Tech Desk
Aug 11, 2024
Web 3.0, the next generation of the internet, is transforming the Indian tech industry in unprecedented ways. Spearheading this revolution is the metaverse, a shared, immersive, interactive virtual reality landscape where users can generate their own avatars and surroundings and interact with others in real-time.
Web 3.0 and the metaverse are redefining the gaming experience in India among the users. The integration of this technology is making the gaming environment more immersive and interactive, the developers can now build games that are more engaging, realistic and community-driven.
Interestingly, the players are allowed to own and trade in-game assets, participate in virtual events and interact with each others in real time.
"We're committed to driving digital asset innovation," said String Metaverse's founder Krishna Mohan Meenavalli. "Our strategy is to create micro-communities for specific interests and regions, targeting 1% of the global gaming audience."
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The Metaverse is giving rise to a new class of assets that are virtual assets that include real estate, art, and collectables situated in the virtual world. Moreover, Web 3.0 has a huge growth potential, with its global market expected to reach $44.2 billion by 2031.
Indian companies are already exploring ways of creating, buying, selling, and trading these assets, opening up new revenue streams and investment opportunities.
However, the Web 3.0 and the metaverse are transforming the Indian tech industry by creating new business models, generating new job opportunities, and even attracting foreign investments.
