Immersive engagement by telecom can help Metaverse become an $8-10 trillion opportunity by 2030

: Mr. Neeraj Roy, Founder-CEO, Hungama Digital Media

The Metaverse Continuum is poised to revolutionise life and enterprise in the next decade with digitally enhanced worlds, realities, and business models.Highlighting how the space enables users to inhabit a persistent, shared virtual experience much beyond browsing, Mr. Neeraj Roy, Founder & CEO of Hungama Digital Media Entertainment, said, “The sunset of Web 2.0, if at all, is perhaps privacy, whichis laying the foundation for this rebel-like approach in Web 3.0.”
Mr. Roy made this statementin his keynote addresson ‘5G A Gateway to the Metaverse – Can telecom companies go beyond enablement?’at Mobile 360 Asia Pacific session inSingapore, held from 2-3rd August 2022.Drawing parallels between Metaverse now and internet in the mid-90s,Mr.Roysaid the digital ecosystem is at the stage of enablement, “It needs enthusiasm, encouragement and demystification of this VR space for greater participation,” he added.
On that note, he urged telecom companies to participate in a more immersive manner instead of being enablers. “The 5 major components through which this can be achieved are:driving human interface hardware, empowering connectivity and edge computing, putting cybersecurity and trust at the core, enhancing analytics and AI to drive revenue, and finally,enabling the ecosystem through development and participation in Metaverse.”If the telecom brands follow this roadmap, they could potentially grow the industry to be a $8-10 trillion opportunity in the next 8 years,Mr.Roy maintained.
Mentioning the progress achieved by industries in this space already, Mr. Roysaid, “First phase elements such asdigital currency, NFTs, gaming, online shopping, concerts, engagement, and experiences have already commenced in Metaverse. The next phase is really the redefinition of how we see social media.”