India’s diverse bazaars will be democratized with Metaverse, says BWA chief; Welcomes Reliance and Nykaa

The metaverse technology seems to have a bright future in India, with its use cases being predicted in abundance by industry experts. In a recent conversation with Gadgets360, Dilip Chenoy, chairman of the Bharat Web3 Association, highlighted a special industrial use case of the metaverse. Chenoy said the hyper-realistic visuals that the metaverse supports – will democratize the country’s diverse marketplace ecosystem and give it a powerful push at the global level.

“AI-powered suppliers will engage in negotiations digitally. Augmented reality (AR) will allow you to virtually try on makeup, clothes and accessories before making a purchase. This is not a distant reality; this is the transformative potential that the meta universe holds for Indian retail. In India, brands like Reliance and Nykaa are at the forefront experimenting with AR/VR technologies to create virtual showrooms,” Chenoy told Gadgets360.

The time ahead has been termed an ‘era of transformation’ for the retail sector in India. In terms of sector growth forecast, India’s retail market value, excluding food and grocery, is likely to jump to $170 billion (roughly Rs. 14,09,495 crore) by 2026. reports, citing Wazir Advisors’ findings were stated in January. In 2023, India’s retail sector is estimated to be worth $111 billion (approximately Rs. 9,20,317 crore).

Chenoy expressed confidence that sufficient availability of metaverse technology will contribute significantly to Indian’s growth markets and authentic crafts in recent times.

“Geographical barriers are breaking down, giving small businesses in India an opportunity to reach global audiences. As India enthusiastically embraces this digital revolution, the future of shopping promises to be both exciting and transformative,” added the BWA chief.

India stands out globally with one of the largest workforces for Web3 developers, several industry players, including Coinbase CEO Brian Armstrong, have applauded in recent years. Earlier this year, Mark Zuckerberg’s Meta also reached out to India’s telecom regulator, trying to boost dialogue and discussion around the ethical use cases and development of technologies like AI and the metaverse.

Under these circumstances, says Chenoy, all India needs is regulatory clarification that finalizes the dos and don’ts for members and stakeholders in the Web3 industry.

“The Reserve Bank of India (RBI) has taken a proactive stance by actively promoting blockchain adoption in payment systems and guiding banks through its regulatory sandbox initiative. Despite growing interest, regulatory uncertainty poses a hurdle for startups venturing into the space. Clear regulations and policies are imperative to instill confidence in companies exploring this transformative technology,” noted Chenoy.

BWA came into being in November 2022. It consists of representatives of the Indian crypto and Web3 space who collectively collaborate with the government to promote the growth of the sector in India.

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