A teen Telangana-based entrepreneur, Saikiran founded SCOPE at the age of just 17. He is currently a first-year BTech Data Science student at Manipal University, Jaipur. Even before crossing the threshold of his teen years, Saikiran is already leading a prosperous professional career. He completed his Junior CEO program certified by Brown University. He also received the monumental Global Kids Achievers Award for developing SCOPE’s avant-garde application. He was also one of the top-100 students across India selected by Google to visit their office.
Earlier this year, the Tunak Tunak Tun star Daler Mehndi became the first Indian artist to perform on metaverse. The Punjabi singing sensation garnered more than 20 million spectators worldwide and registered his name in history.
But metaverse is more than just a mere medium to get entertainment or to play games. It is a powerful tool to address remote work challenges by creating virtual working and learning spaces, assisting healthcare professionals to reach patients timely, irrespective of geographical challenges, and so much more.
The various attributes of metaverse are attracting multinational players and startups alike. If the trend continues, which market experts believe it will, then metaverse could be the next trillion-dollar opportunity under which startups and traditional giants can thrive indefinitely.
So, what is metaverse?
Metaverse – a seemingly innocent word has stirred up the entire conventional and unconventional business world. Starting from traditional giants like Google, Microsoft and Apple to startups alike, metaverse–the potential futuristic world, has piqued the interest of every business entity globally.
In simple words, the metaverse is a concoction of the digital world in which the mash-up of physical, augmented and virtual reality is being integrated. Understand it this way; metaverse takes the existing digital experience to the next level by combining real-world features in a 3D immersive environment.
For instance, remote working has become a widely acknowledged phenomenon. But with this concept, there are also issues like time-theft. In this context, the metaverse enables managers or leaders to engage with their team in a virtual setting but with real-world attributes. It will be like sitting in an office but in metaverse format.
Startups + metaverse = Ample opportunities to grow
A boon for healthcare professionals: The global pandemic once again reiterated the importance of top-notch medical facilities. In a metaverse ecosystem, healthcare professionals and medical staff will be able to interact with patients, irrespective of geographical barriers. They will be able to get first-hand insights into the patient’s conditions and give treatments accordingly.
Making remote working more professional: While the pandemic forced the world to take unconventional routes, there are certain challenges that workplaces are facing in the post-pandemic era. Here, the metaverse has emerged as an unyielding solution that caters to all prevailing obstacles of the remote working model.
For instance, the metaverse ecosystem has the potential to enable managers to meet their subordinates in a virtual environment (digital avatars). They’ll be able to interact with them, study body language and behaviour, and basically function like a fully-fledged office environment in a digital setting. This will allow managers to keep a steady track of employees’ day-to-day activity and eliminate any chance of workplace disparity.
Making games more than just fun, but an earning model: The gaming world is slowly converting from a decentralised setting to a centralised one. The metaverse games allow gamers to function on a play-to-earn model to have fun while also earning on the side. Popularly known as the blockchain, NFT (Non-fungible tokens) and crypto games, these new-age gaming models allow gamers to buy, sell and trade in-game assets like combat armours or an upgraded weapon.
According to industry experts, the blockchain gaming industry has come a long way in a short period. In 2021, the blockchain gaming market was valued at USD 3 billion, and it is expected to touch the USD 39.7 billion mark by 2025. Suffice to say, the metaverse is the sustainable future of the hitherto gaming industry.
The aforementioned steps are a few ways startups can bring about a difference in the modern-age world by addressing real-life problems by leveraging the metaverse world.
What the future holds?
According to Emergen Research, the global metaverse market size is forecasted to touch USD 1607.12 mark in 2030. The sector is expected to register a revenue CAGR of 43.3% during this period. In alignment with this report, our internal analysis has also suggested that given the massive support and demand for metaverse versions, now is the time for startups to make headways in this direction.