India outlook: Metaverse poised to set foot in Indian markets


India and India’s untapped markets present a great opportunity for a fast-paced Metaverse expansion. Albeit with the advent of WEB3  Indian brands in some or the other way are immersing into the Metaverse.

The couple from Tamil Nadu who hosted their wedding reception in the metaverse is gaining quite some traction. Not just this, even the fashion industries are thriving in the digital realm. Recently Tanishq has presented its bridal collection in the metaverse under the ‘Rivaah’ brand; consumers can even try on the outfit using QR codes on their phones in the ‘Rivaahverse.’

Even Nestle India’s chocolate brand, Munch, offers cricket fans an authentic metaverse experience during IPL 2022. Limited edition packs featuring players from four IPL franchises are launched. Customers can enter an AR experience of cricket games and meet digital avatars of cricketers by scanning Munch packets. Fans can take pictures with players using amusing AR filters.

Metaverse in India may & may not thrive due to these factors

The number of uses for metaverse technology is likely to grow over time. Analysts claim that metaverse can fix a range of problems. Telemedicine and Tele-education, for example, can thrive from the use of metaverse. When this occurs, India will be in a better position to provide basic services such as health and education to millions of people living in the country’s hinterlands. Furthermore, the metaverse is an innovative field in which the country can participate due to its engineering prowess. 

A vast and expanding young population is propelling the rise of digital India. A substantial chunk of this group is well-versed in digital engagement and enjoyment.

India is expected to play a significant role in the progression and advancement of metaverse technologies. Apart from its engineering skills, the country has a big user base for video games, social media networks, and e-commerce. The country has been among the top five global markets in terms of the user base, with 440 million gamers, or 16 per cent of the global gamers base of 2.7 billion.

Without a doubt, the metaverse exists and will continue to exist. However, only time will tell what structure and context it will take. Surprisingly, India will have a greater bearing on the outcome.

Metaverse Global Outlook

Metaverse is a durable, online, three-dimensional environment that integrates numerous virtual spaces. Consider it a more complex version of the internet. Users will be able to collaborate, meet, play games, and socialise in these 3D environments, thanks to the metaverse. Although the metaverse does not yet exist in its entirety, some platforms do have metaverse-like characteristics. Video games presently give the most realistic metaverse experience. By staging in-game events and generating virtual economies, developers have pushed the boundaries of what a game can be.

Furthermore, blockchain technology will play a central role in the development of the metaverse, as it offers a legitimate assertion of ownership and replicability of digital assets. The aim tends to be that by integrating XR and blockchain, applications will emerge that increasingly combine our real and digital identities, allowing for new types of social and commercial activity.

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