NFT and Blockchain reshaping the future of Metaverse in India

NFT, Blockchain and Metaverse - These are some of the most often used terms in the tech world today. Even CEOs of global tech giants like Mark Zuckerberg or Satya Nadella have referred to the metaverse as the future of the internet. But what exactly does it mean?

Is it an immersive VR world, like what most believe or is there more to it 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 truly define what it means. Take the internet for example. When it came into the public domain back in the 70s, not every idea of what it would eventually look like went on to become true. The same can be said about the metaverse at this stage, as it is still developing.

To sum it all up, metaverse as a term doesn't 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 speaking, the technologies that companies currently refer to while talking about the metaverse include virtual reality and augmented reality. 

Considering its immense potential, many companies around the world have started hopping on board the metaverse bandwagon while also envisioning a sort of new digital economy, where users can create, buy, and sell goods. And this is where NFTs and blockchain have come into the picture. They are crucial for the future of the metaverse as they play an essential role in enabling the digital economy inside it. NFT technology, for one, allows individuals to have ownership of digital assets like images, videos, and audio within 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 be further built into a self-sustaining digital economy, wherein metaverse users can exchange these NFTs for cryptocurrency to buy other metaverse entities or choose to cash them out for fiat money at any moment. Blockchain tech will therefore be central to all this as it will enable metaverse businesses to offer cohesive services to their users. This can 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 like NFTs.

As per the market estimates, the metaverse industry in India is expected to grow at an impressive CAGR of 37.1% and touch a whopping $758 billion by the end of 2026. And not just that, India currently ranks at the 5th position on the list of top nations driving the metaverse market. Even the blockchain industry in the country has expanded fast 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 day is not far away when entrepreneurs and influencers will be able to operate their businesses in the metaverse with endless opportunities.

The article has been written by Supreet Raju, Co-Founder, OneRare