stop Solution for your Interiors
- Tiger Global backs Jodo’s vision for India’s education payments
- Indian fintech market to achieve $1 trillion AUM by 2030: Report
- New RBI rules: Safety net for borrowers of digital loans via online platforms
- India leads the world in real-time digital payments, says PM Modi
With Regards,
Akhil Handa
Chief Digital Officer
Bank of Baroda
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