India set to drive the US$ 800 bn Metaverse boom

Metaverse is said to be the next big technology platform – more of the immersive kind – pegged to be an US$ 800 billion market by 2024. What’s more, Mark Zuckerberg is not just betting Facebook’s future on it, but is also quite excited that Indians will be at the core of the action. His observation seems to be validated by a report on metaverse trends worldwide, which ranks India in the fifth position, right behind countries like the US, Indonesia, Japan and the Philippines. It is not surprising given how the country has taken to non-fungible tokens (NFTs) and metaverse projects despite the vagueness surrounding crypto space. Several bollywood superstars and cricketers have also associated themselves with projects around NFTs.

Metaverse is a technology platform that converges the physical and digital world using real-time 3D software. It provides new revenue streams to online entertainment and game makers as well as social media companies to capitalise on. “I predict that we will most likely experience the metaverse ‘slowly, then all at once.’ The rise of immersive ways to connect and communicate, with new products and economies sprouting from that, will undoubtedly set off a fundamental shift in how we will utilise the Internet,” says Bibin Babu, (Curator, MetaSpace), who is quite well-versed with the world of cryptos, NFTS and metaverse.

Mo Akram (Ideator, MetaSpace) calls the rise of the metaverse a paradigm shift. He elaborates, “The metaverse is definitely massive and large in scope. With Facebook’s re-branding with a new corporate name, Meta, the next paradigm shift in the digital world is clearly evident. The metaverse will directly impact our lives, bringing deep technology integration and creating a world of endless possibilities.”

While the awareness around metaverse has been attributed to the recent trends of NFTs, the primary revenue makers have been from the gaming world, especially video game makers. In India, too, there’s been a growth in the online gaming sector. In the near future, one can expect the rise of blockchain-based games and applications that are set in virtual worlds, where gamers are offered a digital item as a reward. The digital items can be either tokens or NFTs, which can be traded further at digital marketplaces.  Indians are gradually embracing this form of entertainment. It is estimated that almost 100,000 Indians are involved in metaverse projects. Two Indian cities are spearheading this trend in the country – Mumbai and New Delhi.
“By 2025, I expect the global gaming market to reach US$ 268.8 billion – roughly double to what it currently is!” predicts Agam Chaudhary (Chief Marketing, MetaSpace), adding, “Metaverse will be an infinitely-scalable virtual space with its own identity system and economy.” He concurs that with virtual interactions being the norm due to the pandemic, metaverse will also find its way in other sectors like education, e-commerce and conclaves among other immersive experiences.