Web3 & Metaverse

Web3 and the Metaverse have the potential to create significant opportunities across various industries, including India. It's evident that these technologies can contribute to economic growth and innovation in the country. The Metaverse is poised to become a $13 trillion opportunity globally by 2030 and Indian Web3 and Metaverse market to reach $200 billion by 2035.

The report was built on an in-depth analysis of the Web3 and Metaverse possibilities for India with relevant use cases and delves into the potential impact in growth sectors. The report outlines the role of Web3 and Metaverse in building the next version of the Internet and leading the frontiers of the next wave of digital adoption for Indian industries.

A subject matter expert says, the outlook for the Indian Web3 and Metaverse space is robust, with significant investments made in the sector. Content creators and gaming start-ups are leveraging Web3 to directly monetize users, bypassing intermediaries, and corporates are building metaverses to engage more meaningfully with their employees and customers.

The report defines Metaverse as ‘the future version of the Internet, blending the frontiers between reality and virtuality, at the convergence of immersive spaces, social and collaborative experiences, and the creator economy’. It is projected to become a $13 trillion opportunity globally by 2030.

It is estimated that about 8% of the $160 trillion global GDP by 2030 will come from Web3 and Metaverse. Furthermore, India's leadership in digital payments adoption could pave the way for the integration of fintech solutions in the Web3 ecosystem.

Going forward, corporates are going to launch Web3 and Metaverse sandboxes and partner with start-ups. Startups could evangelize use cases, focus on building enabling products for local e-commerce and global customers and work with corporates on their Metaverse and Web3 programs. Regulators could enact proactive supportive policies, incentivize infrastructure investments, and consider hardware subsidies for AR/VR devices.