What’s Happening?
The market opportunity of Metaverse is estimated to be over $1 trillion in yearly revenues. A couple from Tamil Nadu held their wedding reception in the Metaverse this month, with a Harry Potter theme. And it was attended by 500 guests! That’s how far it’s gone. Property values in the Metaverse are increasing day by day. Sounds crazy, right? All we can say is that the Metaverse is the future of the internet. People will live their lives in the Metaverse with their avatars. It will be a place where they will transact via cryptocurrencies to buy land, art and non-fungible tokens (NFTs).
The wave of Metaverse has arrived in India too. IT companies have already begun working on artificial reality (AR), virtual reality (VR) and mixed reality (MR). Tech companies are at it because somebody needs to build it. In the next few years, 10% of business revenues are expected to come from Metaverse projects. JP Morgan says Metaverse will influence every sector and market. PwC foresees an explosion of demand for Metaverse specialists. Automobile companies will test drive cars in the Metaverse, while e-commerce companies are planning to bring buyers closer to the real-life buying experience.
IT companies are scaling up their technologies and investing rigorously to expand their offerings in AR, data analytics and VR. TCS has made its initial investment in Metaverse. Infosys is building a native cloud. Now, the advent of 5G technology will make all applications more interactive and immersive.
What Are The Challenges?
Metaverse is at the initial phase. The biggest challenges would be privacy and confidentiality as more and more people start living virtual life. Not to forget the chances of financial fraud, stealing of virtual identity and cyber breach. Governments across the world will have to design a rulebook for this virtual universe first. Also, the shortage of engineering talent could limit the growth of this space in the short term.
What Lies Ahead?
Metaverse is at a nascent stage. And, as we move ahead, there is a lot of scopes to grow. For instance, India has still not accepted cryptocurrency fully. RBI’s decision on cryptocurrency tax is one example of it. We have a long way to go in terms of accepting Metaverse, but India will play a key player in building the virtual universe.
