Wednesday, October 20, 2021
HomeMarket Live UpdatesMake way for Indians spinning into the cryptocurrency metaverse!

Make way for Indians spinning into the cryptocurrency metaverse!


With the cricketing extravaganza of the Indian Premier League (IPL) nearing its fiery finale, the fight amongst the 8 strong teams for becoming the champions is on! And while you can catch all this amazing action live, there’s another spectacle, happening right in front of your eyes you should not miss out on, and that’s about the booming Indian crypto space!

And much like Delhi Capitals (DC), who have been ruling the table this IPL with 20 points, cryptocurrency has also significantly taken over the investment fascination and consequently, the portfolio of young India. For instance, the popular crypto exchange
CoinSwitch Kuber, which happens to be the largest crypto platform in India, has onboarded nearly 1 crore users since June 2020.

There is little doubt about the positive frenzy, curiosity, and appeal that surrounds cryptocurrency in India, and a recent report by consulting firm Kantar only serves to confirm the same. Seems like India is trading
befikar as per the survey, which stated that almost 16 percent of individuals between 21-35 years of age claimed to own cryptocurrency, and 19 percent of urban Indians expressed their intention to invest in the newest asset class in town over the next six months!


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The cryptocurrency craze is catching up!

Spread across 12 Indian cities, Kantar surveyed investors are characterized by a high-risk appetite and well-diversified portfolio, which equips them to take on such risks. Increasingly, it mentioned, investors are moving away from conventional financial instruments like FDs and more, instead, opting for more contemporary financial avenues like mutual funds and stocks. Indeed, the future of investments in India could, in all potential, move towards unconventional, high-return asset classes like cryptocurrencies.

Even a recent NASSCOM report surrounding the Indian crypto tech industry noted many heartening and positive trends for the Indian space. Poised to reach a valuation of around Rs 1,790 crores by 2030, the Indian crypto industry has already grown at a monumental CAGR of 39 percent over the last 5 years, as more than 60 percent of Indian states and more than 15 million investors continue to drive the crypto revolution!

And when it comes to crypto ownership, Bitcoin rules the roost with a preference of 75 percent, followed by Ethereum at 40 percent, Binance coin at 23 percent, and XRP at 18 percent.

Cryptocurrency, for the longest time, has been synonymous with Bitcoin and Ethereum. Like Chennai Super Kings (CSK) and Delhi Capitals (DC) this IPL, which happen to be the strongest, most well-rounded teams this season, Bitcoin and Ethereum have undoubtedly pioneered the crypto market, dominating the scene with their huge market capitalization and popularity. However, as the survey also saw, Ethereum scores over other virtual tokens in terms of positive social media sentiments, majorly owing to its countless applications pertaining to decentralized finance, smart contracts on its blockchain, and more.

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What is blockchain?

For the uninitiated, blockchain is simply a database where any information that is entered is irreversible i.e. cannot be changed and actively traceable. Every new data that enters the blockchain does so in a chronological form and is built in a fashion where every user on the blockchain exerts equal power and control over the information present on the network. Blockchain can be used to record, track, and trade any type of transaction in a safe and secure manner.

In addition, the idea of smart contracts empowered by the Ethereum blockchain also takes the ranking of its native currency higher. Smart contracts are programs that execute themselves once the specified terms and conditions of the agreement are met, eliminating the need for any middlemen at all!

And not just blockchain and smart contracts, another captivating aspect of this technology, which has taken the world and India by storm, is perhaps, the emergence of NFTs (Non-Fungible Tokens) and Metaverse! With Facebook planning to build its own metaverse in the times to come, the concept has, no doubt, gathered a lot of steam. But what is a metaverse?

Metaverse-ified

Imagine visiting your friend who lives 5 blocks away, and on your way back, you end up buying a block of land, your favourite animal, and also, attend your favourite artist’s concert! And all of this happens online, in a virtual world, where you can buy, sell, and trade-in cryptocurrencies instead of dishing out real notes and coins! That’s you, in a metaverse!

The term, originally coined by Neal Stephenson in his iconic 1992 novel Snow Crash, is slowly becoming a reality in the 21st century! Back then, it referred to a 3D virtual world that was inhabited by avatars of real people. Now, post the pandemic hitting and the need of a community feeling hitting intensely as the world isolated itself, it means the creation of a shared virtual world where people, with their digital identities, can do everything they can in the physical world – buy goods and services, sell products and so much more!

Simply put, it is a set of virtual spaces or environments where you can create and explore with other people who aren’t in the same physical space as you. The possibilities here are endless, from building innumerable virtual realities, games, platforms for communities and individuals to come together, and more!

Much like the IPL, the Indian crypto space, too, is teeming with opportunities, given that until May 2021, India had seen a whopping $6.6 billion worth of investments in this space, ranking 2nd out of 154 nations in terms of cryptocurrency adoption and leading this space, per blockchain data platform Chainalysis, thanks to the growing popularity of crypto exchanges like
CoinSwitch Kuber and more.

India’s resounding reception of cryptocurrency not just indicates a positive sign for financial inclusion and democratizing wealth, as crypto continues to
#kuchtohbadlega for the common man, who can invest in crypto and make money and wealth for themselves in the long run!

Disclaimer:
The above content is non-editorial, and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.



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