Web3, Metaverse present USD 200 billion prospect in India

Web3 and Metaverse present a remarkable USD 200 billion prospect in India, says Arthur D. Little, a prominent management consulting firm, in its groundbreaking report titled "Web3 & Metavsrse — The rise of the new Internet & the India opportunity.

The report further predicts that Metaverse will soar to a staggering USD 13 trillion opportunity globally by 2030. Additionally, Arthur D. Little forecasts that a substantial 8% of the USD 160 trillion global GDP by 2030 will be attributed to the revolutionary Web3 and Metaverse technologies.

Barnik Chitran Maitra, the Managing Partner of Arthur D. Little India & South Asia, is sanguine about the Indian Web3 and Metaverse landscape, citing significant investments in the sector. Content creators and gaming start-ups are effectively leveraging Web3 to directly monetize users, bypassing intermediaries, while corporates are building metaverses to establish more meaningful connections with their employees and customers.

To transform India into a thriving multi-billion dollar hub for Web3 and Metaverse, Maitra emphasized the importance of collective support from start-ups, investors, corporates, and the government. The report also highlights the potential integration of fintech solutions into the Web3 ecosystem, given India's leadership in digital payments adoption.

Furthermore, Arthur D. Little suggests that investors establish dedicated teams for Web3 and Metaverse, along with the implementation of accelerator programmes. Start-ups are encouraged to develop innovative use cases, collaborate with corporations on their initiatives, and concentrate on creating products for both local e-commerce and global customers.