As 2023 approached, many commentators considered the question: is the metaverse dead? It was a reasonable question to ask, considering that the entire crypto market was tanking. Furthermore, NFT sales were declining. The former Facebook also announced that it had lost half its value in the time since pivoting to a ‘metaverse first strategy’. Their conclusion surprised many. However, rather than being dead, the metaverse was in fact inevitable. It could be a driver for the crypto market to rebound.
A series of articles are probably needed to explain what is “the metaverse”. However, the purpose of this piece is simply to highlight a number of metaverse start-ups that are worth keeping an eye on. And not just that, but also to demonstrate that the interest in the metaverse is not just restricted to Silicon Valley, but many Indian companies are also actively investing in the space.
Indian businesses saw the potential in the metaverse as early as anyone, and several entered the industry with considerable enthusiasm. Over the last two years, there have been the big-tech giants making billions of dollars in investments. There are also many Indian students who started businesses with the metaverse as their primary market. In the coming year, it may just be an Indian metaverse start-up that accelerates new interest in the sector.
Let’s introduce 5 Indian Metaverse start-ups to add to your watchlist:
OneRare
OneRare, has been on the scene for a relatively long time, and has already grown a sizeable user base. It describes its mission, “…to foodify the blockchain and bring the global food industry to Web3 for the first time.” It is the first food-focused metaverse, and aims to give food lovers everywhere and an immersive, virtual experience. The platform has a native token called $ORARE, and its gaming zone has two different NFTs: Ingredient NFTs and Dish NFTs.
Bollyverse
Bollyverse is where Bollywood meets the metaverse, and claims to be the place where ‘everything Bollywood happens’. From award ceremonies to NFTs, brand endorsements and meta shopping, this is the place for anyone passionate about Bollywood. Along with an NFT collection, this community driven platform allows users to create community-driven movies, video games, television shows, and animation by writing, acting, and producing their own stories and characters.
LOKA
Along with OneRare, LOKA is becoming a survivor in the metaverse space, founded in July 2020, LOKA describes itself as ‘India’s first gaming metaverse’. Essentially, it’s a multiplayer virtual gaming metaverse based on virtual maps of real-world Indian cities, where players can participate in live real time and concurrent experiences powered by their favourite third-party apps.
Flam
The founders of Flam, India’s first social metaverse, have the stated goal to: “empower everyone with a world of endless possibilities where you can unleash your creativity and truly immerse yourself! Be anyone you want to be with avatars, and more, that authentically speak YOU. Build meaningful relationships in a world with no boundaries and most importantly, have fun!”. It is also the first AR-based social platform of its kind.
Cope.Studio
Cope Studio is deep tech-focused start-up studio building in the 3D/AR, Web3.0 and NFT stack. Cope combines design, product support, and capital to turn ideas about the Metaverse into what they hope we become category-defining companies profitable ventures. It is building on the Polygon chain.
The next 5 to 10 years will see technological advances that will transform all of our lives, in ways that are currently unimaginable for many. This will include advancements in A.I, digitalisation, tokenisation, and the expansion of cyberspace into every area of life. The metaverse, or more accurately metaverse(S), will act as a foundation for this development. In doing so, it will elevate virtual and augmented realities to mainstream usage.
The five projects above are only the tip of Indian metaverse plays. To finish with some honourable mentions, you might like to check out: Interality, Zippy, NextMeet, IKonz, Invact, Doss Games, Atirath Gaming Technology, Wall App, Kudo Money, Acknoledger, Revirt.Space, and Dehidden.
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