Indian companies are taking the metaverse and the NFT space by storm

Indian companies are taking the metaverse and the NFT space by storm

Indian companies such as Tanishq, Mahindra and Mahindra, and MakeMyTrip are venturing into the metaverse and NFT space

By Shashank Bhardwaj

Tanishq launched his bridal collection titled “Romance of Polki” in the Metaverse 3D display areas where the collection’s iconic pieces were displayed
Image: Tanishq

Ever since Facebook rebranded itself as Meta, the world has been shaken out of its reverie and now seems determined to make its mark in the metaverse. Many Indian companies have started experimenting with metaverse tools and non-fungible tokens (NFTs).

Indian companies like Mahindra & Mahindra, Tanishq, and MakeMyTrip have ventured into the metaverse space and are paving the way for the digital future. Companies that use metaverse and NFT-related tools as marketing tools to expand their operations into the digital world are spread across multiple industries.

Jewelry brand Tanishq launched its bridal collection titled “Romance of Polki” at the 3D display areas of the Metaverse, where the collection’s signature pieces were on display. The public could see the jewels in 3D and live an exceptional visual experience. Guests were able to try out the showpiece by scanning a QR code.

Along the same lines, Ceat Limited, one of India’s largest tire manufacturers, is setting up its own Ceat Shoppe in the Metaverse. The metaverse is integrated with their e-commerce platform. Buyers and customers will be able to view products in 3D and place orders simultaneously. The company will also offer buyers the option of delivering and fitting the tires at home. A physical store pickup facility will also be available.
Mahindra & Mahindra have experimented with NFT marketing. It has auctioned off four Thar-themed NFTs, each costing Rs 26 lakh. The winners of the auction got the chance to experience off-roading to drive the Thar. MakeMyTrip, the travel agency, has launched virtual vacation NFTs themed around the best travel destinations in India. Each NFT was valued at Rs 14,999.
There are several other companies with metaverse-themed marketing plans in the works that want to be part of the “gold rush”. Titan CEO Ajoy Chawla, while discussing the potential of a metaverse in marketing, said, “It offers huge potential for brands to experience an immersive and personalized 3D virtual experience.”

MG Motor India plans to launch a total of 1,110 NFTs starting at Rs 500. These NFTs will have four themes, namely Collaborative Art, Community and Diversity, Car as a Platform and Collectibles . The NFT Collection is one way MG fans can own a piece of the business.

IT giant Infosys has launched the “Infosys Metaverse Foundry”, which will play a vital role in helping companies create their own metaverse environment, facilitating signature experiences in an existing metaverse, and bringing artificial intelligence (AI ), data analysis and simulations at Metaverse .
TCS Head of Business and Technology Services, Krishnan Ramanujan, said the new value streams and use cases the metaverse is unlocking in the industrial space will be key to its evolution and acceptance. He says: ‘We have helped the Pune Municipal Corporation build a digital twin to improve their management of Covid. TCS believes its digital twin technology will drive adoption of the metaverse across multiple industries.

The writer is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.