Wiztales Launches its Metaverse in India

Wiztales Launches its Metaverse in India
Photo: https://forkast.news/what-will-be-the-law-of-metaverse/ 21.08.2022 382

Altyug will be the country’s first e-commerce and events metaverse in the country.

Metaverse Altyug enables the customer to shop, game and experiences virtual reality in the retail and event industry

Wiztales, one of the world’s fastest-growing event tech platforms announced the much-awaited launch of their new metaverse called Altyug. The company offers customers an immersive experience.  The platform enables them to experience shopping, 2D hypercasual gaming, intuitive interactions with colleagues on the same platform and lastly the customer will get the liberty of exploring multiple venues with multiple points of interaction at the click of a button by just sitting at home.

Altyug also assists retail brands to create and purchase virtual land in the metaverse. The customer gets an opportunity to visit these branded stores on the metaverse and users can walk up to a mannequin or a clothing item in a brand store, watch the product in AR and go ahead and buy the product on the website.

Bloomberg research predicts the global metaverse revenue opportunity could approach $800 billion in 2024.

Mikhail Shikhmuradov, an expert of the BRICS Competition Centre, notes that we should not forget about the threats posed by the global trend towards the creation of metaverses:

"Venture capitalist Matthew Ball, who described the signs of finally formed metaverses, warns that despite the absence of threats at present, the tasks of the future status of metaverses should be solved now, because in a technological sense the market power of metaverses will exceed many times the potential of  today's Big Tech formed under the Web2 paradigm”.

Sumanyu Soniwal, Founder and CEO, Wiztales emphasized that Wiztales has always been about experiences. He recalled that the company, with its virtual events platform Wiz365, "has just touched the tip of the iceberg”.

“We made people comfortable with virtual environments. It’s taken to take it a notch higher. Altyug is going to be game-changing. Till date our users have just looked at the experiences that we have created for them with restricted interaction, with Altyug they can be INSIDE those experiences with no limitations whatsoever”.

Soniwal said he intends to change the retail and event industry: 

“Virtual Collaborative shopping with digital shopping experiences and life-like interactive events will shape the industries going forward. Proud to be again a frontrunner in an extremely evolving industry in India”.

Ali Sadhik Shaik, VP of Product Management at Wiztales, noted that metaverse uses a mix of the latest technologies, from AR (augmented reality), MR (mixed reality), and VR (virtual reality) to blockchain, 5G, and cloud computing.

According to Ali Sadhik Shaik, the most crucial aspect of the metaverse for retail, however, will be the ability to host virtual events such as brand and product launches, customer and distributor engagement events, and conferences. 

“The metaverse gives up a vast possibility for organizing highly immersive and scalable events, for example, because there are no hard limits on how many and where you may have an event".

As an example, Shaik cited Travis Scott's recent Fortnite concert, which drew 27.7 million people, significantly more than a conventional actual concert can draw in any venue. 

Back in 2006, the CEO of Epic Games warned that the metaverses would be much more comprehensive and vast than anything before, recalls Mikhail Shikhmuradov. 

"If one operator gets control, its power then its power will become more extensive than the capabilities of any government - in this sense we can even talk about getting the status of a kind of ruler of the world",

the expert believes.

digital markets  India 

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