The Metaverse is Coming to India: What You Need to Know
A production company, Pooja Entertainment, recently announced the acquisition of a piece of “virtual land”.
This chunk of virtual real estate is part of what’s called the “metaverse.”
The metaverse is one of the hottest topics in the news these days. Ever since Facebook boss Mark Zuckerberg announced Facebook’s new name – Meta – the “Metaverse” has become a buzzword.
It seems like a new and exciting thing.
But what is it exactly? And can you make money investing in this theme?
This is what we are going to cover in this article.
First of all…
What is the Metaverse?
Here is the short and simple answer.
The metaverse is an extension of our real world into the digital realm. It’s a space where you can do whatever you do in this real world, on the Internet.
And .. many other things that would not be possible in the real world.
The Metaverse is a virtual 3D world…with a difference. Instead of just staring at a screen, you can literally walk into it.
Think of it as an extension of the Internet. A virtual 3D Internet that you can enter and interact with.
What’s in the metaverse?
Well, this is where things get interesting. You see, the list of possibilities for things in the metaverse keeps growing.
You can work, shop, meet, play games, socialize and more. The sky is the limit for this futuristic technology. Software developers around the world are already pushing the boundaries of what is possible.
How can you access the metaverse?
You can enter the metaverse through your virtual ‘avatar’. The technology behind it is called augmented reality (AR) and virtual reality (VR).
With the help of AR and a headset, you will – in the near future – be able to enter the metaverse. Your avatar can interact with items in the metaverse just like you do in the real world.
VR is the virtual environment your avatar will enter. This is what constitutes the metaverse environment.
The Metaverse integrates AR and VR to create a new digital universe. This universe can be filled with an unlimited number of experiences.
How big is the metaverse?
India’s augmented reality (AR) and virtual reality (VR) market was worth ₹135 billion in FY20. With an expected annual growth of 38%, its size will be multiplied by 10 by 2027.
Worldwide, AR and VR spending is expected to reach $160 billion by 2023, up from $16.8 billion forecast for 2019. So it’s no wonder companies are pumping huge sums into this latest trend. technological.
So what kind of things can we do in the metaverse?
The point of the metaverse is to enhance our physical life…not to replace it.
We order all kinds of things online today. In the future metaverse, we will walk through virtual streets to check out offers in real time.
You can try on clothes, shoes and accessories, attend concerts, take classes, play games and of course go shopping.
You can also invest.
Yes, it’s true. The metaverse will have cryptocurrencies enabling transactions. If you want to own a piece of the metaverse, you can.
On Republic Day, singer Daler Mehndi became the first Indian artist to host a concert on the Metaverse – a platform called PartyNite.
Last week, he bought virtual land in the metaverse. He calls it “Bale Balle Land” and will use it to house a Daler Mehndi store. This virtual store will sell its merchandise in the form of NFTs. He also plans to host concerts on this virtual property.
It won’t be long before other celebrities jump on the bandwagon.
Many companies and celebrities in the western world buy virtual land in the metaverse. Then they split them into smaller chunks and sell them as non-fungible tokens (NFTs).
In the United States, rap star Snoop Dogg bought virtual land in the metaverse (called Sandbox). He uses it to give fans an exclusive insight into his personal life. A fan has paid the incredible sum of US$450,000 just to become his neighbor in the metaverse.
In a celebrity-crazed nation like India, the metaverse is ready to explode. Many brands will soon jump on the bandwagon.
And it’s not just celebrities. Companies with deep pockets are entering the fray.
On Valentine’s Day, Mondelez (Cadbury) created a virtual environment for couples to experience the experience of walking on the moon.
It all sounds exciting. But how will these companies execute their plans?
Indian companies working on the metaverse
The most important Indian companies are of course in the IT sector.
They will create the systems and digital infrastructure to enable other businesses to take advantage of the metaverse.
Let’s take a look at both IT and non-IT Indian companies that have big plans for the metaverse.
No computer first…
# Trust industries
Last year, Reliance Jio announced smart glasses called Jio Glass.
Jio Glass is designed for teachers and students to activate 3D virtual rooms and conduct holographic lessons through Jio Mixed Reality service in real time. They can also be used for virtual meetings.
It will use a combination of AR and VR to enhance video conferencing. To improve its AR and VR services, Jio has partnered with a startup Tesseract.
Reliance Jio has invested $15 million in Two Platforms Inc (TWO), a Silicon Valley startup for a 25% stake.
Founded in July 2021 by Pranav Mistry, a pioneer in the field of AR/VR, artificial intelligence (AI) and robotics, Two Platforms is an AR startup that builds interactive and visual AI experiences. The startup enables real-time AI voice and video calling, digital humans, immersive spaces, and realistic games.
Nazara Technologies has invested in VR gaming company InstaSportz, which operates VR sports and entertainment zones in India and overseas.
The gaming company also has a stake in Nodwin, an Indian esports company, which partners with other companies for more immersive experiences.
In 2021, Nodwin gaming acquired the games and adjacent intellectual property (intellectual property) business of OML Entertainment, a media and entertainment company.
Nazara also owns a stake in Next Wave Multimedia, a company that plans to launch non-fungible tokens (NFTs).
Last year in August, it also acquired Hyderabad-based OpenPlay for ₹1.9 billion. OpenPlay will provide technology platforms for Nazara to create a network of skill game destinations running on a common platform.
# Hindustan Media Ventures (HMVL)
HMVL has invested in WURKR, a SaaS platform based in the UK and India. This platform allows teams to work together from anywhere in an immersive virtual workspace.
We all know the work from home trend is here to stay. We have video calling and screen sharing apps like Teams etc. but the experience is limited to calls, texts and screen sharing.
WURKR augments the online experience by creating a virtual office space. Employees can work together, interact, visit rooms, and move from place to place with their colleagues, just like in a physical office.
WURKR’s virtual workplace management platform replicates a physical office environment in the cloud, backed by video technology.
# Triveni Engineering & Industries
This sugar company took the indirect route and invested in gaming startup JetSynthesys.
JetSynthesys has a catalog of more than 300 games on HTML, Java, Android and iOS platforms covering several segments. JetSynthesys is also the co-founder of esports company, Nodwin Gaming, in which Nazara has a stake.
Under its arm, JetSynthesys has Wakau Interactive, a social media platform. Wakau offers a combination of mobile screen experience and short video content in entertainment and fashion with an element of video commerce.
Now let’s take a look at the Indian IT companies that are fueling the metaverse revolution.
Many Indian IT companies have launched their metaverse projects. They want to build capacity and expertise before this trend explodes.
These companies can provide end-to-end services by creating avatars to develop the entire metaverse environment.
Which companies are leading the charge and investing heavily in the metaverse?
Infosys recently announced its Metaverse Foundry. The company aims to create platforms that will enable companies in various industries to create their own personalized virtual environments.
India’s largest software services company has started working on the development of the metaverse. The company is reportedly working on creating a virtual workspace environment for its employees.
HCL Tech has taken the metaverse challenge very seriously. The company began to provide services on the development of metaverses to companies of all sectors.
Tech Mahindra has rolled out ambitious plans to create world-class metaverse solutions for its customers across all industries. The company has started developing capabilities for the same.
The company announced its intention to provide metaverse solutions to its customers. The IT company has a team to provide tools and services to help businesses create and improve virtual experiences. He identified the metaverse as one of his five growth areas.
# L&T Technology Services
Last week, L&T Tech announced its entry into the Metaverse. It will set up a center of excellence and a new business unit dedicated to making the company a leader in this field in the years to come.
The future is bright for the metaverse. Business will boom for companies that create virtual worlds and integrate online experiences.
Don’t be surprised if more companies tap into this hot topic in the months and years to come.
We will closely monitor this space for you.
Warning: This article is for information only. This is not a stock recommendation and should not be treated as such.
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