Indian companies storm the metaverse and NFT space
Indian companies such as Tanishq, Mahindra and Mahindra, and MakeMyTrip venture into the metaverse and NFT space
By Shashank Bhardwaj
Tanishq launched its wedding collection titled ‘Romance of Polki’ in the 3D display zones on the metaverse where the signature pieces from the collection were displayed
Ever since Facebook rechristened itself as Meta, the world has been jolted out of its reverie and now seems intent to make a 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 road to the digital future. The companies using metaverse-related tools and NFTs as marketing tools to expand their operations to the digital world are spread across several sectors.
Jewellery brand Tanishq launched its wedding collection titled ‘Romance of Polki’ in the 3D display zones on the metaverse, where signature pieces from the collection were displayed. The audience could view the jewellery pieces in 3D and had a great visual experience. The guests were able to try on the showstopper piece by scanning a QR code.
Along similar lines, Ceat Limited, one of India’s largest tyre manufacturers, is creating their 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 book orders simultaneously. The company will also offer buyers the option of tyre delivery and fitment at home. A pick-up facility from the physical stores will also be available.
Mahindra & Mahindra experimented with NFT marketing. It auctioned four Thar-themed NFTs, each costing Rs 26 lakh. Winners of the auction got the chance to enjoy an off-road experience to drive the Thar. MakeMyTrip, the travel company, launched virtual vacation NFTs themed on India’s best travel destinations. Each NFT was valued at Rs 14,999.
There are several other companies with metaverse-themed marketing plans in the pipeline, who want to be a 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 experiment with an immersive, personalised 3D virtual experience.”
MG Motor India has 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 a way by which MG fans can own a piece of the company.
IT giant Infosys 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 analytics, and simulations to the metaverse.
The head of business and technology services at TCS, Krishnan Ramanujan, says that the new value streams and use cases that metaverse is unlocking in the industrial space will be key to its evolution and acceptance. He says, “We helped the Pune Municipal Corporation build a digital twin to improve its Covid management.” TCS believes its digital twin tech will drive metaverse adoption in several sectors.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.