The Indian Web 3.0 market will expand from $0.0049 billion in 2022 to $1.1 billion in 2032 at a compound annualised growth rate (CAGR) of 57 per cent, according to a white paper presented at the Entrepreneur Web 3.0 Summit in Bengaluru.
The market for metaverse in India is currently valued at $2.4 billion and is projected to grow at a CAGR of 39.2 per cent to $33.9 billion by 2030.
Blockchain market value is anticipated to grow from $0.28 billion in 2019 to $4.3 billion by 2025, with a CAGR of 47.3 per cent. The non-fungible token (NFT) industry has also been expanding, and according to the study, it will reach $8.6 billion in 2027, representing a CAGR of 22.82 per cent, up from $2.46 billion in 2022.
“In India, the market size of NFT is expected to record a CAGR of 61.6 per cent, increasing from $3.3 billion in 2021 to reach $27 billion by 2028,” the report said.
US IRS Comes Out With Final Rules On Taxation Of NFT Assets
NFT holders are on edge after the US Internal Revenue Service (IRS) declared that it has reached its final rules regarding taxation of NFT assets.
The IRS document states that the main suggestion is to consider NFTs the same way as collectibles like fine wine, art, or stamps. The IRS disclosed that NFTs would be taxed similarly to the underlying assets they indicate the digital ownership of as part of a public request for feedback on the upcoming plan for finalised NFT tax rules.
For instance, if you purchased an Australian opal NFT from the forthcoming Pixelplex Opalverse store, you would be subject to the same taxation as if you had purchased (and paid for) the actual Australian opal.
“The IRS intends to determine when an NFT is treated as a collectible by using a ‘look-through analyses,” IRS said in its publication.
From Concerts To Jet Ski Tours, Celebrities Rake In Money In Metaverse
Online gaming platform Roblox features an island named Paris World that was created by reality TV star and Hilton family heiress Paris Hilton. Visitors can take jet-ski tours around the island, stroll along a boardwalk, and view a digital recreation of her Beverly Hills estate, replete with a dog mansion. Of course, the game’s currency, Robux, must be spent in order to engage in any of these pursuits.
American rapper Snoop Dogg is also rebuilding his mansion in the sandbox metaverse platform where he has held various concerts. Called “snoopverse”, it is an expansion of his digital world, which includes tickets to private parties and Q&A sessions. Some of these private passes are going for close to $6,000, according to Fortune.
Shawn Mendes is currently creating digital wearables in collaboration with the avatar technology company Genie, which is generating waves in the metaverse.
For Beat Saber, a virtual reality (VR) rhythm game set in the metaverse, Lady Gaga published a music pack. Players can also “slash” rhythms that are flying towards them while wearing VR glasses. Other well-known artists, including Green Day and Imagine Dragons, have also contributed songs to the well-known game.
