Metaverse: IT firms jump on the bandwagon to explore this space

While Infosys recently launched metaverse foundry, TCS said it is exploring the metaverse

- UMA KANNAN

THE metaverse has become a buzzword in recent times and many information technology companies in India are exploring this exciting space. While IT company Infosys recently launched metaverse foundry, Tata Consultancy Services (TCS) said it is exploring the metaverse.

Tech Mahindra is also leveraging opportunities in metaverse through various use cases including Dealer Versemetaverse-based car dealership, Middlemist-NFT marketplace, Meta Bank, a virtual bank and gaming centre.

Metaverse is one of the focus areas of Mindtree as its offering will enable customers to accelerate and optimise their transition into the meta economy. It will create more use cases for industry groups on metaverse.

What exactly is the metaverse since many companies are showing growing interest in it? It is a combination of technologies such as non-fungible tokens (NFT), crypto, 3D modelling, Augmented Reality (AR) and Virtual Reality (VR).

"A lot of these have come together to form the ‘Metaverse Universe'. From being a fad, or one part of web3.0, metaverse is slated to become mainstream in the next 3-5 years. when it does, the first thing that will change is the fact that companies in order to either service their customers or be part of their value chain will have to adopt it as part of their offering,” said Pankit Desai, cofounder & CEO, Sequretek, a cyber security company.

Infosys metaverse foundry will fast-track enterprises' exploration of the metaverse, including virtual and augmented environments for their customers, workplace, products and operations. The IT firm has created a set of assets that can help its clients.