India has the greatest economic, social and financial
potential to adopt the Metaverse. Let me explain this bold but clear statement.
India has the second highest number of smartphone users and the second highest
number of mobile gamers in the world. Due to the pace of technological change,
we skipped some technical stages, for example India skipped the PC adoption
stage and went straight to mobile devices. Three areas will drive the adoption
of Metaverse in India tremendously.
Social Media: India is already one of the biggest
markets for most social media companies as the world's social media platforms
do not have access to China. Social status, the main driver behind the success
of social media apps like Instagram, Twitter, LinkedIn and Facebook, can be
considered a rare currency in Indian society. Social media allows people to
earn money by making dance videos, writing about their career on LinkedIn,
posting interesting opinions on Twitter and more. Metaverse will deepen social media.
The increase in immersion trend is already in place, where Facebook started
with text-based posts, Instagram ruled with photos, and TikTok and Instagram
reels went to videos. Gaming is the next social media and where GenZ and Gen
Alpha hang out. Adding more immersion and a way to express ourselves will
increase the social connections and hence make the social status most relevant
in the Metaverses. Metaverse is the natural evolution of social media, where we
create and interact with content generated using our digital avatars and even
passive experiences where we would want social elements like a Netflix party to
be experienced.
Education: India has one of the youngest populations
in the world. Education is a big market and a big need of the country. A major
issue plaguing education and the Edtech market in particular is engagement.
Nowadays, Edtech is trying to come up with better efforts in education. This
cannot be achieved with frictionless digital experiences. Metaverse Education
will undoubtedly solve higher immersion, new economic models such as
learning-earning and give us completely new opportunities for higher
participation in education. We can now have classrooms where we promote
peer-to-peer learning in an informal environment and yet supervise learning
outcomes and discipline centrally, as that will remain a concern for parents.
Also, in a teaching and learning environment, between teacher to students, we
already have the technology where we can use AI and avatars to upload teachers’
learning, and one million students can have a personalised session with the
same teacher simultaneously. Imagine studying physics by great Einstein himself
in the Metaverse. This immersion, personalisation at a mass scale, and new
economic models like learn-to-earn will bring the next big revolution in
education.
Gaming: India can potentially become the perfect
place for Web3 gaming. But in India, despite having the second largest number
of players in the world, monetization of games is very low. Real money gaming
is the largest gaming content sector in India and continues to be the fastest
growing. So far, it is clear that in India we need to integrate the economy
into games to not only provide more excitement to the users but also to sustain
the economic model for the developers. The Web3 game retains the element of
economic integration through play-and-win, but expands the possibilities of
newer economic models, user-generated games, and building large communities
through NFTs. . Gaming communities are bigger than players. He spends more time
in India watching others play Minecraft on YouTube than actually playing
Minecraft. This means that the need to connect with the game is more than the
time spent playing it. NFTs can bring such communities together and begin to
build economically sustainable communities. Here Web3 game jumps into today's
real money game in India. The community and user-created games are also a big
draw for Web3 for casual gamers. We hope to see Web3 gaming platforms next year
where creating games will be as easy as creating Instagram reels today. This
will improve content creation and increase engagement time in multiple games.
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