Mai Labs, a Web3 firm based in Grand Cayman, has launched its metaverse platform "Mayaaverse" in India, making a significant foray into the extended reality (XR) ecosystem.
The launch event, held in Delhi on Wednesday, May 22, also saw the unveiling of the Lumyn XR, a virtual reality (VR) headset designed to provide users with an immersive experience in the digital world.
With these new products, Mai Labs is also venturing into the realms of Artificial Intelligence (AI), blockchain, and the metaverse.
The Mayaaverse platform is built on Mai Labs' proprietary Zero blockchain and aims to offer virtual spaces for artists, brands, and educational institutions to engage with their communities, particularly targeting the younger generation. During the demonstration, the company showcased virtual retail stores, religious destinations, and venues for live performances. The platform will also allow users to explore historical cities from the past.
Company officials highlighted research indicating that millennials and Gen Z consumers have already begun using the metaverse for socializing, gaming, trading assets, and learning over the past few years. They anticipate that within the next five years, these demographics will spend approximately 3.7 hours daily interacting with metaverse ecosystems.
The platform aims to add more features to help content creators connect with their audiences and generate income. "Our goal is to revolutionise the creator economy by offering an innovative platform that empowers creators to develop, collaborate, and monetise their digital content in new and transformative ways using immersive technologies and AI. Given the immense potential we see, we are confident in our decision to make a significant investment in this technological arena," said Tapan Sangal, CEO of Mai Labs.
Sangal also noted that Mayaaverse users will be required to complete KYC (Know Your Customer) formalities to ensure security and monitor for suspicious activities.
The Lumyn XR VR headset is expected to be available in the fourth quarter of 2024, with pricing details yet to be announced.
Currently, several major brands such as Samsung, Meta, Casio, and Adidas are also exploring the metaverse space.
A report by McKinsey last year estimated that the immersive tech sector, including AI, VR, Augmented Reality (AR), Mixed Reality (MR), and the metaverse, could generate up to $5 trillion by 2030, enhancing applications and experiences for both consumers and enterprises.