Tag: web3

Meta Records 16 Percent Uptick in 2023 Annual Revenue, Metaverse Unit Still Under Loss

Mark Zuckerberg, the chief of Meta (previously Facebook) recently disclosed revenue details about the company’s last quarter. Meta clocked a revenue of $40.1 billion (roughly Rs. 3,34,416 crore) between September and December. In total, the social media and Web3 mammoth managed to reel-in $134.9 billion (roughly Rs. 11,25,119 crore) in the year of 2023. On a yearly basis, Meta’s revenue has spiked by 16 percent. It is, however, interesting that Meta’s Reality Labs unit has only seen losses since 2021.

In an earnings report posted on March 4, Zuckerberg acknowledged having seen a good period revenue-wise. Despite his Reality Labs unit seeing losses, the tech mogul lauded the advancements this initiative has ushered in emerging advanced technologies.

“We had a good quarter as our community and business continue to grow. We’ve made a lot of progress on our vision for advancing AI and the metaverse,” the 39-year-old multi-billionaire said in his statement.

Zuckerberg solidified his commitment to explore the metaverse when he rebranded Facebook to Meta in 2021. At the time, a new unit was set up within the company called the Reality Labs. This special body was tasked with conducting research and development around metaverse and its use cases.

In the last three years, Reality Labs released metaverse and augmented reality (AR) hardware products like the Quest VR headset lineup to further the adoption of these technologies. As of March 2023, Meta has reportedly sold 20 million Quest headsets.

Despite its ongoing efforts however, Meta’s Reality Labs unit only met with losses when it comes to its revenues. Meta reportedly revealed in February that Reality Labs suffered a loss of $46.5 billion while generating nearly $11 billion (roughly Rs. 91,744 crore) in revenue in the fourth quarter of 2023.

Prior to that, Reality Labs had lost $13.7 billion (roughly Rs. 1,12,200 crore) in 2022.

Despite these financial consequences, Zuckerberg has kept his estimation about the upcoming metaverse boom intact. In May 2023, Meta had commissioned a study that claimed that the metaverse could contribute as much as $760 billion (roughly Rs. 62,36,088 crore) or about 2.4 percent to the US annual gross domestic product (GDP) by 2035.

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China Launches Public Blockchain Platform Despite Unfriendly Crypto Stance

China is accelerating efforts to establish a massive blockchain network, despite its strict anti-crypto stance. The goal is to allow the government of China to engage in blockchain-related activities, especially in a cross-border setting. The Chinese government has launched the ‘Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative’. Announced in 2013, China’s ambitious Belt and Road Initiative (BRI) is a development strategy for a global infrastructure through which it aims to connect continents across land and sea.

The project for the upcoming Chinese public blockchain platform is being spearheaded by Conflux Network, and the launch was announced on Sunday. A multichain blockchain system, the network is operated by the Conflux Foundation which is also called the Shanghai Tree-Graph Blockchain Research Institute.

The Conflux Network posted updates about the project on X (formerly Twitter), revealing that the platform would “provide the base for developing applications that showcase collaboration across borders.” Other details related to the project are yet to be announced.

This is not the first time that China is shown some interest in exploring the Web3 sector. The Chinese government recently hinted at its preparedness plan to address the growth of metaverse technology in the country.

In January 2024, the Chinese government set up a special body tasked with the responsibility of setting the standards for the use of the metaverse tech in China. This group consists of several Chinese tech majors including Tencent, Baidu, and Ant Group.

China also leads the Asian market in conducting CBDC trials into advanced phases with international banks such as Standard Chartered participating in the trials.

While Beijing imposed a blanket ban on crypto-related activities in September 2021 owing to electricity shortages, an underground network of crypto traders has managed to keep the trading operations running. A December 2023 report by Vietnamese investment capital firm Kyros Ventures claimed stablecoins are particularly popular in China with 33.3 percent of Chinese investors holding those digital currencies.

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Crypto Bull Run Spikes Number of Web3-Focussed Funds as Startups Swarm for Funding, Guidance

The crypto market valuation, for the first time since 2021, is close to its last all-time high of $3 trillion thanks to Bitcoin, ETH, and other cryptocurrencies undergoing a bull run. Startups looking to establish their name in the crypto sector are taking this bull phase seriously and are swarming towards accelerator programmes. Subsequently, the number of fund pools to financially aid early-stage Web3 startups have also risen in number over the last few weeks.

In a symbiotic relationship, accelerator and investment programmes provide Web3 startups with funding, mentorship, and industry guidance from experts – whereas these venture firms get the opportunity to have promising upcoming firms under their umbrellas.

Investment firm Andreessen Horowitz (a16z) was among the first whistleblowers to highlight the swarming of crypto firms towards accelerators programmes. In the last week of March, the venture firm that claims to have over $35 billion in assets – released a list of 25 Web3 startups that have gathered in London to be part of its Crypto Startup Accelerator Spring 2024 program (CSX).

After deliberating which startups to bet on, a16z shortlisted the 25 startups from eight different countries that include Israel, Japan, Poland, Romania, Switzerland, UAE, the UK, and the US.

“The founders of these 25 companies have an ambitious vision paired with the drive and talent to advance core sectors of the crypto ecosystem, including infrastructure, consumer apps, DeFi, payments, games, dev tools, and DePIN,” Jason Rosenthal, the Operating Partner and Head of Crypto Startup School at a16z’s crypto initiative published in a post on X along with the names of the selected startups and their fields of expertise.

Over the course of ten weeks, this programme from a16z will provide the startups with industry-specific resources and mentorship along with giving them a common ground for exploring collaborations with each other.

At present, the crypto market valuation stands at $2.67 trillion (roughly Rs. 2,22,68,721 crore). Bitcoin, which touched its new all-time high of $73,000 (roughly 60.8 lakh) in March – is estimated by many, including financial mammoths like Standard Chartered, to soon reach the price mark of $100,000 (roughly Rs. 83 lakh).

The use-cases of blockchains are also on a boom. Blockchains like Solana, Ethereum, and now Bitcoin are roping in newer Web3 projects everyday offering better security and scalability than Web2 server systems along with better cost effectiveness.

Market analysts predict a boom in Web3 activities in the near future, banking on which, more investment firms are launching investment and mentorship programmes for Web3-specific projects.

A group of venture capital firms like Pantera Capital, CoinFund, Spartan Capital and Sfermion have joined web3 gaming infra provider Helika in launching the Helika Accelerator programme last week.

“With total VC investment in Web3 gaming for 2023 estimated to be about $2.3B, this vertical is poised for colossal growth in 2024,” Anton Umnov, co-founder and CEO of Helika said in a statement.

Through this programme, startups developing blockchain gaming with elements of metaverse, NFTs, and cryptocurrencies can avail studios and a suite of tools for enhancing user acquisition, engagement, retention, and growth. Industry players will also educate selected startups in tokenomics expertise, chain selection, data analytics, marketing, and AI game management.

Web3 venture capital firm Hack VC is another platform to have launched a hefty funding of $150 million (roughly Rs. 1,250 crore) to pour it in young crypto and AI firms.

This increase in accelerator and investment programmes focussed on Web3 come as quite the relief for startups hoping to enter this arena. In 2022, as the world stepped into the post-Coronavirus era, banks in several parts of the world resorted to interest rate hikes to keep their economies from entering the inflation phase. That is when the crypto sector, like many others, underwent a funding winter. The situation is gradually changing.

Venture funding for crypto-related companies in the fourth quarter of 2023 amounted to $1.9 billion, as per data by PitchBook.

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India’s Diverse Bazaars to Democratise with Metaverse, Says BWA Chief; Hails Reliance and Nykaa

The metaverse technology seems to have a bright future in India, use cases of which are being foreseen in plenty by experts from the industry. In a recent conversation with Gadgets360, Dilip Chenoy, the chairperson of Bharat Web3 Association highlighted a special industrial use case of the metaverse. Chenoy said, the hyper-realistic visuals that metaverse supports – will democratise the diverse bazaar ecosystem of the country and give it a powerful nudge on a global level.

“AI-powered vendors will engage in negotiations digitally. Augmented Reality (AR) will allow you to virtually try on makeup, clothes, and accessories before making a purchase. This is not a distant reality; it’s the transformative potential the metaverse holds for Indian retail. In India, brands such as Reliance and Nykaa are at the forefront, experimenting with AR/ VR technologies to create virtual showrooms,” Chenoy told Gadgets360.

The upcoming time has been termed as an ‘era of transformation’ for India’s retail sector. As far as the growth projection for the sector is concerned, India’s value retail market, excluding food and grocery, will likely surge to $170 billion (roughly Rs. 14,09,495 crore) by 2026, reports citing findings by Wazir Advisors had claimed in January. In 2023, the valuation of India’s value retail sector stood at $111 billion (roughly Rs. 9,20,317 crore).

Chenoy has expressed confidence that ample availability of metaverse technology will contribute heavily to the growth of Indian bazaars and authentic crafts in nearing times.

“Geographical barriers crumble, providing small businesses in India with the opportunity to reach global audiences. As India enthusiastically embraces this digital revolution, the future of shopping promises to be both exhilarating and transformative,” the chief of BWA added.

India stands out globally with one of the largest Web3 developer workforces, several players from the industry including Coinbase CEO Brian Armstrong have applauded in recent years. Earlier this year, Mark Zukerberg’s Meta also reached out to the telecom regulator of India seeking to ramp up dialogues and discussions around the ethical use-cases and development of technologies like AI and the metaverse.

Under the circumstances, Chenoy says, all India needs is a regulatory clarification that finalises the dos and don’ts for members and stakeholders of the Web3 industry.

“The Reserve Bank of India (RBI) has taken a proactive stance by actively encouraging blockchain adoption in payment systems and guiding banks through its regulatory sandbox initiative. Despite the growing interest, regulatory uncertainty poses a hurdle for startups venturing into the space. Clear regulations and policies are imperative to instil confidence in companies exploring this transformative technology,” Chenoy noted.

The BWA came into existence in November 2022. It comprises of representatives from India’s crypto and Web3 space who collectively collaborate with the government to foster the growth of the sector in India.

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Metaverse in Healthcare Market Size Estimated to Reach Nearly $500 Billion by 2033: Report

Metaverse, the virtual universe created by Facebook parent Meta, is yet to take off but the technology is seemingly carving a niche in sensitive sectors like education and healthcare. The global metaverse healthcare market is projected to reach a valuation of nearly $500 billion (roughly Rs. 41,44,020 crore) by 2033. This figure has been estimated by market research firm Spherical Insights, which published its recent report on metaverse’s potential to boom in the healthcare sector in the next nine years. meta

According to the Spherical Insights report, the global metaverse in healthcare market size is growing at a compound annual growth rate (CAGR) of 49.3 percent from 2023 to 2033. The report, published last month, said that the worldwide metaverse in healthcare market size was expected to hit $496.26 billion (roughly Rs. 41,12,780 crore) by 2033. The metaverse healthcare market size was estimated at $8.97 billion last year. The report also noted that the Asia Pacific market was expected to grow the fastest during the forecast period.

The integration of metaverse into healthcare studies and research has the potential bring new and collaborative approaches in the sector, the report claimed. Navigating through futuristic surgical training methods and telemedicine can be made visually more explanatory via the metaverse technology.

The metaverse can also help healthcare professionals train and practice their skills in practical augmented and virtual reality sessions. The technology can also go a long way in aiding remote consultation and patient monitoring.

The report attributes the estimated growth to several factors like the increased usage of telemedicine in cases of remote patient consultations and patient monitoring for at-home care recipients and the rise in use of AR and VR technology in hospitals and clinics for surgical procedures. “Virtual reality (VR) and augmented reality (AR) technologies can enable more realistic virtual appointments, consultations, and examinations will boost the metaverse in healthcare market growth,” it said.

While the report by Spherical Insights estimates the metaverse healthcare sector to boom to a nearly $500 billion market, other market research firms like Towards Healthcare, and Research and Markets put out a more conservative estimate, with projected CAGR of 26.3 percent and 34 percent, respectively. The Tower Healthcare report estimates the metaverse in healthcare market size to cross $81.99 billion by 2032.

Medical companies and brands are already starting to establish themselves in the metaverse to become early adopters of this technology. Back in 2022 for instance, Hyderabad-based Yashoda Hospitals set up an experience zone in the Decentraland metaverse, claiming to become India’s first chain of hospitals to do so.

Built atop blockchain networks, metaverse ecosystems are fully functional virtual environments for people to work together, play games, and socialise as digital avatars from the privacy and comfort of their homes.

As per a report published by research firm InsightAce Analytic in October 2023, the coming together of the metaverse and the education sector is expected to be churning over $102 billion (roughly Rs. 8,48,980 crore) by the year 2031.

Researchers from the sector, however, have advised tech firms to bring their focus on producing affordable and advanced hardware capable of letting people explore the metaverse to its full potential.

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Mumbaikars Will Soon be Able to Check City Development Status Through Metaverse

In the otherwise crypto-sceptic India, some Web3 sectors are making government-authorised inroads into people’s day-to-day lives. Metaverse, for instance, is one such Web3 technology. In a recent development, Devendra Fadnavis, the deputy chief minister of Maharashtra unveiled the ‘Mumbai Metropolis Metaverse’. This blockchain-based virtual portal will enable the estimated population of 21 million dwellers to check up on city developments through the metaverse. People outside of the city will also be able to see the city’s undergoing transformation.

Through an interactive 3D and Virtual Reality (VR)-based interface, this free-of-cost platform will provide an immersive insight into the ongoing developments in and around Mumbai.

“Just click on these links to see how Mumbai is all set to transform within next few years, rather within few months,” Fadnavis posted in a tweet along with access links to the Mumbai Metropolis Metaverse for Android, iOS, and the web browser.

As per the official page of this metaverse portal, this project is powered by Meta, Hungama, and GOQii among other brands. The portal not only lets visitors navigate through the financial capital of the country, but also allows them to indulge in games that include activities such as designing the city.

This is first time that an Indian city has launched itself on the metaverse at a time when international players from the sector are showing interest in India expansion.

The Sandbox, a popular metaverse platform based in Hong Kong for instance, is looking to make India its largest market in the next two years.

On the sidelines of the expansion of metaverse in India, Meta recently reached out to the Telecom Regulatory Authority of India (TRAI), insisting that India must promote dialogue between the policymakers and the industry stakeholders to ensure the constant growth of technologies like AI and the metaverse. The metaverse market is estimated to reach the valuation of $800 billion (roughly Rs. 59,58,700 crore) by the end of 2024.

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eRupee Recorded Rs. 5.7 Crore in Transactions in First Four Months of Retail Trials, Says RBI: Report

eRupee, the Indian central bank digital currency (CBDC), was reportedly used to process transactions worth Rs. 5.70 crore in the first four months since it entered the retail trials phase. The information was disclosed by the Reserve Bank of India (RBI) as it responded to an RTI query initiated by Moneycontrol. The RBI launched eRupee retail trials in select locations across the country on December 1, 2022.

“As per the data published in the balance sheet of the Reserve Bank of India as on March 31, 2023, the E-Rupee issued for CBDC (Retail) at Rs 5.70 crore,” the central bank reportedly said responding to Moneycontrol’s RTI query last month.

CBDCs are an electronic, blockchain-based form of a sovereign currency. The use of CBDCs instead of cash would not only reduce reliance on paper notes, but also ensure that all transactions are recorded on a distributed ledger, safeguarding the information against tampering.

A total of thirteen banks, including Canara Bank and the State Bank of India (SBI), are assisting the RBI in conducting these trials. These banks also offered benefits and rewards to people experimenting with the eRupee, which helped the RBI meet its target of one million daily transactions by end of 2023.

In the months to come, the RBI is planning to load more features onto the eRupee, now that several Indian banks are letting people experiment with payments through it.

Last week, Shaktikanta Das, the governor of RBI, told the media that the eRupee CBDC is to be loaded with features supporting offline payments for rural regions and programmability feature for corporate uses.

Industry stakeholders from India’s Web3 sector weighed in on the situation on social networking platform. Nischal Shetty, the CEO of WazirX and the Co-Founder of recently launched crypto futures exchange Pi42, shared excitement on RBI’s CBDC plans in his post on X Friday.

“This is a great move to further grow the CBDC adoption and bring new use cases to the end users,” Shetty said. “If there’s a way to bridge this CBDC over to decentralized blockchains then we might see INR integrating into DeFi. This will help INR get stronger which would be a net positive for India,” he added. Members of Web3 community also took to X to comment on India’s CBDC plans.

Last year in July, a survey conducted by the CFA Institute (Chartered Financial Analyst) said that the Asia-Pacific region showed greater receptivity to CBDCs — especially among younger respondents.

“Financial inclusion and financial stability constitute two of the key motivations driving interest in CBDCs across the Asia-Pacific region. In addition, the rapid rise and sudden fall of private cryptocurrencies have sparked interest in CBDCs,” the report had noted.

Along with India, other nations that are working around their respective CBDCs include the UK, China, Japan, and South Korea.

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India’s Crypto Industry Misses Mention in FM’s Budget 2024 Speech, No Change in Taxes

Indian crypto and Web3 industry, for days, had been adding posts after posts on social networking platforms urging the government to ‘#ReduceCryptoTax’. Despite the outcry, India Finance Minister Nirmala Sitharaman did not even mention the crypto sector in the interim budget speech she presented in the parliament on Thursday, February 1. This has left members of the sector slightly disappointed and overlooked. The industry members, however, remain hopeful that after India completes its general elections later this year, some changes could be implemented in the budget finalised by the elected government.

Sitharaman, in her hour-long speech, said that no tax changes are being incorporated as for now.

Commenting on the development, Rajagopal Menon, the vice president of WazirX said, “We believe crypto and virtual digital assets can be a force multiplier in achieving ‘Viksit Bharat’ by empowering individuals at the grassroots level. Digital public infrastructure and the PM’s aspiration for ‘Anusandhan’ (research) will benefit from integrating provisions for long term financing of domestic crypto projects given how India is at a pivotal phase in the crypto revolution. We expect these developments to factor in the government’s agenda along with our existing requests for a reduction in TDS rates to 0.01 percent and offset of losses for traders.”

Since last week, #ReduceCryptoTax has been trending on X in India with thousands of posts demanding a revision in India’s crypto tax policy.

In July 2022, India levied one percent tax deductions on each crypto transaction and also enforced a 30 percent tax on all crypto profits. As per members of the industry, this taxation system has led to a drop in crypto-related activities in India leading to an exodus of Web3 talent and companies to friendlier nations. Several crypto players in India even announced staff cuts citing a drop in users and queries related to crypto.

For this budget, the three requests from the crypto were being expected to be addressed — flexible tax slabs, reduction of TDS from one percent to 0.01 percent on each crypto transaction, along with the allowance of carrying forward the losses – like stocks.

For this interim budget, however, these suggestions from the crypto sector have been left unaddressed. The finance minister did announce a proposal to support India’s youth with Rs. 1 Lakh crore corpus with 50-year interest free loan – which is being viewed by the crypto stakeholders as a step in the positive direction.

“India has over 19 million crypto investors of which 75 percent are the youth, thus depicting a significant interest among young users and fuelling their potential. With long-term financing options, this initiative is a resounding call to this cohort to scale up their endeavours,” Avinash Shekhar, Co-founder and CEO of Pi42 told Gadgets360.

High TDS and income tax rates continue to be hurdles for the growth of India’s Web3 industry. Stakeholders now start their wait for the final budget, which will be announced around May this year.

“Considering that this was a vote-on-account budget, we weren’t expecting any big movement during the session. We are eagerly anticipating changes to be announced post elections when the full budget is announced, and we are optimistic with respect to the state of the sector in the country,” Dilip Chenoy, Chairman, Bharat Web3 Association (BWA) told Gadgets360.

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Visa Finetunes its Crypto Payment Service, Onboards Web3 Firm Transak: Details

US-based payments major Visa has been lauded by the crypto sector one too many times for keeping a friendly approach despite regulatory lags. Visa has now joined hands with Web3 payments infrastructure provider Transak. The aim is to allow Visa crypto card holders to convert crypto assets into fiat currencies in real time. The move appears to be Visa’s attempt to further democratise the use of crypto for daily payments – but by converting their values into fiat currencies.

Transak has now been onboarded onto the Visa Direct programme. A real-time one-push payments platform, Visa Direct allows third party providers connect with Visa’s network and wire payments directly on Visa cards.

“By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler and more connected experience for its users, making it easier to convert crypto balances into fiat, which can be spent at the more than 130 million merchant locations where Visa is accepted,” Coindesk quoted Yanilsa Gonzalez-Ore, North America head of Visa Direct as commenting on the development.

Visa users will also be able to transfer cryptocurrencies from wallets like MetaMask directly into the Visa Debit Card. A total of 40 cryptocurrencies are currently eligible for conversion to fiat via this Visa Direct initiative across 145 nations. These include Bitcoin, Ether, Solana, and Dogecoin among others.

“This is a major step towards mainstream acceptance and utilization of cryptocurrencies. MetaMask users can now effortlessly off-ramp directly from their wallet to the Visa card, which enhances the usability and practicality of their digital assets. Transak’s integration with Visa opens new horizons for MetaMask users globally, providing more flexibility in smooth cryptocurrency to fiat conversions,” Harshit Gangwar, Transak’s marketing head and investor relations lead was quoted by the media as saying.

Visa has been consistent in-terms of introducing Web3-friendly services in the last few years. Earlier this month, the payments giant announced a new Web3 loyalty service to assist brands experiment with Web3 elements like NFTs, metaverse, and cryptocurrencies.

In December 2022, Visa designed a functionality to enable users to make their telephone and electricity payments via self-custodial crypto wallets. The same year, Visa launched a creator programme to help digital-age artists understand and use NFTs.

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Solana Foundation, CoinDCX Announce Rs. 25-Crore Grant for India’s Web3 Developers

Ahead of India’s 75th Republic Day, Indian crypto exchange CoinDCX has announced a grant programme for Indian Web3 developers in partnership with the Solana Foundation. The grant, worth Rs. 25 crore, aims to help bootstrapped Indian Web3 developers designing products on the Solana blockchain. In an official announcement shared on Thursday, January 25, CoinDCX said this initiative comes along the sidelines of this year’s Republic Day theme of ‘Vikasit Bharat’ (Developed India).

In the coming months, the capital from this grant will be used towards initiating advanced blockchain education programmes as well as hackathon-like competitions within Web3 developers. CoinDCX Ventures has also decided to invest in the best teams emerging from these hackathons.

“We need to cultivate talent for sustained market share and leadership in blockchain software development. With India already contributing 11 percent of global web3 developers, I expect an encouraging ecosystem and government support to transform the country into a web3 powerhouse,” said Sumit Gupta, Co-Founder of CoinDCX.

Gupta said Web3 firms in India must draw parallels with India’s overall mammoth IT industry that currently has a valuation of $200 billion (roughly Rs. 16,62,210 crore) and is poised to reach $350 billion (roughly Rs. 29,09,292 crore) in revenues by 2030.

As part of the deal, Solana Foundation will work with CoinDCX to advance real-world use cases of public blockchains, such as loyalty programs and tokenisation of real-world assets like stocks, bonds, and real estate.

“There is huge potential for mass adoption of blockchain technology and real-world use cases. India having over a billion mobile users, the grant will strategically emphasise the development of Web3 apps on mobile,” said Neeraj Khandelwal, Co-Founder, CoinDCX as saying.

CoinDCX seems to be diving deeper into India’s Web3 market, intensifying the competition with contemporaries like CoinSwitch, Mudrex, and Giottus among others. This is also happening at a time when the government of India has directed all crypto firms to strictly adhere to registering with the Financial Intelligence Unit (FIU) while also meeting all KYC and AML guidelines.

As for the Solana Foundation, this marks a notable opportunity to engage with Indian Web3 developers. Its eco-friendly Solana blockchain was recently chosen by Dubai to provide the blockchain infrastructure for its free economic zone, called the Dubai Multi Commodities Centre (DMCC).

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