BWA chief says India's diverse markets to be democratized with Metaverse; Jai Reliance and Nykaa


Metaverse technology seems to have a bright future in India, with use cases being seen in abundance by industry experts. In a recent conversation with Gadgets360, Dilip Chenoy, President of India Web3 Association, highlighted a particular industrial use case of the metaverse. The hyper-realistic visuals that the Metaverse supports – Chenoy said – will democratize the country's diverse market ecosystem and give it a powerful boost on the global stage.

“AI-powered sellers will engage in conversations digitally. Augmented Reality (AR) will allow you to virtually try on makeup, clothes, and accessories before making a purchase. This is not a distant reality; This is the transformative potential of the metaverse for the Indian retail sector. In India, brands like Reliance and Nykaa are at the forefront of experimenting with AR/VR technologies to create virtual showrooms,” Chenoy told Gadgets360.

The coming times have been called an 'era of transformation' for India's retail sector. As far as growth projections for the sector are concerned, excluding food and grocery, India's value retail market is likely to reach $170 billion (approximately Rs 14,09,495 crore) by 2026, according to findings by Wazir Consultants. The claim was made in January citing. , In 2023, India's value retail sector was valued at $111 billion (approximately Rs 9,20,317 crore).

Chenoy expressed confidence that adequate availability of metaverse technology will contribute immensely to Indian development. markets And authentic crafts in the times to come.

“Geographical barriers have broken down, giving small businesses in India the opportunity to reach a global audience. As India enthusiastically embraces this digital revolution, the future of shopping promises to be exciting and transformative,” said the BWA chief.

India stands out globally with one of the largest Web3 developer workforce, something many industry players, including Coinbase CEO Brian Armstrong, have appreciated in recent years. Earlier this year, Mark Zuckerberg's Meta had also reached out to India's telecom regulator seeking increased dialogue and discussion about ethical use cases and the development of technologies like AI and the metaverse.

Chenoy says that under these circumstances, India just needs a regulatory clarification that finalizes the dos and don'ts for Web3 industry members and stakeholders.

“The Reserve Bank of India (RBI) has taken a proactive stance by actively encouraging blockchain adoption in payment systems and guiding banks through its regulatory sandbox initiative. Despite the growing interest, regulatory uncertainty has become a hindrance for startups venturing into this space. Clear rules and policies are necessary to instill confidence in companies exploring this transformative technology, Chenoy said.

BWA came into force in November 2022. It comprises representatives from India's crypto and web3 sector who collectively collaborate with the government to promote the growth of this sector in India.

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