India's ultra rich, top firms join crypto bandwagon, industry players give thumbs up

economictimes.indiatimes.com:

crypto bandwagon amid the rising volatility in the global cryptoverse. According to a Knight Frank report, about 18 per cent of Indian ultra high-net worth-individuals (UHNIs) now own cryptocurrencies or tokens, and 11 per cent have invested in NFTs (non-fungible tokens). Earlier this week, IT major Tech Mahindra announced the launch of TechMVerse, its Metaverse practice to deliver interactive and immersive experiences in the Metaverse for its customers.

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The crypto community, particularly in India, is getting an adrenaline rush with big names joining the crypto and blockchain space. They are seeing it as a good omen for the industry at large, with a hunch of more additions soon. They believe that new trends such as Metaverse and Web3 are gaining traction for their ability to connect with people using digital avatars. These technologies have a potential to generate many new opportunities to cater to future needs. Edul Patel, CEO and Co-founder of Mudrex said that the government's new policies will encourage more companies to join in building the Metaverse and Web3 space, boosting our Digital India visions. Web 3.0 intends to host more open, a whole world of opportunities for India. It will be much more immersive and interconnected with virtual experiences. Companies are taking the lead to aggressively develop their customized suite of solutions centred on the metaverse to grow the next phase of the internet, said WazirX in its note to ETmarkets.com. The popularity among individuals and developments in NFTs, cryptocurrencies, 3D avatars, Metaverse, Web3, and immersive gaming will soon create multiple opportunities