New DelhiJust think you are sitting on the couch in your house, and at the same time you are participating in a meeting in New York, walking in an art gallery in Tokyo and then gossiping with friends in Delhi. This is neither a dream nor a scene of any science fiction film, but in reality. This is Metaverse, where through technology you enter a virtual world.
Metavars are a virtual digital concept of the world, in which you can roam as a virtual avatar, meet people. This is the next version of the Internet, where people do not only see the website on screen, but become part of a virtual world themselves.
The concept of metavors was first given by Science Fiction Writer Neil Stephenson in his book Snow Crash in 1992, in which he drawn the blueprint of a fictional world where people live their lives in a virtual reality by staying in the boundary wall of their homes. This concept may seem to be imaginary and distant according to that time, but the fast technological progress has made this imagination come true. According to Grand View Research, by 2024, the global metavors market was around $ 105 billion, while by 2030 the market can reach 11 trillion dollars. In October 2021, Mark Zuckerberg, inspired by Metavors, made Facebook name Meta and invested more than $ 10 billion in his Metavors unit.
According to reports, the gaming application is the largest part of the metavors market. Companies like Roblox, Epic Games have invested heavy in the field. Recently, the lifestyle brand Nike had created a virtual place on Roblox named Niceland, which became more than six million users in a few months. In the year 2024, Meta, along with VictoryxR, has set up digital twin virtual campuses of Universities in Europe, through which students can take remote classes. Companies in the health sector are also offering telehealth services based on VR technology, where the patient is being treated in a virtual environment. Many big brands such as Guchi, Walmart, Coca-Cola have built virtual showrooms in metavors. According to the consulting firm McKinji, Metavors based e-commerce can reach $ 25 trillion by 2030. At the same time, people are also investing in digital properties through NFT on metavors.
According to the Market Research Future Association, India’s Metavers market is around nine billion dollars in 2025, which can increase to $ 167 billion by 2034. The Ministry of Electronics and IT has launched an XR startup program for the promotion of AI, VR techniques, in which American company Meta is also participating. According to a report by Affax.com, a couple also married on a platform called Yuga Metavors last year, who made a lot of headlines. In the next few years, work is being done on making virtual metavors of big temples and historical places. In the field of education, VR platform Gyanadhara is being implemented in PM Shri schools in collaboration with the Central and State Government in the field of education.
However, more than 60 percent of users in India are from urban areas, while in rural India, VR, AR technology and high speed internet access is limited. TRAI has suggested in its report that access to metavors will not be possible without adequate bandwidth in rural and remote areas. At the same time, AR, VR headset, immersive display and other hardware are quite expensive. Recently, there was a case of harassment in a virtual environment with a 16 -year -old girl in Britain, which has raised serious questions of security and monitoring in metavors.
At the time of Kovid epidemic, when all the people were imprisoned in their homes, all the veteran companies of the world were excited about heavy investment in metavors. But the figures show that Mark Zuckerberg’s Meta’s reality labs have suffered a loss of over $ 60 billion since 2020 so far. AI and machine learning, which are already proving to be more effective than metavors, due to which companies have increased their investment on AI against this metavors. Despite all these possibilities and challenges, metavors are undoubtedly an emerging concept.
