Report by Confederation of Indian Industry (CII) and KPMG.
- The report titled ‘Metaverse and web 3.0 opportunities in India – Nurturing Tamil Nadu’s growth ambitions through next gen technologies’ was released by the Confederation of Indian Industry (CII) and KPMG.
- According to the report, a thriving and a vibrant culture has been noticed across the broad spectrum of new age technologies, including Metaverse, Web 3.0, Blockchain and others in Tamil Nadu.
- The report pointed out that all major Information Technology (IT) companies in Tamil Nadu are focusing on Metaverse and Web 3.0 technologies via metaverse design, development, testing and support services.
- Metaverse, Web 3.0 and related technologies will help propel the overall GSDP of the state and help Tamil Nadu achieve its target to become a $1 trillion economy by 2030.
- The i-Tamil Nadu Technology (iTNT) hub, India’s first Emerging and DeepTech Innovation Network, is expected to be launched in early 2023.
- Metaverse is a hypothetical iteration of the Internet as a single, universal and immersive virtual world that is facilitated by the use of virtual reality and augmented reality headsets.
- Web 3.0 Technology is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.