Metaverse<\/a>, according to the report, is defined as the future version of the internet<\/a>, which will blend reality and virtuality and converge immersive spaces, social and collaborative experiences, and the creator economy.
The firm estimates that Metaverse will become a $13 trillion opportunity globally by 2030. It further forecasted that nearly 8% of the $160 trillion global GDP<\/a> by 2030 will come from Web3<\/a> and Metaverse.
“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,” said Barnik Chitran Maitra, Managing Partner, Arthur D. Little<\/a> India & South Asia.
However, for India to realise the potential of a multi-billion dollar Web3 and Metaverse industry by 2035, there is a need for concerted action by startups, investors, corporates, and the government, according to Maitra.
The report said that rising e-commerce penetration and digital payments could find use cases of Web3 and Metaverse.
For instance, the firm said, “India's leadership in digital payments adoption could pave the way for the integration of fintech solutions in the Web3 ecosystem<\/a>.”
To drive growth, Arthur D. Little suggested that investors could set up dedicated teams in Web3 and Metaverse and establish accelerator programs, while startups could develop 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,” the report said.
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