The Tech Today Congress held in Bengaluru witnessed a captivating session by Barnik Chitran Maitra, Managing Partner at Arthur D. Little India & South Asia, who unveiled the potential of the Metaverse and Web 3.0 in reshaping the digital landscape. With a focus on the transformative power of these technologies, Maitra shed light on their impact on business models, user experiences, and the emerging opportunities they present.
Evolution of the Internet:
Maitra acknowledged the significant advancements in internet technology since its inception. However, he highlighted that the underlying architecture of the internet has remained relatively unchanged. He emphasized that two key developments, the emergence of the Metaverse and the rise of Web 3.0, are poised to revolutionize the internet as we know it.
Understanding the Metaverse:
The Metaverse, as described by Maitra, represents a convergence of virtual reality, augmented reality, and real-world experiences. It goes beyond mere avatars and virtual selves, offering users immersive and interactive experiences that blur the lines between the physical and digital realms. This transformative concept opens up new possibilities for social interactions, gaming, education, and entertainment.
The Promise of Web 3.0:
Web 3.0, according to Maitra, aims to democratize the Internet by decentralizing control from dominant tech platforms. This shift empowers content creators and users, enabling them to have greater control over their digital experiences. Web 3.0 leverages technologies such as blockchain, cryptocurrency, and tokenization to create a more inclusive and transparent Internet ecosystem.
Convergence of the Metaverse and Web 3.0:
Maitra highlighted the interplay between the Metaverse and Web 3.0, giving rise to what he calls the “new internet.” On one hand, the Metaverse offers immersive experiences, exemplified by platforms like Roblox, where users can engage in virtual worlds and creative endeavors. On the other hand, Web 3.0 fosters decentralization and opens up avenues for applications like decentralized finance and autonomous organizations.
The Global Opportunity:
Maitra emphasized the vast global opportunity presented by the new internet era. The Metaverse is projected to create an addressable market ranging from $5 trillion to $30 trillion by 2030, with Metaverse-specific services playing a significant role. Similarly, the Web 3.0 market is expected to reach $4 to $10 trillion, offering substantial revenue potential across various sectors.
India’s Potential:
Maitra highlighted India’s unique position in the new internet landscape. With distinct internet consumption patterns between “Digital India” and “Digital Bharat,” India has the potential to become a producer in the internet economy. Maitra estimated a market size of $200 billion within ten years, highlighting the need for India to lead in enablers, such as human-machine interfaces and tools for Metaverse and Web 3.0 experiences.
Enabler Startups and Use Cases:
Maitra discussed the significant investments flowing into enabler startups, signaling the growing interest in the Metaverse and Web 3.0. He highlighted diverse use cases emerging in India, including virtual conferences, exhibitions, virtual showrooms by major companies like BMW and Maruti Suzuki, and the use of the Metaverse for training and collaboration, as demonstrated by Apollo.
Embracing the New Internet Era:
Maitra concluded by emphasizing the importance of active participation and embracing the new internet era. He urged individuals and businesses to stay ahead of the curve, unlocking the potential of the Metaverse and Web 3.0. By doing so, India has the opportunity to empower its digital landscape and tap into a $200 billion market.
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Closing Thoughts:
As the world enters the era of the Metaverse and Web 3.0, the way we conduct business and live our lives is set to undergo a profound transformation. The convergence of immersive experiences and decentralized Internet principles holds immense potential for innovation, economic growth, and enhanced user experiences. It is crucial for individuals, businesses, and nations to understand and embrace these technological shifts to harness the opportunities that lie ahead in the new internet landscape.
