Web3, Metaverse to be a $200 billion market in India by 2030: Report

Web3 and Metaverse market in India can reach USD 200 billion by 2035, a consultancy firm said on Thursday.

To reach USD 200 billion, the Web3 and Metaverse market will grow at 40 per cent per annum till 2035, as per an official statement.

“Content creators and gaming startups are leveraging Web3 to directly monetise users, bypassing intermediaries and corporates are building metaverses to engage more meaningfully with their employees and customers,” managing partner of Arthur D Little India and South Asia, Barnik Chitran Maitra said.

Maitra, however, said concerted action is needed by startups, investors, corporates, and the government to achieve the number.

The consultancy firm termed Metaverse as the “future version of the internet”, which will be blending the frontiers between reality and virtuality at the convergence of immersive spaces, social and collaborative experiences, and the creator economy.

Globally, Web3 and Metaverse are pegged to become a USD 13 trillion opportunity by 2030, which will be about 8 per cent of the global GDP then.

Originally appeared on: TheSpuzz