This emerging ecosystem is attracting significant investment, with startups and tech giants exploring applications ranging from decentralized apps (dApps) to non-fungible tokens (NFTs) and digital identities.

Currently, there are more than 450 active Web 3.0 companies in India, of which 160 were founded between 2021 and 2023. According to some media reports, the global Web 3.0 blockchain market is expected to cross the $44.2 billion mark by 2031, registering a compound annual growth rate (CAGR) of 44.13% during the forecast period.

One such tech player in this space is String Metaverse, inspired by string theory in physics. This decentralized model conforms to the core principles of Web 3.0 and emphasizes community-driven development and resilience.

“Our strategy is primarily aimed at gamers and Generation Z. There are around 3 billion casual gamers and 100 million e-sports enthusiasts worldwide. We want to tap into this potential by creating micro-communities for specific interests and regions and targeting 1% of this target group. The emphasis on Generation Z, whose purchasing power could reach $30 trillion in the next decade, underscores their forward-looking strategy,” said Krishna Mohan Meenavalli, founder of String Metaverse.

The company also hosts global tournaments for popular games such as BGMI, Free Fire, Call of Duty and Valorant to attract top talent and foster a thriving ecosystem, he said, citing the game IdleMine as an example, which has attracted over 500,000 users worldwide.

Meenavalli explained that the company has expanded its reach through Telegram and offers free games such as Crash Dice, Spin and Rummy as it has found new monetization opportunities. Other revenue models include platform fees, token transaction taxes, advertising, transaction fees, market making activities and providing liquidity to digital asset markets, he said.

“String is committed to driving innovation in the digital asset space by acting as a Y-combinator for the space. Through its String X initiative, the company quickly invests $5,000 to $500,000 in promising community-building projects and ensures that innovative ideas get the funding they need,” said the founder.

“We are also developing a multi-blockchain market infrastructure that can process up to 10,000 messages per second. We plan to integrate AI to counteract the centralization of the web. Our goal is to leverage the collective power of over a million GPUs,” he added.

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Published: August 11, 2024, 1:55 PM IST