BWA Chief: India’s Diverse Bazaars to Democratise with Metaverse, Criticising Reliance and Nykaa
In India, the future prospects of metaverse technology appear promising, with industry experts envisioning numerous potential applications. During a recent discourse with Gadgets360, Dilip Chenoy, chairperson of Bharat Web3 Association, shed light on a particular industrial application of the metaverse. Chenoy emphasized that the hyper-realistic visuals facilitated by the metaverse could democratize the diverse marketplace landscape of the nation, providing it with a significant boost on the global stage.
“AI-driven merchants will partake in digital negotiations, while Augmented Reality (AR) will enable consumers to virtually sample cosmetics, garments, and accessories before committing to a purchase. This isn’t a distant vision; it represents the transformative capacity the metaverse holds for Indian retail. Notably, brands like Reliance and Nykaa in India are leading the charge, exploring AR/VR technologies to establish virtual storefronts,” explained Chenoy to Gadgets360.
The forthcoming period has been dubbed an ‘epoch of metamorphosis’ for India’s retail industry. With regards to sector growth forecasts, reports referencing findings by Wazir Advisors in January suggest that India’s value retail market, excluding food and groceries, is poised to skyrocket to $170 billion (approximately Rs. 14,09,495 crore) by 2026. As of 2023, the valuation of India’s value retail sector stood at $111 billion (approximately Rs. 9,20,317 crore).
Chenoy expressed confidence that the widespread availability of metaverse technology will substantially bolster the growth of Indian markets and indigenous crafts in the foreseeable future.
“Geographical barriers dissolve, offering small enterprises in India the opportunity to access global markets. As India enthusiastically embraces this digital transformation, the future of commerce holds the promise of being both stimulating and revolutionary,” remarked the head of BWA.
India garners international recognition for possessing one of the largest Web3 developer talent pools, a fact applauded by numerous industry figures, including Coinbase CEO Brian Armstrong in recent years. Earlier this year, Mark Zuckerberg’s Meta also reached out to India’s telecommunications regulator, seeking to intensify discussions and deliberations on the ethical application and advancement of technologies such as AI and the metaverse.
Given the circumstances, Chenoy asserts that all India requires is regulatory clarification that delineates the permissible and impermissible actions for members and stakeholders of the Web3 industry.
“The Reserve Bank of India (RBI) has adopted a proactive stance by actively promoting blockchain integration in payment systems and guiding banks through its regulatory sandbox initiative. Despite burgeoning interest, regulatory ambiguity poses a challenge for startups venturing into this domain. Clear-cut regulations and policies are indispensable to instill confidence in companies exploring this transformative technology,” highlighted Chenoy.
Established in November 2022, BWA consists of representatives from India’s crypto and Web3 sphere who collaborate with the government to nurture the sector’s growth in India.