India has one of the fastest-growing markets for Web3 and Metaverse technologies in the world. The market is expected to reach $1.1 billion by 2023, with a CAGR of 57% according to a white paper released at the ‘Entrepreneur Web3 Summit’ in Bengaluru in March 2023. India is home to over 450 Web3 startups, including four unicorns, and the third-largest Web3 pool in the world, with over 20,000 active cryptocurrency and Web3 developers.
However, a recent report released by PwC India titled “Our Take- Embracing the Metaverse” revealed that only 90% of the 150 Indian businesses surveyed were engaged in Metaverse technology. The report showed that 24% of respondents were unsure about what they understood Metaverse to be, and 8% believed the vision would never be realized.
Pratik Gauri, Co-Founder and CEO of 5ire, stated that the report’s hesitancy rate is not surprising, given that only 1% of the global population has adopted blockchain technology. However, he is optimistic about the rapid adoption of Web3 and blockchain, which he believes will be faster than that of the internet, which took 20 years.
The report also highlighted that respondents had no plans to embed cryptocurrency, NFTs, and enterprise blockchain, respectively. Meanwhile, a KPMG India report stated that, among all base and augmented technologies, metaverse/NFTs’ maturity was at the lowest, with about 35% of large global enterprises lagging on implementing it.
The lack of clarity from the government with regard to crypto assets and NFTs is making brands choose options with limited exposure to these areas. In contrast, the US has seen brands like Nike and the NBA aggressively adopt NFT and Web3 into their ecosystem, targeting millennials. Global brands are leading the exploration of these concepts, with Indian brands following suit.
