India’s Diverse Bazaars to Democratise with Metaverse, Says BWA Chief; Hails Reliance and Nykaa

The metaverse technology is showing promising potential in India, with experts in the industry foreseeing numerous use cases. In a recent interview with Gadgets360, Dilip Chenoy, the chairperson of Bharat Web3 Association, highlighted a specific industrial application of the metaverse. Chenoy emphasized that the hyper-realistic visuals supported by the metaverse will revolutionize the diverse market ecosystem of the country and elevate it on a global scale.

“AI-powered merchants will conduct digital negotiations, while Augmented Reality (AR) will enable virtual try-ons for makeup, clothing, and accessories prior to purchase. This transformative capability of the metaverse is not a distant concept; it is already being explored by Indian retail giants like Reliance and Nykaa through AR/VR technologies to create virtual showrooms,” Chenoy shared with Gadgets360.

The future is hailed as a ‘transformation era’ for India’s retail sector. Reports suggest that India’s value retail market, excluding food and groceries, is projected to reach $170 billion by 2026, as per findings by Wazir Advisors in January. In 2023, the value of India’s retail sector stood at $111 billion.

Chenoy is optimistic that the widespread adoption of metaverse technology will significantly boost the growth of Indian markets and traditional crafts in the near future.

“Geographical boundaries will no longer be a barrier, allowing Indian small businesses to access global markets. With India embracing this digital revolution, the future of shopping looks promising and transformative,” added the BWA chief.

India has been recognized globally for having a large Web3 developer workforce, a fact acknowledged by industry players like Coinbase CEO Brian Armstrong. Meta, led by Mark Zuckerberg, has also engaged with India’s telecom regulator to discuss ethical use cases and advancements in AI and the metaverse.

Chenoy believes that India requires regulatory clarity to define guidelines for Web3 industry members and stakeholders.

“The Reserve Bank of India has been proactive in promoting blockchain adoption in payment systems and guiding banks through regulatory initiatives. However, regulatory uncertainty remains a challenge for startups entering the space. Clear regulations are essential to build confidence among companies exploring this transformative technology,” Chenoy emphasized.

Established in November 2022, the BWA consists of representatives from India’s crypto and Web3 sectors collaborating with the government to support sector growth in the country.