Tech Mahindra has announced the launch of TechMVerse, its metaverse practice, which will allow customers to build immersive experiences and transact in the metaverse.
The company said that its world-class network and infrastructure capabilities, as well as its foundational technological capabilities such as pervasive Artificial Intelligence (AI), Blockchain, 5G, Augmented Reality (AR), Virtual Reality (VR), and Quantum Computing will be used to build B2B use cases across sectors to transform customer experience and deliver real business outcomes.
In the beginning, the company is expected to take advantage of the metaverse’s benefits through a variety of use cases, including DealerVerse, a metaverse-based vehicle dealership, Middlemist, a non-financial transaction marketplace, MetaBank, a virtual bank, and a gaming centre.
“It will offer immersive digital and professional experience services around design, content, as well as low code plug and play Non-Fungible Tokens (NFTs) and Blockchain platforms, while also aligning the metaverse strategy with Tech Mahindra’s digital and Environmental, Social, and Governance (ESG) goals,” the company said in a statement.
Additionally, Tech Mahindra has also partnered with Mahindra & Mahindra to produce a series of digital collectibles that will be sold on Tech Mahindra’s NFT Marketplace platform, according to the company.
CP Gurnani, MD & CEO, Tech Mahindra, said: “Metaverse has the power to disrupt our reality, as well as the future. At Tech Mahindra, we have always been at the forefront of 5G and our entry into the metaverse is yet another milestone in our journey of catalysing future readiness and disrupting and transforming customer experiences. The fundamental layers of metaverse are very well integrated within Tech Mahindra and its competencies.”
What Is Metaverse?
It is a persistent, online, three-dimensional environment that integrates numerous virtual spaces that can be compared to a future version of the internet.
Users will be able to collaborate, meet, play games and socialise in these 3D environments thanks to the metaverse.
Although the metaverse does not yet exist in its entirety, metaverse-like elements can be found on various platforms.
At the moment, video games give the closest metaverse experience available. By holding in-game events and building virtual economies, developers have pushed the boundaries of what a game can be.
Within a metaverse, there may be several virtual worlds where people can engage in a variety of activities that are the result of a physical and digital mix. Instead of staring at a screen, people will be able to be inside their online experiences, such as shopping, meeting friends and family, attending a concert, and even completing official paperwork, in a metaverse.
However, any new technology wave goes through phases and the metaverse will be no exception. Currently, billions of dollars are being invested in the metaverse.
There are, however, still questions about the return on investment. As the metaverse pushes humanity into more virtual space, the normal concerns of privacy and confidentiality arise. Cyber breaches, virtual identity theft and dubious financial transactions are all possibilities.
As a result, governments around the world will undoubtedly confront issues in developing appropriate legislation in the future. Without a doubt, the metaverse exists and will most likely remain thus. However, only time will tell what shape and context it will take.
Companies Exploring Metaverse
Apart from Tech Mahindra, other companies are or will be making plans for the metaverse.
Various metaverse applications are being developed by Indian IT and engineering services organisations such as Tata Consultancy Services, Infosys, HCL Technologies, Wipro, Mindtree, L&T Technology Services, and others.
Users can get metaverse solutions from companies like Bolly Heroes, Internality, Cope Studio, OneRare, LOKA, and Zippy, among others. Given India’s technological ecosystem, the country is anticipated to lead in metaverse technology creation, development, and adoption in the future.
In terms of top international companies, Epic Games, the creators of the popular immersive game Fortnite, was always well-positioned to create the metaverse. This year, it made its goals clear by launching a $1 billion investment round to help the metaverse flourish.
Nvidia Corp has announced recently that it will give away free software to artists and other producers creating virtual environments for the metaverse and that it has entered into technical agreements with various markets where artists sell their three-dimensional work.
Similarly, Microsoft announced that it would acquire Activision Blizzard, the maker of video games like Call of Duty and Candy Crush, for nearly $70 billion. Microsoft stated that the acquisition was a step toward establishing a presence in the metaverse.
In India, Jio Platforms has announced an investment of $ 15 million in Two Platforms Inc, a Silicon Valley-based deep tech startup founded by Pranav Mistry, for a 25 percent equity stake on a fully diluted basis.
Akash Ambani, Director of Jio said: “We are impressed with the strong experience and capabilities of the founding team at TWO in the areas of AI/ ML, AR, metaverse and Web 3.0. We look forward to working together with TWO to help expedite the development of new products in the areas of interactive AI, immersive gaming and Metaverse.”
Recently Infosys had launched a Metaverse Foundry to help enterprises explore the Metaverse, including virtual and augmented environments for their customers, workplace, products, and operations.
The company said that while the virtual reality Metaverse is primarily associated with gaming and entertainment as a result of investments by Microsoft and Meta (previously Facebook), it could also play a significant role in areas such as education, pharma, and automotive.
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