The metaverse market, which is expected to grow at an annual rate of 37.7 percent over the next six years, is estimated to reach a valuation of $74.4 billion (roughly Rs. 6,20,918 crore) by the end of of 2024. Preparing to Resist On the strength of advances in Web3, IIT Madras has begun drafting policies to oversee the metaverse sector. Called XTIC (the eXperiental Technological Innovation Centre), a research and development body incubated by IIT-M has started working around something called 'Metaverse India Policy and Standards (MIPS)'.
The XTIC has established a dedicated committee to conduct research around the foreseeable use cases and gaps in the current metaverse ecosystem. The committee will address the technical and ethical shortcomings to make the industrial use of this digital technology safer and more advanced.
Rrahul Sethi, a veteran of the Indian tech space who recently launched a metaverse experience center in Noida of NCR, is part of this committee. Speaking to Gadgets360, Sethi noted that the MIPS will not curate policies and standards around the metaverse on its own, but will engage with industry players, hold dialogues and publish reports for the government to refer to as it rolls out centrally policies related to Web3.
“The metaverse is a rapidly evolving concept. Experts and leaders from across India and other parts of the world will come together here collectively to discuss these standards and create awareness around them,” Sethi said.
A fully functional virtual universe, the metaverse ecosystem is based on blockchain networks. The technology provides a hyper-realistic virtual ecosystem where people can work, socialize, play and window shop from the comfort of their homes.
In a recently released report, the World Economic Forum (WEF) said that 92% of US manufacturing companies are already exploring ways to add a metaverse twist to their existing business operations.
“The industrial metaverse is projected to be a $100 billion (roughly Rs. 8,29,018 crore) market worldwide by 2030. The metaverse will drive the next phase of the industrial revolution through the convergence of digital twins, an industrial industry staple. metaverse and four rapidly evolving fields: spatial computing, artificial intelligence (AI), Web3 and blockchain,” the report said at the time.
Now that IIT-M has started the rulemaking process to oversee the Web3 sector, the committee will analyze the potential impacts of the metaverse on sectors such as education, health, gaming and business, and propose strategies to maximize profits.
Addressing ethical, privacy, and security issues related to the metaverse and collaborating with industry, academia, and government stakeholders to gather diverse perspectives and insights are part of the committee's agenda.
“These are main targets, but we are still deliberating on more. Government bodies will also use the reports to set standards,” Sethi added.
In January, China also formed a body that would set standards for the use and exploration of the metaverse there.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
