Metaverse in India: The challenge of buying land and painting houses

Source– The post is based on the article “Metaverse in India: The challenge of buying land and painting houses” published in the Business Standard on 15th October 2022.

Syllabus: GS3- Science and Technology

News- The article explains the challenges faced by metaverse in India.

Metaverse– It is a hypothetical iteration of the Internet as a single, universal and immersive virtual world that is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets.

What are the applications of metaverse in India?

Some companies are providing services to property developers and architects. It helps them to provide their prospective customers an experience of property even before it is ready.

Some are customising jewelleries, clothing and accessories on the metaverse for various brands. It helps these brands to customise products for customers.

The customers can not only own the physical copy of these personalised products but also convert and own these as non-fungible tokens. They can be traded also and redeemed for offline services.

What about technology involved in the metaverse?

Virtual Reality headsets are gradually becoming accessible for common people.

The hyperreality simulations can be accessed through web browser, mobile applications.

Besides the hardware cost, There is also acquisition cost of VR land in metaverse. The Cheapest parcels of land in public metaverses, like Ethereum Worlds range between $2,500 and $3,000.

There is additional cost of event setup and content development on the bought land.

Hosting an event in any of the public metaverses requires organisers to buy or rent land and then create the event experience. ExpoSim provides a single platform to rent space and host events across the multiple metaverses it owns without any tech development.

What are data requirements?

Data requirements for experiencing the events on metaverse is high. A low to standard resolution experience requires at least 25 Mbps for streaming. For resolutions comparable to HD TV, the requirement jumps to 80 to 100 Mbps. For 360-degree video experience as much as 600 Mbps speed is required.

Besides, data computing requirements for conducting events are high.