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Economy November 13, 2021

Metaverse: India’s thriving tech startup ecosystem

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India has a crucial role to play in leading the metaverse revolution. Indeed, it ranks among the top five global markets in terms of user base, with 440 million gamers, or 16 percent of the world’s 2.7 billion gamers. Furthermore, thanks to its large user base, India ranked first in the world in mobile game downloads for the first nine months of 2020.

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“With smartphones targeting one billion Indians in five years, we hope India will grow into a land of not just gamers but also creators, building a metaverse,” said Anjali Sosale, partner at WaterBridge Ventures.

Bolly heroes

Bolly Heroes is a parallel world to Bollywood created by production houses, music labels, brands, celebrities, game studios and animation companies. Among its backers are Paperboat Design Studios, Fantico, and Vistas Media Capital.

Moreover, the partners are preparing to launch Bollyverse, a limited edition NFT collection platform. Pre-registration will begin on September 21, 2021.

In the Bollyverse, people can create their own stories, games, shows, animations and movies to launch community-run movies, games, shows, and animations. The platform offers three main types of NFT: Legend BFT, Hero NFT and Real NFT. Thus, each NFT holder is rewarded with revenue sharing, bonuses and first access to new products.

OneRare

The New Delhi-based company OneRare offers India’s first food meta game on 0xPolygon. In March 2021, Gaurav Gupta and Supreet Raju founded the company.

OneRare enables users to collect NFTs by following recipes. The main feature is that each “Dish NFT” is unique. In other words, only one user will have the ‘rare dish’ in the world.

LOKA

LOKA, based in New Delhi, is India’s first multiplayer, game-based virtual Metaverse. It is based on 3D maps of real-world city locations, where players can engage in simultaneous, live experiences through their favorite third-party apps.

The game was developed by Krishnan Sunderarajan in July 2020. Platform users can explore 3D versions of cities and locations. In this game, multiple users engage at the same time.

Cope.Studio

Vaibhav Sharma founded Cope.Studio in November 2020. The company operates as a deep tech product studio that builds platforms for the creation and growth of successful products, focused on early stage companies.

Interality

In March 2021, Farheen Ahmad founded Interality, an engagement platform for developers and fans in the Metaverse. The Bengaluru-based platform allows creators to capture and drop their life moments through NFT-based augmented reality holograms.

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Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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Economy

Microsoft clearly engages in the metaverse using Q2 earnings call

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Satya Nadella, CEO of Microsoft, revealed his vision for the metaverse at the company’s Q2 2022 earnings call.

Overall, the company’s Q2 2022 filing showed a significant increase in cloud-based services. Microsoft reported $51.7 billion in revenue, a 20% increase over the previous year. Intelligent Cloud revenue was $18.3 billion, a 26 percent increase over the previous year. Azure drove a 29 percent increase in sales for server goods and cloud services. As well as a 46 percent increase in revenue for other cloud services.

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Among the trends noted by Nadella on the earnings call was a “structural shift in PC demand.”

According to Microsoft CFO Amy Hood, Windows revenue from PC manufacturers increased by 25%, which was “far over expectations”. She stated that demand was being driven by the PC market’s success, particularly in the commercial category.

According to an earnings call transcript obtained on the financial blog site Seeking Alpha, Nadella envisions the metaverse as the next wave of the Internet. “Just as the initial wave of the Internet has allowed anyone to construct a website, I believe the next wave of the Internet will be a more open world where people, whether companies, game developers, or anyone else, may create their own metaverse world,” he stated.

“The first place we see this is the increasing digitization of people, places, and things to truly enable organizations automate operations at the next level,” he explained. “So, today, we have a number of examples of customers engaging with us through Azure IoT, Digital Twins, and Mesh. So that’s what you’ll see in Azure, and we’re investing heavily on it.”

Nadella sees prospects for Dynamics 365 Connected Spaces further up the software stack. This in-development technology is to control physical operations in physical areas such as a store, a connected factory, or a building. “We now have a suite that powers entirely by connected spaces,” he explained. Microsoft’s goal, he noted, is to automate physical operations.

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Economy

Style.me introduces its wearable NFTs in the metaverse

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Style.me, the industry-leading 3D fashion technology company, has launched a new innovative offering that enables designers to become metaverse-capable creators. In addition this latest step extends the company’s solutions into the world of digital fashion and NFTs. Moreover building on its growing success in virtual fitting and styling.

Style.me

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The company Style.me mints and distributes fashion NFTs

Style.me creates and distributes fashion NFTs, allowing people to wear, share, and use them across the metaverse. In addition, the company gives its partners the ability to bring their physical collections into the digital realm through bespoke “phygital” experiences.

The company Style.me’s plug-and-play technologies will allow metaverse projects to make digital fashion accessible to their communities. New experiences, such as virtual runway presentations, exhibitions, and live events, will be possible for designers and companies.

Style.me, with its 3D and AR technologies, is at the forefront of making digital fashion more accessible

Fashion NFT utilities are now limited, and Style.me is at the forefront of making digital fashion more accessible with its 3D and AR technology.

Style.me’s President, Rufus Parkinson, stated. “Style.me’s mission has been to enable consumers to see and interact with fashion in the digital environment since its inception. We believe that digital fashion and NFTs will alter the industry by allowing us to leverage our patented technology to open up a new dimension of user experiences.”

Combined with blockchain technology and the rapid expansion of the metaverse, digital fashion will explode in the next few years. Morgan Stanley estimates that the premium digital fashion sector alone will reach $20 billion by 2030.

Style.me’s goods are already in high demand, with consumption rising 386 percent in the last year, and this additional fashion NFT offering offers up even more prospects for growth in the digital fashion industry.

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Economy

Metaverse: Tencent is updating QQ with the Unreal game engine

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According to an upgraded version of the program, Tencent Holdings has stealthily integrated the Unreal Engine video game engine into its increasingly obsolete QQ messaging network. Hence, analysts believe the move is part of the social media and gaming giant’s entrance into the metaverse.

metaverse tencent

According to LibChecker, a third-party app inspection tool, the Shenzhen-based company updated QQ last month. The new version, which was formerly a chat app, includes portions of the Unreal Engine video game engine.

Tencent launched a new app feature called Super QQ Show, which is a 3D interactive arena where users can socialize, watch shows, and play games, at the same time as the update. As a result, observers claim the move is Tencent’s latest attempt to establish a footprint in the metaverse.

Resuscitating QQ.

The decision also demonstrates Tencent’s commitment to resuscitate QQ, its second most popular messaging platform behind WeChat with 590 million monthly active users, which had fallen out of favor in recent years as Chinese netizens shifted their attention to short videos and other platforms.

In China, the metaverse is gaining traction. Although the country has not yet developed a national plan for the concept, like South Korea has, officials in some key cities have pushed businesses to investigate it. For example, one of four frontiers to explore in Shanghai’s future five-year plan is the metaverse.

The Super QQ Show is currently under testing by a small number of users. Tencent staff uploaded screenshots and video footage of the functionality. Which shows players dressing up their avatars in 3D, decorating their homes, and visiting others. Thus similar to Nintendo’s Animal Crossing video game franchise.

The Unreal Engine is utilized in successful games such as Bioshock and Mass Effect. Tencent owns a 40% share in Epic Games, which operates the engine in the United States. Last year, Epic Games was one of the first worldwide tech behemoths to make metaverse development a top priority. Epic’s flagship game, Fortnite, considered as one of the market’s leading metaverse initiatives.

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