How Technological Influence will Benefit India in the Metaverse

India has come a long way from being a passive recipient of technology to becoming the harbinger of a lot of products that use the latest cutting edge technology. This paradigm shift can be attributed to two reasons. The first is the growing entrepreneurial spirit that encourages innovation. The second is the fact that communication has become universal and knowledge has become more accessible.

It is one of those rare cases where the want and the need coincide. On one side, India is trying to establish itself as an epicenter of technology, manufacturing, products, innovation, and every other thing that the future stands for. On the other hand, an average Indian aspires to establish their thought leadership and supremacy in almost every field that they enter into.

Both these thought trends culminate at unified universal communication. Access to communication not only opens up opportunities for business but also creates a platform for people to acquire knowledge without any delay or being plagued by red tapes.

This access to technology is very well reflected in the closure of the gap between the least technically exposed and the most technically exposed in India. Internet penetration, mobile usage, and growing awareness have all jointly contributed to Indians becoming more technologically aware. Creation of content in native languages of India that simplifies complex concepts has also contributed to people not only becoming aware but also becoming comfortable with advanced concepts like blockchain, cryptocurrency, and NFTs.

All this implies that the magnitude of hesitation has drastically become zero when it comes to trying out new technology or its manifestations. It can be very well understood by the fact that while India was hesitant to accept digital payment instruments like credit cards and debit cards in their early stages, India is, today, one of the largest ever markets for UPI payments.

The same can be said about one of the latest advancements in the field of interaction and communication… The metaverse. The metaverse, as you may have known, is the digital universe where people interact with each other using their digital avatars. While there may be a lot of digital universes, what makes the metaverse special is that people can interact on the digital space without compromising the real-world identity. This establishment of identity is taken care of by NFTs using the underlying distributed digital ledger technology called the blockchain.

The metaverse is expected to open up a lot of new possibilities with respect to communication, learning, interaction, and businesses. The metaverse also provides a lot of advantages which include limiting physical exposure without compromising on the intensity and integrity of interaction.

The metaverse has all the credentials it takes to become a bliss for a country like India. India, as you may have known, is heavily populated and is emotionally driven. Bringing the metaverse into the equation of interaction will ensure that celebrities, big brands, and sports people can interact with their fans and provide them with unique experiences.

If any innovation like the metaverse had to happen a decade ago, a lot of impedance could have been expected from a market like India. At the time, even the penetration of mobiles and the Internet was still in its infancy. It was the time when people aged above 45 had not gotten into Facebook, and only 3G Internet was available.

However, thanks to the exposure that India has gotten in the past 5 to 10 years, India has zero hesitation in embracing anything that is new. This is one of the reasons why Indians form a major chunk of people dealing with crypto, NFTs, and the blockchain in general. It is not a thing of surprise that some Indian organizations have carved a significant niche for themselves in the global NFT/blockchain scene. India is home to a lot of Web3 companies and the number is steadily growing.

The future of interaction belongs to the metaverse and there cannot be any escape for any geography/market from becoming a part of the Web3/metaverse revolution. It is a thing of delight and comfort that India has gotten familiar with NFTs and metaverses, making the entry a lot less taxing and troubled than it would have been earlier.

It definitely would not be an exaggeration to say that technology has played a major role in India becoming familiar with and adopting the metaverse… And India is all set for the future centered around Web3, NFTs, and metaverses

Author:

Kameshwaran Elangovan, COO and Co-Founder at Guardianlink