Several Indian start-ups today are exploring the world of metaverse by making it accessible to all
From movie trailer launches, gaming spaces to weddings, several Indian brands are exploring the world of metaverse. It is estimated to provide an eight trillion-dollar opportunity where Indian start-ups plan to make metaverse accessible to all.
According to the global investment bank Goldman Sachs reports, India’s top IT services firms are working on embedding various technologies to tap the metaverse market.
Yugverse was the platform for India’s first metaverse wedding. Utkarsh Shukla, founder of Yugverse, said, “Data is the cheapest in India. Also, 80-90 percent of people are mobile first. If you go through the western definition of metaverse, it is confined to PR or crypto and is browser based. We are the world’s only mobile first metaverse, which gives access to anybody to enjoy the experience, and that essentially is a huge change.”
Companies like ITC ltd., Matrimony.com, and Coco-Cola were sponsors of India’s first wedding reception in the metaverse in February earlier this year. Currently, there are only 10-15 metaverses in India. Utkarsh Shukla also added, “India will play a huge role in the metaverse. Today social media just connects to people. Metaverse takes social media ten notches higher. It puts the virtual presence for people to shop, chat, do anything. Most digital formats (apps and websites) today don’t have visual feedback.”
According to research by Bloomberg, the metaverse will become a nearly 800-billion-dollar market opportunity by 2024. There are many Indian companies who have also started dealing with crypto currencies and blockchains. As the hype builds around metaverse, advertisers and their agencies are racing to benefit from it through people exploring virtual worlds, engaging in gaming, or buying NFTS using cryptocurrency.
Top Social India is one of the first brands to develop a virtual influencer named Kyra. She is currently on Instagram and will be launched soon. Himanshu Goyel, Strategic Marketing, said, “When the internet was relatively new, people were worried about digital marketing. Metaverse is similar but a lot larger.” He also adds that Indians are still to adopt Metaverse. However, it comes with its limitations. He said, “A lot of metaverses want to use the power of AR and VR. In India, the adaptation (of VR and AR) is very less. The technology is quite expensive. Getting the hardware to the masses, at affordable rates, and in a practical way might be challenge.”
As India moves to become a 900-million digital user base by 2025, there is a large scope for brands to expand their markets and develop their global appeal through metaverse.