Metaverse and its growth in India

From the internet in the web 2.0 version that we are using today, Metaverse belongs to the web 3.0 version. It is a work in progress version of the internet, where a three-dimensional virtual space allows users to interact.

In the Metaverse, users have their computer-generated unique avatars. They can interact with whoever they like through various applications. Some of the most common applications include social networking, education, online gaming, training, and entertainment. Its goal is to create a virtual world that is as close as possible to our real world.

Users of metaverse have expressed excitement and one-of-a-kind experience. They are growing and changing at a breakneck pace because the biggest companies in the world are investing in them. This opportunity presents a chance for the expanding Indian gaming industry to shape metaverse and establish itself as a global leader.

Various Asian countries like South Korea use the metaverse to host virtual meetings. Further, the United Arab Emirates (UAE) is developing a virtual Dubai city known as "MetaDubai". According to reports, the global metaverse market is likely to touch around $1.3 trillion by 2030.

Global tech giants like Satya Nadella and Mark Zuckerberg have referred to the metaverse as the internet's future. But exactly what does it imply? Let us find out.

Importance of Metaverse

The metaverse concept is still in its infancy and is constantly changing. It is a broad shift in the manner in which we interact with a variety of technologies through a three-dimensional virtual world. People using or interested in virtual reality and augmented reality benefit from metaverse.

Further, it will make financial transactions easier, let people have life-like experiences sitting at one place. Additionally, people can earn through the metaverse via blockchain and NFTs. At Growth Jockey, we believe metaverse has the potential for superior technological advancements that can foster immense business growth.

Growth of Metaverse in India

The metaverse is redefining global collaboration and businesses with potential to grow exponentially. India may see this technology hover between $79 Bn and $148 Bn per year by 2035. Metaverse will have a significant positive impact on a number of industries, including retail, education, healthcare, tourism, and real estate.

The immersive experience will change the game for these industries in the future. But is India up to the challenge of the real Metaverse? For Metaverse to really make a difference in India, some industry experts say, it needs to cope with -

• User availability

• 5G technology

• Access to the VR/AR tools.

However, India has the potential to become a significant metaverse player. Indian companies are invested in the technology that is required to build, manage, and sustain the Metaverse. Metaverse Foundry, an Indian company is in metaverse for Virtual Reality Stores and avatars, which are 3D personalities for people.

TechMVerse, which was launched by Tech Mahindra, provides a variety of application scenarios. It also features Middlemist, an NFT marketplace. Hence, metaverse is crawling into the Indian geography at a slow pace since high-speed internet availability still needs addressing.

With more democratic policies and a robust infrastructure that is business-friendly; India’s foundations will propel growth in no time.

Metaverse Work in India

Metaverse and the Gaming Industry in India make up a significant portion of India's expanding gaming market. Further, 68% of Indians stated that they would like to shop, and 57% would prefer to access the Metaverse to explore banking services.

India’s dating culture may experience an upsurge as people are interested in experiencing virtual dates. Hence, we see that the young population of India — 46% of the population is a significant contributor to the user base. IAmong these, the pandemic-related lockdowns and the widespread availability of internet connectivity spurred maximum growth in the gaming industry.

Spurt in India’s Online Gaming

Currently, the Indian gaming industry is dominated by mobile gaming, which accounted for more than 90% of the market in 2021. It was followed by PC and console gaming. However, the majority of users in India are casual gamers. Thus, focus on both casual gaming (US$0.7 billion ) and e-sports sector ( profit of US$ 26 million in 2021) is crucial.

• In India, players construct a virtual world through the use of online games like Minecraft leading to a Minecraft content-creating community. Streams and monetising their virtual world on YouTube has become a common phenomenon. Eventually, the content creator produces a wide range of content to be shared, streamed, or sold as NFT.

• Loka, a New Delhi-based start-up that is the country's first multiplayer gamified virtual metaverse, is an Indian gaming and animation industry.

• OneRare is another start-up that has launched its first play-to-earn food metaverse game in March 2021.

The Present and Future of India in Metaverse

Gaming

Indian developers can do the metaverse work in India by using the power of the country's folklore as a premise for games. It has created a 3D map of real-world cities and geographical spaces. Ikonz, a Singapore-based start-up run by entrepreneur Abhinav Kalidindi, is creating NFTs for iconic characters from graphic novels published by Amar Chitra Katha.

Raji is an Indian game centered on mythological tales, and has also been released.

NFT

Totality Corporation, a Gurugram-based start-up, is building its own gaming engine called Zion. It enables users to create avatars and digital assets like weapons in the game for NFT. The interest in NFT is steady in the Indian atmosphere and is likely to grow further with NFTs like from the ZionVerse.

Is Investing in Metaverse a Good Idea ?

Any investment needs a sound judgment that caters to your objectives, risk tolerance, and overall strategy. At Growth Jockey, we assist you with decision making regarding investments in metaverse for maximum rewards.

For instance, if you are a retired individual and are living off on your pension only, we would advise you to refrain from investments. Why? Metaverse is still in its infancy and you might not get returns for a long time.

However, if you have enough money, investing is like going to a party—it's better to be there early than late. Although it may initially be dull and awkward, early entry is generally necessary because it enables you to purchase at a discount.

Where to Invest in the Metaverse?

Is your investment a play for the long term? If this is the case, Microsoft, Nvidia, and Meta Platforms are all worthwhile investments. If your investment is more speculative, Snap or Match Group may also be worth considering.

After all, it's possible that people will want relationships and community in the near future as humans are social animals. At Growth Jockey, we believe that putting all your eggs in one basket is dangerous when it comes to investment.

Hence, when Indians invest in metaverse, we advise customers to combine their investments with a variety of reputable businesses. Some businesses continue to exist regardless of whether the metaverse expands or not.

Potential Challenges in Metaverse

As nations investigate the potential applications of Metaverse, they will need to pay attention to the potential obstacles -

Safety

In Meta's VR social media platform Horizon Worlds, an assault on a beta tester warned people about the ugly side of the technology. Since the metaverse blurs the line between virtual reality and reality, harassment, violence and child abuse can take place easily.

Lack of supervision and regulation poses a safety threat to many users. Further, a VR-related death was reported in Moscow due to an accident with a glass table. Companies in the immersive technology industry need to develop additional applications for a safer metaverse experience.

Privacy and interoperability

There are chances that a few big tech companies, like Google, Amazon, Meta, Apple, and Microsoft, will control the metaverse. The metaverse's economics will then be linked to the collection of user data, making privacy preservation extremely difficult.

In a metaverse platform, assigning accountability is difficult due to the technology's ability to transcend borders. At Growth Jockey, we believe that there should be focus on accountability, towards community, individual, and government.

Data Security

The metaverse has the potential to be used as a platform for terrorist groups' recruitment, radicalisation, extortion, and social polarisation. Hence, data transfer could pose a threat to national security. Identity theft and fraud can result from accessing personal HMD or metaverse data.

For instance, hackers have the ability to steal personal information by hacking VR glasses or headgear.

Intellectual Rights

The metaverse will present a brand-new obstacle for IP rights. NFTs may raise legal concerns regarding intellectual property ownership and rights. To avoid IP theft, it is necessary to perform due diligence on the terms and smart contract as part of the NFT transaction.

Wrapping Up

Metaverse in India has huge space for growth as it is just starting to gain momentum. However, there is a need or an opportunity to educate populations about the technology's potential and its potential effects. The awareness curve will rise in the coming days because Metaverse will be the new digital space despite current tech slowdowns.

Immersive experiences, cost-effective, and sustainable business models will prevail in the near future. Further, future proofing the Data Protection Bill (DPB) is a need of the metaverse in india. It is necessary to strike a balance between data processing within a nation's borders and trustful data sharing.

The conversion of data into cipher text, or homomorphic encryption, will allow data sharing across boundaries without fear of misuse. With scope for development and growth, metaverse in India is highly likely to thrive.

Growth Jockey is here to provide you with the best facilities for your business. You are looking at a future that will harness your growth through metaverse platforms. To acquaint yourself more with the same, check out Growth Jockey today and join us in creating a unique future!

At Growth Jockey, we are fully committed to crafting personalized solutions that effectively address the crucial challenges faced by our clients across diverse industries. Regardless of the size of your company, whether it's a small-scale enterprise or a large corporation, you can now explore the potential of the metaverse. Take the decisive step towards unlocking the next level of growth for your brand by contacting us today!