BackFrom Gaming to Digital Assets: How Web 3.0 is transforming India's tech industry through metaverse
The Web 3.0 industry is evolving rapidly, focusing on blockchain, decentralized finance, and tokenization to create a user-centric internet. String Metaverse aims to drive digital asset innovation, host global gaming tournaments, and offer new monetization opportunities.
PremiumThe Web 3.0 industry is rapidly transforming the digital landscape, leveraging blockchain, decentralized finance (DeFi), and tokenisation to create a more open, user-centric internet. It emphasizes data ownership, privacy, and decentralized control, allowing users to interact with the web through peer-to-peer networks without relying on centralised entities.
This emerging ecosystem attracts significant investment, with startups and tech giants exploring applications ranging from decentralized apps (dApps) to non-fungible tokens (NFTs) and digital identities.
Currently, India has more than 450 active Web 3.0 ventures, of which 160 businesses were set up between 2021 and 2023. Some media reports stated that the global Web 3.0 blockchain market is projected to surpass USD 44.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 44.13% over the forecast period.
One such tech player in this space is String Metaverse, inspired by string theory in Physics. This decentralised model aligns with the core principles of Web 3.0, emphasizing community-driven development and resilience.
“Our strategy primarily targets gamers and Generation Z. Around 3 billion casual gamers and 100 million esports players worldwide. We aim to tap into this potential by creating micro-communities for specific interests and regions, targeting 1% of this audience. The emphasis on Gen Z, whose spending power could hit $30 trillion in the next decade, highlights their forward-looking strategy," said Krishna Mohan Meenavalli, founder of String Metaverse.
The company also hosts global tournaments for popular games such as BGMI, Free Fire, Call of Duty, and Valorant, attracting top talent and fostering a thriving ecosystem, he said, citing an example of the IdleMine game, which has attracted over 500,000 users worldwide.
Meenavalli stated that the company expanded its reach through Telegram, offering free games like Crash Dice, Spin, and Rummy as it found new monetisation opportunities. Other revenue models include platform fees, token transaction taxes, advertisements, transaction fees, market-making activities, and providing liquidity to digital asset markets, he said.
"String is committed to driving digital asset innovation by acting as a Y Combinator for the space. Through its "String X" initiative, the company quickly invests $5,000 to $500,000 in promising community-building projects, ensuring innovative ideas get the funding they need," the founder said.
“We are also developing a multi-blockchain market-making infrastructure capable of handling up to 10,000 messages per second. We envision integrating AI to counteract the centralization of the web. Our aim is to harness the collective power of over one million GPUs," he added.
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