Metaverse, Growth in India’s E-Commerce Industry and Virtual Economy

Metaverse, Growth in India’s E-Commerce Industry and Virtual Economy

The future of virtual reality, augmented reality, and wearable computing may seem like science fiction, but it is not. During the last decade, we have witnessed the birth of new class of devices that allow us to see in real-time what is happening around us; we have seen the rise of a new digital world that can be accessed anywhere in the world: the Metaverse. 

The idea of a metaverse was made possible by advances in virtual reality technology and augmented reality devices, which are no longer farfetched. When it seemed like we were stuck within our smartphones and computers, suddenly, entire new realms opened to us. 

The Great Indian Metaverse Migration  

Internet usage is expected to double by 2023. More Indians will go online, and the Metaverse is the next big thing, which has applications in business, education, entertainment and much more. 

Thanks to affordable smartphones and inexpensive data plans, they are putting up the highest growth rate among the world's major economies. The Internet, which India has long known only as a tool for commerce, has become a tool for communication and entertainment. 

It's not hard to imagine such a thing — meta vision glasses would be great for business meetings or video conferencing; holographic avatars would enable us to experience something beyond our regular lives; augmented reality devices would be great for anyone who wants to check out a new restaurant without actually going there; and so on. 

The Metaverse Consumer-In Economic terms  

The Indian virtual economy is among the fastest-growing economies. The future of work, real estate and industrial growth will take a turn with the Metaverse. India's e-commerce industry will grow to $200 billion by 2026 (300%) in 6 years! 

We are now at the dawn of another era as the Metaverse becomes a reality. So what is the Metaverse? It is an immersive, interactive, and three-dimensional space that uses computer modeling to simulate real-world environments with the help of virtual reality (VR) and Augmented Reality (AR). 

When AR and VR were first introduced, they seemed like gimmicks. Today, devices such as the JioGlass have brought them into the mainstream. Although there is still early days for these technologies, we believe that there's nothing more exciting than trying to predict how things will pan out over the coming decades. 

The consumer economy will shift towards the metaverse economy with people investing in virtual assets and currency that can be converted into money. There are already examples of virtual currencies like Bitcoin and Dogecoin, which have turned into billion-dollar markets. 

JioGlass and the Future  

The Metaverse is the Internet of 3D spaces. It will be a network of connected virtual, augmented, mixed and simulated reality spaces where people may interact and co-inhabit. Think of it as a combination of all these technologies — 3D avatars, computer-generated environments, mixed reality headsets, sensors and advanced artificial intelligence — to create a simulation that resembles our physical world. 

Enterprise spending on consumer metaverse creation, maintenance and development will far outweigh consumer spending. Brands, influencers, artists and entertainers will thrive in this new ecosystem by creating content for consumers. This will generate vast amounts of data for organizations to analyze and gain insights into consumer behavior. 

We're on the cusp of a new era, where virtual reality will become an integral part of our everyday lives. Nothing will remain untouched by this revolution, from how we communicate to how we work, play, and even live. In this new world-the Metaverse-our identities, our choices, and our lives will no longer be limited by the physical plane. 

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