The metaverse market, expected to grow at an annual rate of 37.7 percent in the next six years, is estimated to reach a valuation of $74.4 billion (roughly Rs. 6,20,918 crore) by the end of 2024. To prepare for advancements in Web3, IIT Madras is drafting policies to oversee the metaverse sector. The XTIC (the eXperiential Technology Innovation Centre), a research and development body incubated by IIT-M, is working on the ‘Metaverse India Policy and Standards (MIPS)’.

The XTIC has formed a dedicated committee to research the potential use cases and loopholes in the current metaverse ecosystem. This committee will address technical and ethical shortcomings to enhance the industrial use of this digital technology.

Rrahul Sethi, a technology veteran from India who recently launched a metaverse experience centre in NCR’s Noida, is a part of this committee. Sethi stated that MIPS will not solely develop policies and standards but will collaborate with industry players, engage in dialogues, and generate reports for the government to reference while implementing Web3-related policies.

“The metaverse is a rapidly evolving concept. Experts and leaders from India and around the world will come together to discuss these standards and raise awareness,” Sethi said.

A complete virtual universe, the metaverse ecosystem is based on blockchain networks. This technology offers a hyper-realistic virtual environment for working, socializing, gaming, and shopping from home.

According to a report by the World Economic Forum (WEF), 92 percent of manufacturing firms in the US are exploring ways to integrate a metaverse aspect into their operations.

“The industrial metaverse is projected to be a $100 billion (roughly Rs. 8,29,018 crore) market globally by 2030. It will drive the next phase of the industrial revolution through the convergence of digital twins, spatial computing, Artificial Intelligence (AI), Web3, and blockchain,” the report highlighted.

With IIT-M taking steps to oversee the Web3 sector, the committee will analyze the potential impacts of the metaverse across various sectors like education, healthcare, gaming, and enterprise, and propose strategies to maximize benefits.

The committee’s agenda includes addressing ethical, privacy, and security concerns related to the metaverse, as well as collaborating with stakeholders from industry, academia, and government to gather diverse perspectives and insights.

“These are significant goals, but we are still considering more. Government bodies will also utilize the reports to establish standards,” Sethi added.

In January, China also established a body to set standards for the use and exploration of the metaverse.

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