GG News Bureau
Chennai, 30th April. The metaverse market, expected to reach a staggering $74.4 billion by the end of 2024, is prompting proactive measures from India’s leading institutions. IIT Madras, through its eXperiential Technology Innovation Centre (XTIC), is drafting the ‘Metaverse India Policy and Standards’ (MIPS) to guide the burgeoning Web3 sector.
Addressing Loopholes and Ethical Concerns
XTIC has formed a dedicated committee to explore potential use cases and identify vulnerabilities in the current metaverse ecosystem. Their focus lies on mitigating technical and ethical shortcomings to ensure safe and advanced industrial applications.
Collaboration is Key
Rrahul Sethi, a tech veteran, emphasizes that MIPS won’t dictate policies but will foster collaboration with industry leaders. Through discussions and reports, they aim to provide valuable insights for the government’s Web3 policy framework. “Experts worldwide will contribute to setting standards and raising awareness,” Sethi noted.
A Thriving Virtual Universe
The metaverse, built on blockchains, offers a hyper-realistic virtual space for work, socializing, entertainment, and even shopping. According to a World Economic Forum report, 92% of US manufacturers are exploring its integration into their operations. The industrial metaverse is projected to be a $100 billion market by 2030.
Maximizing Metaverse Benefits
IIT Madras’ committee seeks to analyze the impact of the metaverse across education, healthcare, gaming, and enterprises, proposing strategies to maximize its benefits.
A Multi-Faceted Approach
Addressing ethical, privacy, and security concerns is paramount. The committee will collaborate with stakeholders from industry, academia, and government to ensure diverse perspectives are considered. “These are some initial goals, with more under discussion,” Sethi added. China’s recent formation of a similar body highlights the global focus on shaping the metaverse responsibly.
India is taking a proactive stance in shaping the future of the metaverse, ensuring its safe and beneficial integration into various sectors.
