IT Tech giants in India have started working on numerous Metaverse projects in ed-tech, retail, gaming, automotive dealer management, repair and maintenance of cars, and several other use cases across sectors. Several partnerships with Indian brands and organizations were launched in the past year ranging from jewellery to banking to travel and tourism industries and many others. Besides the tech giants, several start-ups are mushrooming in the space, creating interactive, immersive and collaborative experiences across gaming and networking use cases.
Numerous companies are building the various layers such as network and computing, hardware, virtualization tools, virtual worlds, economic infrastructure and experiences. Metaverse has several sophisticated technologies such as Blockchain, AR VR, cryptocurrency, AI, 3D reconstruction, IoT, etc. integrated in it. The application of metaverse includes building a smart city, entertainment, gaming, retail, remote working, education, tourism, and social networking.
TRAI CSR organized the workshop on Metaverse: Understanding and Regulatory framework, following the metaverse workshop held on 12th September 2022 to delve deep into the regulatory landscape. Officials from various ministries were also invited to proliferate the knowledge in their concerned departments.
The first session started with the Introduction to the Metaverse and the India opportunity. It also gave a brief on the regulatory philosophy for emerging technologies. The second session was a panel discussion on “The Metaverse Ecosystem” focusing on topics such as access and interoperability, software and hardware requirements. It also gave an idea on how the global regime is evolving.
The third session was a panel discussion on “Policy framework and the way forward”. It covered topics such as Policy support for growth of the Metaverse, Privacy and safety, adequacy of laws and self-regulation, etc.