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India's real estate market to hit $10 trillion by 2047: Colliers-CREDAI report​

<ul><li>The <keyword id="69007" type="General" weightage="20" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword> has picked ten breakthrough technologies that show promise for the future. </li><li>Flexible batteries, <keyword id="15777223" type="General" weightage="20" keywordseo="generative-ai" source="Orion">generative AI</keyword>, <keyword id="7931350" type="General" weightage="20" keywordseo="sustainable-aviation-fuel" source="Orion">sustainable aviation fuel</keyword>, wearable sensors for plants and <keyword id="432748" type="General" weightage="20" keywordseo="green-computing" source="Orion">green computing</keyword> are some of them. </li><li>Many other biological breakthroughs like designer phages, metaverse for mental health, brain-machine interfaces and more have made it to the list. </li></ul>The world is changing fast with new dangers and permacrisis afoot. However, the good news is that a number of breakthrough new technologies are working to make it a better place. The World Economic Forum has picked ten such for 2023 — right from deep biology that can look into the cells to flexible batteries that can be twisted, bent and stretched. To make it to this coveted list, the technologies must offer promising major benefits to societies and economies, be disruptive, attractive to investors and researchers; and expected to have achieved considerable scale within five years. “New technologies have the power to disrupt industries, grow economies, improve lives and safeguard the planet – if designed, scaled and deployed responsibly,” said Jeremy Jurgens, Managing Director, World Economic Forum and Head of the Centre for the Fourth Industrial Revolution. In the past, the WEF has picked many such winners — like the genetic-engineering tool CRISPR-Cas9 which was featured in 2015, went on to win the Nobel Prize five years later. “It is now being used to create insect and drought-resistant crops in harsh growing conditions around the world,” said Jurgens. Messenger ribonucleic acid (mRNA) vaccines, earned their place in the 2017 report, became the technology underpinning the majority of Covid-19 vaccines protecting lives worldwide. AI-led molecular design made it onto the 2018 list. Since then, Deepmind’s AlphaFold predicted the structure of 200 million proteins, and the first AI-discovered drugs have entered clinical trials. Let’s look what technologies made it to this year’s list: Flexible batteries: Bend, twist &amp; stretch The world is going flex – with rollable computer screens to smart clothing. And the systems that power them should be so too. Flexible batteries, made of lightweight materials that can be easily twisted, bent or stretched, will soon hit the market and make standard rigid batteries a thing of the past. “The rapidly escalating development of wearable devices, flexible electronics and bendable displays demand power sources that match the agility of these systems,” the report says. One study forecasts that the global flexible battery market will grow by $240.47 million from 2022-2027, accelerating at a compound annual growth rate (CAGR) of 22.79%, says WEF. Several companies like LG Chem, Samsung SDI, Apple, Nokia are are actively developing and commercialising flexible battery technology. Generative AI: Sparring partner to conventional thinking Imagine an algorithm that can draw the image that a human holds in his mind? That’s one example of the boundless potential of generative AI which can design drugs, aid in architecture and engineering — in addition to what ChatGPT does. NASA engineers are working to use this technology to build lightweight spaceflight instruments. But this technology needs to build something more, trust. “To build public trust in generative AI, applications should meet agreed-upon professional and ethical standards. Care should be taken to mitigate AI bias based on training data, with a focus on including “outlier” data and novel societal conventions,” WEF says. It should also address copyright attribution and more. With correct controls, generative AI can demonstrate the boundaries of knowledge, and act as a sparring partner to challenge conventional thinking. Sustainable aviation fuel: Moving up, with challenges ahead The road-bound cousins of aeroplanes – cars, bikes and more are going green at a rapid pace. However, the cost of making the aviation sector, which contributes to 2-3% of CO2 emissions annually, is enormous. Enter sustainable aviation fuel (SAF) that’s produced from biomass, and non-biological resources. Now it makes up for 1% of the global jet fuel demand, but must rise to 13-15% by 2040, WEF says. “Such an increase will require the creation of 300-400 new SAF plants; and airlines, manufacturers and fuel companies are working around the clock to enable this level of scale,” the report says, adding that availability and collection of raw materials, along with the need for sustainably produced green hydrogen, remain major challenges. Designer Phages: Virus that carry ‘genetic scissors’ Viruses, as scary as they are, can be engineered to benefit humans. Key to this engineering are phages – viruses that selectively infect specific types of bacteria. Upon infection, a phage injects its genetic information into the bacterium. With ‘genetic scissors’, these phages can execute a set of instructions – they can change a bacterium’s functions. It can be made into a therapeutic molecule or to become sensitive to a certain drug and more. “Phages are also being designed as feed supplements to enhance the growth of livestock, treat certain plant diseases and eliminate dangerous bacteria in food supply chains,” WEF says. Locus Biosciences and Eligo Biosciences are using this approach to combat antibiotic-resistant bacteria. Metaverse for mental health: Augmenting connections The Covid-19 pandemic has pushed the mental health crisis to such an extent that the world is falling short of health providers. The conditions are ripe for metaverse-enabled mental health treatment, WEF says. “Maturing interface technologies could further augment social and emotional connections between distant participants,” the report says. Many players are already working on it with gamification and other ways which can also reduce the stigma attached with mental health. Noninvasive neurotechnologies can provide feedback attuned to a user’s emotional state. For example, Neurable headsets use electrodes to measure emotion and can adjust music accordingly. Eventually, the metaverse will also connect to therapeutic neurotechnologies, such as direct brain stimulation to treat intractable depression,” WEF adds. Wearable plant sensors: The new frontier Traditionally, crops have been monitored via soil testing and visual inspections, both of which are expensive and time-consuming. Recent tech advancements have been monitoring crop health via low-resolution satellite data, which has gone on to sensor equipped drones and tractors which provide information. The next frontier is monitoring individual plants – with wearables. “These sensors are small, non-invasive devices that can be attached to crop plants for continuous monitoring of temperature, humidity, moisture and nutrient levels,” the report says. Growvera and Phytech have developed micro-sized needle sensors that insert into a plant’s leaves or stems to measure changes in electrical resistance, but challenges remain in terms of expense and the reading of the data might need specialised expertise. It needs data analytics tools that can help farmers ‘read it’ and make informed decisions. Spatial omics: Unravelling evolutionary secrets Humans are made of millions of cells —- but what happens inside them? Spatial omics might actually help us ‘see’ the biological processes, how they work in detail that was unprecedented before. A spatial omics study of samples from people who died from Covid-19 revealed that SARS-CoV-2 causes widespread disruption of cellular pathways across all tissues. Scientists have also identified a set of neurons that help paralysed mice walk, sooner. But this technology needs to be democratised, WEF believes. It had a total market value of $232.6 million in 2021 and an estimated revenue of $587.2 million in 2030. While academic and translational research centres made up 89% of the market in 2020, the market is dramatically expanding to include pharmaceutical and biotech industries. Flexible neural electronics: Biocompatible now Brain-machine interfaces (BMIs) allow electrical signals the brain produces to be captured by sensor hardware – and are already being used for patients with epilepsy, and create prosthetic limbs connected to the nervous system. But the current implants are made of hard material like chips, which can scar humans and cause substantial discomfort. They cannot bend or adapt to brain movements so, over time, they “drift” in position, decreasing the accuracy. But now researchers developed these circuits on biocompatible materials that are soft and flexible. It can deepen understanding of conditions like dementia and autism; and can also be used to develop cardiac pacemakers and more. But eventually, it holds the potential to true human-AI interfacing – but since the data from the brain is sensitive, privacy and ethical use guidelines must be established. Sustainable computing: Optimism ahead Every time we search on Google, send email or use any form of AI, we are connecting to data centres — which consume an estimated 1% of the electricity produced globally. And, this will only grow. There is no single “green data” magic bullet, but the coming decade will see strides toward net-zero-energy data centres. The first is to use cooling systems to dissipate the heat. Stockholm is using heat from data centres to heat homes. Then, AI itself can come with a solution for the heat it is generating, but analysing and optimising energy use in real-time. DeepMind has successfully demonstrated the potential of AI-powered energy management, achieving up to a 40% reduction in energy consumption at Google’s data centres. Crusoe Energy instals its modular data centres at sites where methane flaring occurs to enable cloud computing infrastructure to be powered by methane gas that would otherwise have been released directly into the atmosphere. “Given the wave of innovation and investment in this area, there is reason to be optimistic about the years ahead,” WEF says. AI-facilitated healthcare: Easing access Ever since the pandemic governments and academic teams alike have been using AI and ML models to improve access to patient care – to cut down the long delays many patients experience. This can aid developing nations in particular. India, for example, has a widely dispersed population of over 1.4 billion and has embraced an AI-based approach to enhance medical outreach. “The Indian government has enabled physicians to engage remote communities through assistive technologies, with requisite privacy safeguards in place,” the report says. However, hurdles to this system remain like patient compliance and national security concerns. “Moreover, any system that curates personal data on the health and welfare of a vast population must function within the bounds of a carefully crafted legal and ethical framework,” WEF says.

Wearables for plants, bacteria eating viruses, and 8 technologies in 2023 that can change the future

<ul><li><keyword id="6354742" type="General" weightage="100" keywordseo="flipkart" source="Orion">Flipkart</keyword>’s metaverse shopping space <keyword id="15279828" type="General" weightage="20" keywordseo="Flipverse" source="Orion">Flipverse</keyword> will allow customers to access various digital collectibles. </li><li>Brands including Puma, Noise, Nivea, Lavie, Tokyo Talkies, Campus, Ajmal Perfumes are participating in the Flipverse. </li><li>Phase one of Flipverse is an <keyword id="6355645" type="General" weightage="50" keywordseo="android" source="Orion">Android</keyword> only experience, and will be live for a week. </li><li>The metaverse market value is expected to reach $1.3 billion by 2030. </li></ul>Flipkart, one of India’s largest e-commerce platforms on Monday announced the launch of Flipverse - a metaverse space where consumers can shop in a photorealistic virtual destination. Flipverse will give customers access to brands, Supercoins and digital collectibles, using the web3 technology being provided by Polygon-incubated company eDAO. Polygon is arguably India’s most famous crypto startup. The objective of the launch is to 'flip' the shopping narrative, Flipkart said. “The launch of Flipverse will continue to have an impact on innovative industries like e-commerce and enhance the customer experience while delivering a gamified and an immersive shopping experience, especially in light of the adoption of the metaverse and web3 platforms by multiple brands in India,” <keyword id="9730459" type="General" weightage="50" keywordseo="naren-ravula" source="Orion">Naren Ravula</keyword>, VP and head, product strategy and deployment, Flipkart Labs, said. Flipverse will enable a multiverse of brands to create unique product launches for engaging users. Brands including Puma, Noise, Nivea, Lavie, Tokyo Talkies, Campus, VIP, Ajmal Perfumes, Himalaya, Butterfly India etc. would be participating in this edition, Flipkart said. Flipverse will be available on Flipkart’s newly launched platform,<a href="http://firedrops.flipkart.com/"> FireDrops</a>, which can be accessed from the e-commerce platform’s app, the company said. Phase one of Flipverse is an Android only experience, and will be live for a week, from October 17. The idea is to have millions of users experience Flipverse and open the doors to the future of shopping, Flipkart said. Metaverse is a hyper-immersive virtual world whose value is steadily increasing. The market is expected to reach $1.3 billion by <a href="https://economictimes.indiatimes.com/tech/technology/metaverse-emerging-as-a-fast-developing-technology-sector/articleshow/94865535.cms">2030.</a> “While we have only just begun to scratch the surface of what's possible in the metaverse, we see e-commerce as one of the killer use cases. Combining top brands with Flipkart's e-commerce expertise in a virtual environment stands to revolutionise online retail as we know it,” <keyword id="11257748" type="General" weightage="50" keywordseo="sandeep-nailwal" source="Orion">Sandeep Nailwal</keyword>, co-founder of Polygon, said. “Flipverse can unlock much value over time, but for Diwali, we simply optimised for delight. Bringing creative and technical heft to Flipkart’s vision is a privilege for eDAO,” Anand Venkateswaran, CEO of eDAO said. In July this year, Flipkart entered the world of web3 partnering with Nothing phone, announcing special perks for the customers through ‘Nothing NFT drops’. Flipkart and eDAO had also recently partnered to create a digital treasure hunt during Flipkart’s Big Billion Days sale. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indians-above-40-are-feeling-younger-healthier-than-gen-z-millennials-report/articleshow/94918231.cms">Indians above 40 are feeling younger &amp; healthier than Gen Z, millennials - report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/pvr-reports-net-loss-of-71-23-crore-in-q2-attributes-it-to-bollywood-hollywood-flops/articleshow/94917917.cms">PVR reports net loss of ₹71.23 crore in Q2, attributes it to Bollywood, Hollywood flops</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/you-can-travel-in-these-countries-with-the-indian-rupee-but-there-are-limits/slidelist/94913764.cms">You can travel in these countries with the Indian rupee, but there are limits</a>

It’s time to shop in the metaverse as Flipkart launches Flipverse

<ul><li><keyword id="6354287" type="General" weightage="20" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword> launched India’s first multiplex on the Partynite Metaverse platform.</li><li>The 20-screen multiplex will showcase content portfolios from leading OTT platforms partners.</li><li><keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword>’s latest metaverse multiplex will enable viewers to watch samples of top original shows and movies.</li></ul>One of the biggest telecom companies in India, Bharti Airtel, entered the multiplex business but in the metaverse. The company on Tuesday (June 17) launched India’s first multiplex on the Partynite Metaverse platform. The 20-screen multiplex — which is a part of Airtel’s video app Xtream — will showcase content portfolios from leading over-the-top (OTT) platforms it has partnered with. A quick scan of the website reveals that Airtel Xstream offers content from OTT platforms like Amazon Prime, Sony Liv and Eros Now. The Xstream multiplex is an extension of Airtel’s Xstream Premium offering, which added two million subscribers within 100 days of its launch. “Airtel’s Xstream multiplex provides a larger-than-life experience, which brings together Web 3.0 apps and immersive storytelling, and an assortment of content from our partners. We all know people’s love for movies and entertainment in India. Through the metaverse, we are looking to tap into a larger audience, giving content enthusiasts an opportunity to sample Airtel’s Xstream Premium offering and, thus, aiding in driving higher adoption,” Shashwat Sharma, director of marketing at Airtel, said in a statement. Airtel’s latest metaverse multiplex will enable viewers to watch samples — such as the first episode or initial minutes — of top original shows and movies. These shows or movies will be in multiple regional languages, besides English and Hindi. Viewers can get complete access upon subscription of a plan, the company added. Airtel Xstream Premium’s multiplex experience is one of the most scalable use case scenarios for the metaverse and can be used for movies, music, live events and premium sports streaming in the future, Partynite’s founder Rajat Ojha said. “Apart from the robust scope, it will also allow social engagement, open up newer methods of content delivery and, of course, provide an immersive experience at the core of it,” he added. Airtel is a global communications solutions provider with over 490 million customers across 17 countries across South Asia and Africa. The company<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms#slideid=91640359"> earned ₹1.17 lakh crore</a> across its several businesses in the fiscal year 2022, while its profits lingered at ₹8,305 crore. Bharti Airtel’s shares were trading at a price of ₹681 at 1:06 pm on Tuesday, representing a slight spike of 1.47% since market opening. SEE ALSO <a href="https://www.businessinsider.in/business/news/adani-sells-a-fourth-of-its-green-hydrogen-business-to-frances-totalenergies/articleshow/92197541.cms" style="">Adani sells a fourth of its green hydrogen business to France’s TotalEnergies</a> <a href="https://www.businessinsider.in/stock-market/news/burger-king-dominos-kfc-to-see-high-growth-even-as-consumer-staples-suffer/articleshow/92196523.cms" style="">Burger King, Domino's &amp; KFC to see high growth even as consumer staples suffer</a> <a href="https://www.businessinsider.in/india/news/indias-richest-people-are-moving-to-uae-australia-and-singapore/articleshow/92181712.cms" style="">India’s richest are moving to UAE, Australia and Singapore — but there’s nothing to worry</a>

Airtel launches its first multiplex, but in the metaverse

Disclaimer:The article is authored by Mr. <keyword id="17130" type="General" weightage="50" keywordseo="santhosh" source="Orion">Santhosh</keyword> Viswanathan, Managing Director - <keyword id="28115" type="General" weightage="50" keywordseo="intel" source="Orion">Intel</keyword> <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and he is an expert in the tech industry. The video game industry has been around for several decades. What began as a purely entertainment focused endeavor, has turned into a multi-billion-dollar industry that touches upon countless aspects of our modern existence. Today, gaming has relevance not just in the “entertainment dens” of geeks, but in academia, professional training for highly specialized skills (think pilots), research and even as a viable career. As the global outlook towards gaming started to shift, India too has embraced this new avatar with open arms. Not only is the number of gamers in the country on a steady rise, but so are related <a href="https://economictimes.indiatimes.com/jobs/is-indias-gaming-industry-set-to-take-off-and-create-jobs-for-gen-z/articleshow/89644615.cms">employment opportunities</a>. E-Sports tournaments continue to take place within the country, with considerable prize pools to boot. As the arena of gaming continues to spread and grow, so does the revenue, which is expected to grow up to $3.9 billion by 2025 in a study initiated by <keyword id="149966" type="General" weightage="50" keywordseo="iamai" source="Orion">IAMAI</keyword> (Internet and Mobile Association of India). The gaming industry has seen a meteoric rise in popularity and revenue growth, with no signs of slowing down. While it may not be possible to attribute any one factor to this evolutionary change, there have been several milestones that played a key role in taking Indian gaming to all new, respectable heights. <h2>Remember Pong?</h2> It all started when <a href="https://www.weforum.org/agenda/2020/11/gaming-games-consels-xbox-play-station-fun/">Atari</a> released Pong in the ‘70s.What followed was a wave of releases by major companies through the ‘80s and ‘90s giving birth to the arcade format. The arcade style of gaming was eventually surpassed by the need to game in the comfort of one’s home, bringing about the age of consoles and personal computers. While consoles were mostly still dabbling in 2D games, the PC had opened new frontiers with games that took the visual experience of the time to a whole new level. As games became more immersive thanks to realistic graphics and incredible physics engines, the hardware and software industry as a whole was compelled to deliver better and better experiences. As the 2000s rolled around, games evolved further, becoming more story-driven at their core. Gamers wanted to feel connected, more invested in the experience. Game development studios were now hiring storytellers to make their games more narrative focused rather than “run-and-gun” model of the era past. The coming of the Internet and <keyword id="28168" type="General" weightage="80" keywordseo="smartphone" source="Orion">Smartphone</keyword> era The best games and gaming experiences continued to be limited to a specific audience for a majority of the early 2000s. However, by 2010, India high-speed internet had found its way to many homes and in another five years, the country would witness its biggest technological boom; the smartphone. The smartphone quickly rose to “essential commodity” status, propelled in part by plummeting costs of 4G connectivity and in part by OEMs driving down cost of ownership for end-consumers. What began as an obsession with Snake back in the 90s, over the years spawned an industry that would bring AAA titles from the PC to the smartphone. Cheap internet and an unphased spirit of healthy competition propelled competitive mobile gaming into the limelight, with more and more gamers taking up multiplayer gaming than ever before. Currently, India is home to roughly <a href="https://www.ibef.org/blogs/india-s-nascent-gaming-industry-on-the-rise#:~:text=The%20Indian%20gaming%20industry%20recently,of%20mobile%20games%20in%202021.">502 million</a> smartphone users of which almost 300 million users identify as gamers. A <a href="https://www2.deloitte.com/in/en/pages/technology-media-and-telecommunications/articles/tmt-predictions-2022.html">Deloitte</a> study posits that by 2026, India would be home to a billion smartphone users, while another <a href="https://web-assets.bcg.com/38/14/41fdfa494a9b84aaa32c47cc92b0/mobile-gaming-market-opportunity.pdf">study</a> claims that the Indian mobile gaming market expected to grow to $5Bn+ by 2025. Mobile gaming undoubtedly continues to be widely popular and greatly accessible, however, an <a href="https://in.mashable.com/tech/19136/pc-gaming-set-to-take-off-exponentially-in-india-in-2021-a-conversation-with-intels-akshay-kamath">Intel Kantar study</a> suggests that 90 percent of the mobile gamers in India are likely to shift to the PC as their preferred gaming device. <h2>The Pandemic changed the game</h2> As the COVID-19 pandemic put the world into complete social isolation, gaming quickly emerged as the go-to method for socializing, relieving stress and just passing time in general. As new gamers joined the fold, demand for gaming PCs and gaming monitors soared and continues to show an upwards trend. India continues to play a big role in this growth, with the country having <a href="https://www.idc.com/getdoc.jsp?containerId=prAP48895822">shipped</a> 14.8 million units in 2021, a 44.5% growth YoY. <h2>PC Gaming unleashes the champion </h2> One of the biggest contributors of legitimacy to gaming is the E-Sports boom. The global E-Sports industry was <a href="https://www.globenewswire.com/en/news-release/2022/06/06/2456862/0/en/The-Global-Esports-Market-is-expected-to-reach-a-value-of-USD-2-8-Billion-by-2028-at-a-CAGR-of-14-50-2022-2028-SkyQuest-Technology.html">valued</a> at $1.08Bn in 2021, and is expected to grow to $2.8Bn by 2028 at a CAGR of 14.50 percent, and India continues to play a notable role in its growth. The popularity of gaming titles combined with the superior experience of playing them on the PC has spawned an entirely new industry and allowed gaming to be seen as a much-respected vocation. E-Sports players today compete not only for eye-watering sums of prize pools awarded to the winners, but also the opportunity to walk away with other monetary prizes for other in-game achievements as well. Gamers who choose to pursue a career in E-Sports don’t just sit around and play all day, but just like any other sportsperson, spend a significant amount of time training their bodies and minds. Discipline, team-work, communication and endurance are just some of the key components that make a winner, just like any other sport. For those who still look upon gaming as “an activity for the delinquent,” the Asian Games 2022 officially included E-Sports as a competitive category, and India will send a <a href="https://olympics.com/en/news/asian-games-2022-indian-esports-team-athletes-qualified-full-list">contingent of 18 eSports athletes</a> who will be competing against the very best from around the world in five different gaming titles. Paving the Way Forward Gaming continues to gain mindshare amongst consumers, even those who wouldn’t call themselves hardcore gamers. What was once a standalone industry, existing in its own vacuum, now influences almost every popular aspect of pop-culture. Today, we have <a href="https://www.washingtonpost.com/video-games/2020/03/06/tired-marvel-cinematic-universe-wired-video-game-cinematic-universe/">TV shows and movies</a> based on games, feeding into the entertainment cycle. Game merchandise continues to hold significant value in bragging rights and not to mention, games continue to shape many of our cultural and inter-personal mannerisms as well. While gaming might be tethered to a singular device, its impact on our lives is grand and ubiquitous. While <a href="https://in.mashable.com/tech/19136/pc-gaming-set-to-take-off-exponentially-in-india-in-2021-a-conversation-with-intels-akshay-kamath">hardware</a> will continue to get more and more powerful, the future of gaming experiences will also be augmented by superior connectivity technologies such as WiFi6 and 5G thanks to their higher bandwidth and low latency nature. These new technologies will take the superior gaming experience, so far reserved for the PC, and bring it to a whole new class of devices thanks to the growing development and consumer interest in cloud gaming. While on one hand we’re seeing games break away from the staple devices, the <keyword id="11121339" type="General" weightage="50" keywordseo="metaverse" source="Orion">Metaverse</keyword> promises a whole new paradigm to the digital experience, including gaming. Imagine a scenario where you can attend an E-sports tournament, experience the exhilaration of being amongst thousands of other like-minded audiences, all from the comfort of your home. Amidst all this progression, what is clear is that gaming is no longer a casual activity, but a billion-dollar industry with something for everyone.

Evolution of PC gaming – an exciting ride ahead

Facebook has reported loss in revenue in the June quarter for the first time since going public in 2007, predicting that growth in the third quarter could fall even more. Facebook reported a 1 per cent drop in revenue to $28.8 billion, a 1 per cent decrease from $29.07 billion in the second quarter of 2021. The shares dropped 3.8 per cent in extended trading late on Wednesday. Overall, <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword>'s profit fell 36 per cent to $6.7 billion in the quarter. The Reality Labs division behind the <keyword id="11121339" type="General" weightage="50" keywordseo="metaverse" source="Orion">Metaverse</keyword> dream project lost $2.8 billion in the April-June period, "It was good to see a positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI," said <keyword id="6354630" type="General" weightage="50" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword>, Meta founder and CEO. "We're putting increased energy and focus around our key company priorities that unlock both near and long term opportunities for Meta and the people and businesses that use our services," he announced. Outgoing COO <keyword id="611995" type="General" weightage="50" keywordseo="sheryl-sandberg" source="Orion">Sheryl Sandberg</keyword> blamed the revenue loss on the decreasing value of the Euro. "Foreign exchange trends had a significant impact in Q2, in particular the depreciation of the Euro relative to the dollar," Sandberg told analysts during the earnings call. "On a constant currency basis, we would have seen 3% revenue growth year over year." The company expects third quarter 2022 total revenue to be in the range of $26-28.5 billion. "This outlook reflects a continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty," Meta informed. Facebook reported daily active users (DAUs) at 1.97 billion on average for June, an increase of 3 per cent year-over-year. The monthly active users (MAUs) were 2.93 billion, an increase of 1 per cent. Meta now has 83,553 employees, an increase of 32 per cent year-over-year. The social network said that from November 1, current Chief Financial Officer David Wehner will take on a new role as Meta's first Chief Strategy Officer, where he will oversee the company's strategy and corporate development. <keyword id="5596928" type="General" weightage="50" keywordseo="susan-li" source="Orion">Susan Li</keyword>, Meta's current Vice President of <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword>, will be promoted and serve as Meta's Chief Financial Officer. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/meta-crosses-1-bn-annual-revenue-run-rate-for-reels-ads/articleshow/93177368.cms">Meta crosses $1 bn annual revenue run rate for Reels ads</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-street-view-now-available-in-india-eligible-cities-how-to-use-and-everything-you-need-to-know/articleshow/93161112.cms">Google Street View now available in India – eligible cities, how to use and everything you need to know</a>

Facebook’s revenue drops for the first time ever and may fall further in the future

<ul><li>Mark Zuckerberg talked about India’s role in building the metaverse at the Fuel for India 2021 event.</li><li>Zuckerberg highlighted how India’s startup, developer and creator ecosystem is already building towards the future of the metaverse.</li><li><keyword id="399907" type="General" weightage="20" keywordseo="meta" source="Orion">Meta</keyword> also announced its extended partnership with CBSE.</li></ul>Meta (formerly Facebook) CEO <a href="https://www.businessinsider.in/tech/enterprise/news/facebook-meta-microsoft-epic-games-and-others-companies-building-the-metaverse/articleshow/87663969.cms">Mark Zuckerberg</a> said he’s “really excited” about India’s role in building the metaverse. Speaking at the second edition of Fuel for India event, Zuckerberg talked about how India is already building towards the metaverse, a future he envisions will be the successor to the mobile internet. "I am really excited about the role that India will play in building this future. India’s talent pool – the engineers, developers and creators, and your whole vibrant start-up ecosystem are playing a huge role in shaping the future. India is on track to have the largest app developer base in the world by 2024, and already has one of the largest Spark AR developer communities,” Zuckerberg said. Zuckerberg also highlighted the developer and individual entrepreneur ecosystem in India and “the spirit around that is one of the things that makes India so special.” He added that India will provide a huge amount of the foundation for the metaverse. Metaverse is Meta’s next major focus for the years to come and it is already on track in creating such experiences for users. The company announced its rebranding with a new name ‘Meta’ to highlight its shift and focus to the metaverse – a digital environment where people can interact with others virtually anywhere, shop, work, play games and more. Zuckerberg also mentioned Meta’s investments in education and commerce platforms like Unacademy and <a href="https://www.businessinsider.in/tech/apps/news/meesho-becomes-most-downloaded-e-commerce-app-globally/articleshow/87630080.cms">Meesho</a>, and how the company will continue to invest in these areas. At the Fuel for India 2021 event, Meta also announced it is extending its partnership with the Central Board of Secondary Education (CBSE) to educate over 10 million students and one 1 million educators through a curriculum on digital safety and online well-being and Augmented Reality (AR). Meta had also opened its first standalone office in Asia located in Gurugram. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/instagram-has-reportedly-hit-two-billion-monthly-active-users-but-regulatory-scrutiny-may-prevent-it-from-celebrating-the-milestone/articleshow/88292716.cms" data-type="tilCustomLink">Instagram has reportedly hit two billion monthly active users, but regulatory scrutiny may prevent it from celebrating the milestone</a>

Here is why Facebook chief Mark Zuckerberg is praising India's techies as he dreams of a Metaverse future

<ul><li>Hike’s whitepaper for going web3 is set to go live next month.</li><li>The process of taking <keyword id="13026719" type="General" weightage="20" keywordseo="rush-by-hike" source="Orion">Rush by Hike</keyword> on-chain will occur over the next three to six months.</li><li>In an exclusive interview with Business Insider, <keyword id="6567188" type="General" weightage="20" keywordseo="kavin-bharti-mittal" source="Orion">Kavin Bharti Mittal</keyword> shares details on what the Hike virtual world will look like.</li></ul>Tech entrepreneur Kavin Bharti Mittal is ready to enter the web3 universe with his app, Rush by Hike, this year. The founder and CEO of Hike plans to launch the whitepaper for the <keyword id="13026722" type="General" weightage="20" keywordseo="rush-gaming-universe" source="Orion">Rush Gaming Universe</keyword> next month, which will spell out the details of his vision and the tokenomics of the platform that Mittal and the Hike team have been building for a while now. <div type="ExtQuote" text="“We are releasing a white paper, it’s on-track to be released next month. And, that’s going to be talking about everything we’ll be doing on-chain.&quot;" auname="Kavin Bharti Mittal revealed in an exclusive interview with Business Insider"></div> The details are still a work in progress and will be revealed over the next three to four weeks. However, Mittal hinted at non-fungible tokens (NFTs), Hike’s own cryptocurrency and other economic opportunities for players looking for ownership of their digital assets. Simply put, the Rush Gaming Universe will be a community-led virtual world where users will be able to own what they create and earn from the time they spend online. <div type="ExtQuote" text="“The Rush Gaming Universe is a social gaming universe. We call it a ‘virtual world’ — we differentiate that from the ‘metaverse’ a little bit. For us, the metaverse is simply an upgrade of the internet.”" auname="Kavin Bharti Mittal told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="A made-in-India wallet" comment="subhead" text="A made-in-India wallet">A made-in-India wallet</cmsannotation> The number of people who have access to the internet in India has surged over the past decade. But, most of these people are accessing the online world through their phones — not through laptops or desktops. Meanwhile, when it comes to web3 and decentralised applications (DApps), they have thus far only been built for access through web browsers — like Chrome and Firefox — or using web extensions. “The only way for us to go along with everything we’re launching is to explore our own wallet or go work with a partner who has made a lot of progress,” Mittal explained. “We’re very close to making a decision. We’re exploring both opportunities. What we’ll do, we’ll know probably in a week, a week and a half.” And, where there’s a wallet, they have to be digital assets, whether those are NFTs or fungible cryptocurrency. <cmsannotation type="cmsannotation" annotationid="Non-fungible tokens in a play-to-earn (P2E) world" comment="subhead" text="Non-fungible tokens in a play-to-earn (P2E) world">Non-fungible tokens in a play-to-earn (P2E) world</cmsannotation> To the layman, Hike’s avatars may not look like anything more than digital headshots. However, each avatar is meant to be unique to each user. Just like the underlying philosophy behind a non-fungible token (NFT). To be fair, avatar NFT projects aren’t new. The Bored Ape Yacht Club, CryptoPunks, CryptoKitties, Meebits, and Cool Cats are some popular examples that saw explosive growth over the past one year. But, the space is far from saturated. Many consider avatars to be one of the most burgeoning subsets within the NFT ecosystem with users looking to create their own unique identities within virtual worlds. <cmsannotation type="cmsannotation" annotationid="It’s going to take another three to six months to hammer out the details" comment="subhead" text="It’s going to take another three to six months to hammer out the details">It’s going to take another three to six months to hammer out the details </cmsannotation>Rush by Hike has a Telegram community of more than 50,000 subscribers. And, the team behind the gaming platform engages with fans for feedback on the gameplay, avatars, what games they would like to see next and other aspects. “And, the community actually votes, by the way. So they have a large role to play in the roadmap of the platform, which is how the web3 community is actually built,” Mittal revealed. Earlier this month, the community actually voted for their own moderators — an indicator of self-organisation. “It gives you a sense of what’s possible already. As you bring things on-chain, in say the next three to six months, when you share incentives building the Rush Gaming Universe, then so much more is possible, ”he added, hinting at the possibility of a governance token. Members of Hike’s team have already been experimenting with RUST for Solana, Solidity for Ethereum and other programming languages. However, there’s no final word on which blockchain Hike will choose to go with at the end of the day. Moreover, most crypto projects start small on-chain themselves. However, with Hike, Mittal plans to bring what’s already happening off-chain onto the blockchain. “We’re already doing 100 million games a quarter. You can’t put that on a blockchain immediately,” explained Mittal. <div type="ExtQuote" text="“The Rushing Gaming Universe aims to be one of the prominent virtual worlds within the metaverse. Inside which, you’ll have plenty of opportunities to become owners in the economies, in the networks, in the gameplay, and so on and so forth.”" auname="Kavin Bharti Mittal told Business Insider"></div> In order to build out his web3 vision for the Rush Gaming Universe, Mittal plans to expand the current team by 40% this year from its current strength of 145. “We’re hiring mostly product people, designers and engineers. And, a couple of other positions like chief of staff or chief economist and so on,” he said. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-recovers-with-equity-markets-but-altcoins-are-still-struggling-to-find-a-bottom/slidelist/89107434.cms">Bitcoin recovers with equity markets, but altcoins are still struggling to find a bottom</a> <a href="https://www.businessinsider.in/investment/news/profit-from-bitcoin-mining-is-shrinking-with-prices-in-the-dumps-and-difficulty-on-the-rise/articleshow/89106547.cms">Bitcoin mining profit is shrinking with prices in dumps and difficulty on the riseBitcoin mining profit is shrinking with prices in dumps and difficulty on the rise</a> <a href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a>

EXCLUSIVE: Kavin Bharti Mittal dives into what Hike’s version of the metaverse is going to look like

San Francisco, March 16 (IANS) <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword> CEO <keyword id="6354630" type="General" weightage="20" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword> has said that non-fungible tokens (NFTs) will soon arrive on <keyword id="819905" type="General" weightage="80" keywordseo="instagram" source="Orion">Instagram</keyword>. Addressing one of the sessions at the South By Southwest event late on Tuesday, <keyword id="353568" type="General" weightage="100" keywordseo="zuckerberg" source="Orion">Zuckerberg</keyword> said that "over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment". The Meta CEO said that "a bunch of technical things that need to get worked out before that'll really be seamless to happen." "We're working on bringing NFTs to Instagram in the near term," the Meta Founder said at the conference. Instagram Head Adam Mosseri said recently that the team was "actively exploring NFTs" but didn't have further details. Placing a strong bet on <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s creator and developer community, Zuckerberg said recently that as the social network begins initial steps to create augmented reality (AR)-driven <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">Metaverse</keyword> experiences for billions, the country and its vast pool of talent is going to be a huge part of that journey. Speaking at the company's 'Fuel for India' event, Zuckerberg said that he is really excited about the role that India will play in building the future of Metaverse, which is going to be the successor to the mobile internet. Earlier this year, Twitter introduced a feature that let some users set an <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> they own as their profile picture. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binances-bitcoin-button-game-offers-one-bitcoin-to-a-lucky-winner-guaranteed-nfts-and-other-prizes/articleshow/90254055.cms">Binance’s Bitcoin Button game has one Bitcoin up for grabs, apart from NFTs and $10,000 prize money pool</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/facebook-wants-to-bring-back-young-adults-on-its-platform-but-they-say-theres-nothing-much-it-can-do-to-win-them/articleshow/90206539.cms">Facebook wants to bring back young adults on its platform but they say there’s nothing much it can do to win them</a>

Meta's Mark Zuckerberg says Instagram to add NFTs soon

<ul><li>As the Indian government mulls over how to regulate the crypto industry, the <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> is far from its list of priorities, according to two insiders.</li><li>In an interview with Business Insider, <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>’s head of policy Aritra Sarkhel and founder of <keyword id="12157964" type="General" weightage="20" keywordseo="policy-4-0" source="Orion">Policy 4.0</keyword> Tanvi Ratna dive into what has been discussed behind closed doors this past year.</li><li>According to them, the government is mostly focused on how to regulate crypto exchanges, with a little bit of curiosity on how to tax non-fungible tokens (NFTs).</li></ul>As the Indian government looks to regulate the crypto industry, it’s focus — at least, for now — will be on crypto exchanges. The metaverse, non-fungible tokens, and other burgeoning use cases within the crypto universe are not currently on its radar, according to two insiders. Business Insider spoke to Policy 4.0's founder, Tanvi Ratna, and WazirX's head of policy and governance issues, Aritra Sarkhel, who have been part of the high-level meetings with government to work out the kinks in the crypto bill, including a couple of them last week. They have been answering questions from the bureaucrats before the cryptocurrency bill is sent to cabinet for approval. Majority of the questions asked by the government to the industry, so far, have involved the classification of crypto assets, the process and legality of listing coins on exchanges, rules for cross-border transactions, and other trading aspects. <div type="Youtube" id="tVujJlOD738" title="The Framework: Crypto Regulation And India" thumbUrl="https://i.ytimg.com/vi/tVujJlOD738/mqdefault.jpg"></div> “I don’t think the metaverse has really entered the room yet, here,” Tanvi Ratna, the founder and chief executive of Policy 4.0 — an independent research and strategic advisory body currently working with the government on the crypto bill — told Business Insider. “Listen, nobody is discussing the metaverse at the highest quarters. We’re discussing cryptos and exchanges and NFTs a little bit. I don’t think people are discussing the metaverse,” added Sarkhel, during the webinar series 'Hello crypto!' sponsored by the WazirX. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> The current version of India’s crypto bill, if it makes it into Parliament this session, will be focused on regulating crypto exchanges and crypto trading aspects of the cryptoverse, according to Ratna and Sarkhel. <cmsannotation type="cmsannotation" annotationid="Behind closed doors — what is the government asking about the world of crypto?" comment="subhead" text="Behind closed doors — what is the government asking about the world of crypto?">Behind closed doors — what is the government asking about the world of crypto?</cmsannotation> “Most of the chatter that has happened behind closed doors has been on the exchange side of the business, but more chatter needs to happen on the other aspects of crypto and blockchain,” Sarkhel told Business Insider, “What has happened in the last one year is that there are a lot more bureaucrats, a lot more different parts of the government that have gotten involved.” And, they’ve been curious about the anonymous nature of cryptocurrencies, what differentiates one token from another, and the differences between the workings of a crypto exchange versus a traditional exchange. Moreover, there’s been an effort to understand how cryptocurrencies impact money laundering. “There’s also a national security angle over here now, there are folks from intelligence who are involved,” said Sarkhel. Their concerns are around how cryptocurrencies can be used to fund anti-national activities and the preventional of overseas fraud. <cmsannotation type="cmsannotation" annotationid="So, why is the crypto bill taking so long?" comment="subhead" text="So, why is the crypto bill taking so long?">So, why is the crypto bill taking so long?</cmsannotation> While some of the questions may sound straightforward, the cryptoverse has a lot of nuances that can’t be translated into the <a href="https://www.businessinsider.in/cryptocurrency/news/no-need-for-new-crypto-regulator-in-india-says-crosstower-ceo/articleshow/88165815.cms">traditional financial framework</a>. First off, there is debate over whether or not there should be legislation to address the crypto industry in the first place, according to Policy 4.0’s Ratna. <div type="ExtQuote" text="There has been more public pushback by the RBI since the start, where they have never even been in favour of legislation because it gives legitimacy to whatever you regulate." auname="Tanvi Ratna, founder and CEO of Policy 4.0, told Business Insider."></div> Secondly, if you’re bringing in regulation, there are questions around if the existing laws are enough, who will be the regulator — the <a href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">reported</a> frontrunner is the Securities and Exchange Board of India (SEBI) — and if new laws need to be brought in. “This is going to be a phased process. What you are going to see right now is one set of regulations, which will deal with a very limited set of issues,” explained Ratna. <cmsannotation type="cmsannotation" annotationid="What can we expect to see?" comment="subhead" text="What can we expect to see?">What can we expect to see?</cmsannotation> “There will be more clarity on ‘what crypto assets are’ in terms of definition from the government, in terms of how you can register crypto exchanges in India — both Indian owned companies and foreign exchanges who have entered India,” said Sarkhel. Ratna proposes setting up a ring fence because there may be a debate over whether cryptocurrencies are commodities, securities or assets, the one underlying commonality they all have is that there’s always going to be a cryptographic key pair — a public key and a private key. “First you put a ring fence. Then, you divide up the responsibilities of who is looking into what kind of activity,” she explained, “Even if you build a new regulator… it will end up being an amalgamation of all the [existing] regulators.” According to a report by the <a href="https://economictimes.indiatimes.com/news/economy/policy/cryptocurrency-bill-may-not-be-introduced-in-winter-session/articleshow/88288077.cms">Economic Times</a>, India’s crypto bill may not make it into Parliament this time around either. The government is considering changes to the proposed framework, which may require wider consultations and more comments from the public. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-price-bitcoin-ethereum-and-others-on-december-15/slidelist/88291029.cms">#MuskEffect takes Dogecoin to the moon as the rest of the crypto market flashes green ahead of US Fed meet</a> <a href="https://www.businessinsider.in/cryptocurrency/news/myanmars-shadow-government-defies-central-bank-by-accepting-tether-as-official-currency/articleshow/88273781.cms">Myanmar's shadow government defies central bank by accepting Tether as official currency</a>

INTERVIEW: The Indian Government is asking experts these questions as it mulls over the crypto bill — and the metaverse isn’t one of them yet

<ul><li>About 68% of Indians are keen on shopping in the <keyword id="11121339" type="General" weightage="100" keywordseo="metaverse" source="Orion">Metaverse</keyword> while around 57% expressed a preference to access it to explore banking services in the next 12 months. </li><li>More men than women are interested in experiencing virtual dates and events in the metaverse, says the <keyword id="6572363" type="General" weightage="20" keywordseo="FIS-report" source="Orion">FIS report</keyword>. </li><li><keyword id="6358921" type="General" weightage="20" keywordseo="UPI" source="Orion">UPI</keyword> has become the most common medium for transactions while shopping online.</li></ul>Metaverse is gaining much popularity in India. About 68% of Indians are keen on shopping in that world while around 57% expressed a preference to access the Metaverse to explore banking services in the next 12 months, as per a consumer report by global financial services company FIS. Products and services that Indians are interested in purchasing in the metaverse include virtual fashion clothing, event tickets to music concerts and sports matches, and games and gaming tokens, the report said. Interestingly, of those surveyed, men (60%) are more interested in experiencing virtual dates and events in the metaverse than women (48%). <cmsannotation type="cmsannotation" annotationid="Indians keen to purchase from social media platforms as well" comment="subhead" text="Indians keen to purchase from social media platforms as well">Indians keen to purchase from social media platforms as well</cmsannotation> The report further revealed that 78% of Indians were likely to buy clothes, shoes and other fashion accessories from social media platforms, while 70% were also keen on grocery shopping on these platforms. “As India has been witnessing a surge in digital marketplace, which is driven by quick delivery and return policies of marketers, special offers, targeted advertisements, better internet availability and use of smartphones; adoption of embedded finance in India is on the rise and is expected to maintain the upward trajectory in the next 12 months,” the report said. About 63% of Indians favour in-app purchases because they are faster, convenient and offer rewards and cashback, as per the report. However, some Indians have concerns while making purchases on social media platforms. As many as 56% of them worry about fraudulent sellers on social media platforms and 62% of Indians worry about experiencing fraudulent transactions while making in-app purchases. “Customers of today expect seamless purchasing experiences and embedded services carry the promise to deliver them. However, the transparency involved in such offerings also needs to be considered by merchants to ensure the safety of their customers, while delivering an enjoyable payment experience,” said the report. Unified Payments Interface (UPI) has become one of the most common mediums for online transactions among Indians as 76% of those surveyed use it during <keyword id="6357762" type="General" weightage="20" keywordseo="online-shopping" source="Orion">online shopping</keyword>. Millennials account for the highest among the surveyed age groups to use UPI when shopping online, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/four-ipos-to-raise-over-4600-crore-this-week/articleshow/95231537.cms">Four IPOs to raise over ₹4,600 crore this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-car-makers-drove-good-sales-in-october/articleshow/95230843.cms">Indian car makers drove good sales in October</a>

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You Searched For "metaverse india" and got 11 results

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