NFT and Blockchain are reshaping the future of Metaverse in India
NFT, Blockchain and Metaverse – These are some of the most used terms in the technology world today. Even CEOs of global technology giants such as Mark Zuckerberg or Satya Nadella have referred to the metaverse as the future of the internet. But what does that really mean?
Is it an immersive VR world, as most people think, or is it more than that? The answer, well, is not that simple. Metaverse as a concept is relatively new and constantly evolving, and because of this no one to date has been able to define what it means. Take the internet for example. When it entered the public domain in the 70s, not all ideas about what it would eventually look like came true. The same can be said for the metaverse at this stage, as it is still in development.
To sum it all up, metaverse as a term does not refer to one specific type of technology, but rather a broad shift in how we interact with multiple technologies through a three-dimensional virtual world. And broadly, the technologies that companies are currently referring to while talking about the metaverse include virtual reality and augmented reality.
Considering the enormous potential, many companies around the world have started to jump on board the metaverse bandwagon, while also envisioning a kind of new digital economy, where users can create, buy and sell goods. And this is where NFTs and blockchain have come into play. They are crucial to the future of the metaverse as they play an important role in enabling the digital economy within it. NFT technology, for one, allows individuals to have ownership of digital assets such as images, videos, and audio in the metaverse. Using NFTs, users can sell, buy or transfer almost anything through the virtual universe.
Furthermore, digital art, virtual goods or personal experiences can be turned into secure NFTs and stored on the metaverse blockchain as assets. This can further be built into a self-sustaining digital economy, where metaverse users can exchange these NFTs for cryptocurrency to purchase other metaverse units or choose to cash them out for fiat money at any time. Blockchain technology will therefore be central to all of this, as it will enable metaverse companies to offer connected services to their users. This may include offering users the ability to converge their physical presence with 3D digital presences, which will lead to a shift in the way users interact and exchange cryptocurrencies or other unique digital assets such as NFTs.
As per the market estimates, the metaverse industry in India is expected to grow at an impressive CAGR of 37.1% and reach a whopping $758 billion by the end of 2026. And not only that, India currently ranks 5th in the list of top nations that drives the metaverse market. Even the blockchain industry in the country has expanded rapidly in recent years, with bitcoin and other cryptocurrencies laying the foundation for a fully functional economy inside the virtual universe. It’s safe to say that the day is not far off when entrepreneurs and influencers will be able to run their businesses in the metaverse of endless possibilities.
