From Games to Digital Assets: How Web 3.0 is Transforming India’s Tech Industry Through the Metaverse

This growing ecosystem is attracting significant investment, with startups and tech giants exploring use cases spanning decentralized applications (dApps) and non-fungible tokens (NFTs) and digital identities.

Currently, there are over 450 Web 3.0 enterprises operating in India, with 160 being established between 2021 and 2023. Some media reports indicate that the global Web 3.0 blockchain market is expected to cross $44.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 44.13% throughout the forecast period.

One such tech player in this space is String Metaverse, inspired by string theory in physics. This decentralized model follows the core principles of Web 3.0, emphasizing community-driven development and resilience.

“Our strategy is primarily aimed at gamers and Gen Z. There are around 3 billion casual gamers and 100 million esports players worldwide. Our goal is to leverage this potential by creating micro-communities for specific interests and regions, targeting the 1% of this audience. The focus on Gen Z, whose spending power could reach $30 trillion in the next decade, underscores their forward-thinking strategy,” said Krishna Mohan Meenavalli, Founder, String Metaverse.

The company also organizes global tournaments for popular games such as BGMI, Free Fire, Call of Duty and Valorant, attracting top talent and supporting the development of the ecosystem, he added. He cited IdleMine as an example, which has attracted over 500,000 users worldwide.

Meenavalli said the company has expanded its reach through Telegram, offering free games like Crash Dice, Spin and Rummy, as it finds new monetization opportunities. Other revenue models include platform fees, taxes on token transactions, advertising, transaction fees, market-making activities and providing liquidity to digital asset markets, he said.

“String is committed to driving innovation in digital assets by acting as the Y Combinator for this space. Through the String X initiative, the company is rapidly investing $5,000 to $500,000 in promising community-building projects, ensuring that innovative ideas receive the funding they need,” the founder said.

“We are also developing a multi-blockchain market-making infrastructure that can handle up to 10,000 messages per second. We envision integrating AI to counteract network centralization. Our goal is to leverage the combined power of over a million GPUs,” he added.

Milestone Reached Alert!
Livemint tops list of fastest growing news sites in the world 🌏 Click here to find out more.

3.6 Crore Indians visited us in a single day, choosing us as India’s undisputed platform for announcing the results of general elections. Browse Latest Updates Here!

Posted: August 11, 2024, 1:55 PM EST