Chennai companies, developers, and artists are cashing in on the Metaverse.
What’s it about? As Web3 settles in, city-based companies are jumping on the bandwagon to develop entertainment products and services for the Metaverse. Collectible-centric NFTs are popular in developed countries. In India, a product-based Web3 ecosystem could work well. Many startups have emerged and brought influencers and their followers into the Metaverse.
- Rapogen is building a custom universe in the Metaverse for companies. It also hosts meta spaces for social media influencers free of cost. In it, the creators will have their own space.
- Square Comp makes its own VR headset for VR-based industrial and corporate training. It’s building applications across sectors like farming, IT, banking, and finance.
Government role and potential: The Tamil Nadu government is doing its part by training students and setting up collaborations between companies and educational institutions. The state will create a Tamil virtual library in the Metaverse. According to CII and KPMG, embracing Web3 applications will boost the state’s GDP.
- There are still concerns about regulations. Experts have called for clear policies on the Web3 ecosystem, like in Dubai, Japan, and South Korea. They also want the tax burden to be removed to incentivise Web3 companies.