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Opportunities in the Metaverse – Driven by Metanomics
Opportunities in the Metaverse – Driven by Metanomics

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The ‘Creator Economy’ is among the central themes of conversation today on the Metaverse. But long before the concepts gathered speed, Doug Thomson provided the basis for the economic impact of virtual worlds through his show on ‘Second Life’. Rob Bloomfield, a Professor at Cornell University, was the first to coin the term ‘Metanomics’ while hosting his class on the virtual gaming platform back in 2007. He says “Metanomics, by necessity, is an interdisciplinary endeavor. Metanomics is the economics of the Metaverse.”

In yet another instance of adoption of the Metaverse in the Indian context, the makers of the film ‘Rocketry: The Nambi Effect’ have partnered with VistaVerse (promoted by Vistas Media Capital, which is a collection of popular NFTs) to promote the movie to the masses. The company plans to provide complimentary gifts including tickets to the show to people who register. The users are also entitled to NFTs based on the movie theme. On the other side of the spectrum, Yashoda Hospitals became the first Healthcare provider from India to set foot on the Metaverse. On a plot of land, it has purchased on Decentraland (an Ethereum-based Metaverse), the Group has created an experience zone to replicate the success it has achieved over three decades of its existence. The Group intends to provide care services to the people on the Metaverse going ahead.

 

India-headquartered Systems Integrators are taking the lead across industry verticals:

In the past 5-6 months, a range of Indian IT service companies have announced their intentions to play the Metaverse theme, both as a strategy as well as in terms of their offerings to their customers across industry verticals.

  • Tata Consultancy Services - Avapresence: One of the key movers in this space is TCS which expects that the Metaverse will help the firm drive revenue growth in 3-5 years’ time. The company has been investing in this space and piloting projects as Proof-of-concept (PoCs). It is targeting companies with deal proposals which are small currently but have the potential to scale up very soon. The thrust of TCS’s evolving offerings on the Metaverse is based on its Avapresence offering which combines blockchain, IoT, AI and XR technologies.
    • Shaping up the go-to-market (GTM)
      • Metaverse offerings are built on and backed by TCS’ Avapresence and ‘themaTiCS
      • Organized nine horizontal offerings under three primary themes – Time and Space (TAS), Culture (CUL), and Technology (TECH)
      • Implemented solutions in the Retail space already
      • Working on pilots in both the B2B and B2C space across verticals
      • Working on live projects for customers in the BFSI and Media, Communications and Information (CMI) space
      • Building industry-specific solutions with emphasis on Retail/CPG, Media, Education & Real-estate

 

  • Infosys – Infosys Metaverse Foundry: Launched in Feb 2022, Infosys’ metaverse foundry brings together domain and design expertise, platforms and digital accelerators, for a creator economy. The company already has 100+ ready-to-use use-cases around their Metaverse offering.  
    • Shaping up the go-to-market (GTM)
      • Three priority areas – helping create new metaverse environment, provide immersive experience to its customers and advanced AI-powered analytics solutions
      • Spans services (consulting, contact center, 5G), solutions and products (XR platform, Virtual Living Labs, Identity Management Platform)
      • Working on extending the Infosys Innovation Ecosystem to manage the pilot-to-production ramp-up and add more choices to the prototype

 

  • Tech Mahindra – TechMVerse: Tech Mahindra is deploying solutions for its Metaverse offerings banking on its expertise in Blockchain, IoT, and AI and related technologies.  
    • Shaping up the go-to-market (GTM)
      • Focusing on B2B use-cases that can be applicable across sectors
      • Leveraging cross-industry capabilities from Automotive and Banking for its Metaverse offerings
      • Has revealed 3 use-cases – Meta Bank (a virtual bank and an NFT hub), Dealer Verse (virtual car dealership) and Middlemist (an NFT marketplace)
      • While the current offerings are standalone, TechM plans to launch new use-cases on global cloud platforms in the near future, particularly in the commerce space.

 

  • Here is a tabular view of select Metaverse use-cases pursued by India’s Top 3 service companies      

 

Company

Metaverse Use-case

Business Functions

Customer Offerings

Current Stage

TCS (themaTiCS)

Immersive Retail

--

Shopping & Retail

Proof-of-concept

Workplace Transformation

Recruitment & Employee Onboarding (Virtual induction)

Customer Experience

Pilot completed and is in production

Immersive Banking using XR

--

Virtual Bank (Retail Banking)

--

Blockchain

--

NFT Marketplace

--

Immersive Experience (Healthcare, Manufacturing & Life Sciences)

--

VR Headsets, mixed reality glasses and Haptic gloves

Industry-specific solutions are being built

Infosys (Infosys Foundry)

Immersive Retail

--

Branded Metaverse environment

Template/execution roadmap

 

Infosys Living Labs

--

Digital replicas, digital twins

 

 

Global Corporate University

Learning & Development (L&D)

--

Shafting from Infosys Wingspan platform to the Metaverse

 

Immersive Experience

Client onboarding and hosting

--

Productionized

Tech Mahindra (TechMVerse)

Meta Bank

 

Virtual Banking and Gaming Hub

Industry-focused (B2B)

Dealer Verse

Immersive Automotive Retail

Industry-focused (B2B)

Middlemist

Dedicated NFT Marketplace

Industry-focused (B2B)

 

For comments and feedback, please connect with me at bandev@nasscom.in. 

https://www.linkedin.com/in/myurlformyprofilebandevghosh/ 


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Bandev Ghosh
Senior Manager

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