Only Vietnam and India were noted as having more cryptocurrency users in 2021. India has always been open to technological and digital innovations while pushing every industry to new heights.
Most Indian IT firms are already engaged in use cases and development efforts to enhance their capacity to provide services in the metaverse. A new wave of employment opportunities, a chance for economic expansion, and a digital economy that offers a range of solutions through the metaverse have all been formed in India.
While the NFT trend has been quickly accepted, notable figures such as Amitabh Bachhan and Yuvraj Singh have joined the NFT field almost as quickly as cryptocurrencies and the metaverse. NFTs, when used correctly, bridge the gap between physical reality and the metaverse while preserving the validity and cost of the works.
The potential for the metaverse to generate global revenue is estimated to be over $800 billion in the next two years. Still, many experts and analysts, including myself, feel it can generate revenue of up to $1 trillion annually. The recent announcement of CBDC has given IT enthusiasts like me even more reason to be optimistic about the Indian government's initiatives relating to the digital economy.
What is CBDC?
The Central Bank is currently ready to test the CBDC or Central Bank Digital Currency. The Reserve Bank of India (RBI) has established the digital rupee as a form of legal tender.
According to reports, it will function like fiat money and exchangeable 1:1 with fiat money. The first phase, testing, will start with wholesale enterprises in the current fiscal year, the RBI indicated. The second phase will be its release.
What is e-RUPI?
Since Direct Benefit Transfer (DBT) is more efficient in digital transactions in the country and has given the Indian economy a new dimension, eRUPI is a digital voucher with cashless and contactless capabilities. It functions as an SMS or QR code on the recipient's phone, which may be redeemed at any location that supports it.
The government believes that using eRUPI will significantly benefit them. For instance, if the government wants to pay for certain employee treatments, an eRUPI voucher for the specified amount can be sent via SMS or QR Code. An SMS or QR Code will then be sent to the employee's phone, where he or she can use it to redeem the ticket at the designated hospital.
Such initiatives are bridging the digital divide between India's citizens and digital India, reaching every corner of the nation and transforming every person into digital zen by accurately utilizing the country and adhering to the much-used digital India slogan.
The Rise of Cryptocurrency in India
Did you know that the Indian government introduced a 30% tax on the exchange of cryptocurrencies? Yes, this indicated India's future ambitions and desire to develop a digital economy and seize the market before other nations that have not yet seen the potential of digital money.
The country with the world's second-highest number of cryptocurrency users is now experiencing a significant increase in its user base due to the massive cryptocurrency boom. The cryptocurrency market in India expanded by 641% and experienced a 711% rise. Additionally, it is said that the endorsements of the virtual currency by industry insiders had a role in its growth in India.
While many developers, fund analysts, and independent contractors work for foreign employers, they have recently begun asking to be paid in cryptocurrencies. The Indian Finance Minister's introduction of the Cryptocurrency Bill and clarification of the formalization of cryptocurrencies prompted the increase.
The Rise of NFTs in India
In India, the NFT trend is gaining traction almost as quickly as the cryptocurrency market due to factors like mobility constraints brought on by the epidemic and societal alienation that required art enthusiasts to find a new outlet for their enthusiasm, which NFTs met. Since its launch, about 5769 NFTs have been sold on NFT marketplaces, and the number keeps growing.
More than 50 artists and brands were recently introduced to the NFT ecosystem by an Indian NFT marketplace, which also sparked a new wave of technological breakthroughs that attracted celebrities and artists to interact and engage with fans in the virtual world. While NFT gaming has gained popularity in India, particularly in the entertainment industry, large platforms have jumped on board, launching social commerce initiatives, creating NFTs, and enabling fans to support the artists.
Digitokens will not only help content creators reach audiences, but they will also give buyers complete control over their tokens, including the ability to store them. With the addition of NFT purchases in Indian rupees and using standard payment methods like debit cards, credit cards, and UPIs, KoineArt is demonstrating an early revolution in the sector and the digital economy.
The Rise of Metaverse in India
Tech Mahindra is engaged in 60 metaverse projects, 25 centered on ed-tech. The remaining projects focus on retail, automobile dealer management, car repair and maintenance, and other activities that are also thought to be among the fastest-growing industries. Additionally, it is placing a sizable stake in Metaverse, which it says will fuel its revenue growth over the next three to five years.
It also recently collaborated with the Tata Group to implement metaverse solutions. It is currently collaborating with the Tamil Nadu government to build a plan to open a metaverse museum. It is also constructing an NFT marketplace for a significant US media company, a retail mall in the Metaverse for a fashion brand, a confectionery metaverse for the CPD sector, and virtual banks for a major UK bank.
Along with announcing the opening of the Metaverse Virtual Lounge and the Open Banking Sandbox environment, Tech Mahindra also announced a partnership with the Union Bank of India. In the meantime, Infosys established the Infosys Metaverse Foundry with more than 100 use cases. They implemented significant solutions for clients, including Tennis Australia, the French Tennis Federation Roland-Garros, Komatsu, and others.
This exemplifies how India and its diverse population are influencing every sector of the economy and leaving their mark on a wider audience than just the country's borders. We have decided to join the revolution while this invention is still in its infancy and take advantage of every opportunity to keep up with technological advancements rather than regress.