In a vibrant and dynamic keynote speech at TechSparks 2023 in Bengaluru, Karan Keswani, the CEO of BharatBox, took centre stage to unveil the company’s ambitious mission – bringing Indian brands and culture into the open metaverse. A relatively young startup at just six months old (in India), BharatBox aspires to craft a unique identity in the bustling Indian tech landscape. The heart of its endeavor lies in constructing a decentralised metaverse.
Keswani clarified what the open metaverse entails through a short video, shedding light on the incredible potential that lies within. He explained that one of the driving forces behind the metaverse’s rise is the concept of NFTs, or non-fungible tokens. These tokens allow any physical asset to become an NFT in the digital realm, facilitating the shift towards digital ownership. The younger generation, including Gen Z, seeks to be creators and retain ownership of their content, deviating from traditional platforms like Instagram or Google where content is relinquished. In this context, NFTs and digital ownership emerge as the future.
Keswani highlighted the global reach of BharatBox, which operates in 12 countries across the world. India, the most recent addition to its portfolio, witnessed a launch in July, marking the beginning of the journey in the subcontinent. More than 700 brands, spanning from entertainment icons like Snoop Dogg and Paris Hilton to traditional giants like HSBC and PwC, have embraced the sandbox. BharatBox’s collective goal is to empower creators, enabling them to build immersive experiences based on digital ownership principles.
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A multi-faceted value proposition
BharatBox’s value proposition encompasses multiple dimensions. It partners with local creators and content, collaborates with intellectual property and brands, and creates immersive experiences within the metaverse. These experiences encompass gaming, social interactions, and revenue generation.
Keswani emphasised that BharatBox is not just for gamers; it’s a platform for creators and studios to publish games and generate digital jobs for individuals. Smart contracts on the blockchain ensure transparency and accountability, establishing a thriving digital economy.
Applications within the metaverse are as diverse as they are exciting. Users can immerse themselves in gaming, interact with others in social hubs, and even attend concerts featuring global artists like Snoop Dogg, all within the virtual realm. Cultural enthusiasts can explore museums and art galleries, while fashion aficionados can participate in metaverse fashion shows, as demonstrated through BharatBox’s collaboration with Gucci.
BharatBox extends its utility beyond leisure, facilitating work sessions, team conferences, and much more. Its metaverse is also not confined by borders. The user base hails from 150 countries, with a significant presence in Asia, especially in regions like Hong Kong, Korea, Japan, Thailand, and Singapore. India, although a recent entrant, is poised for growth. The company also plans to expand into Eastern Europe and North America.
The goal is to democratise access to the metaverse by enabling consumers and gamers to own and publish their land in the metaverse, fostering self-publishing and monetisation of games. The vision is to become an aggregator of games, much like Swiggy is for food delivery.
India’s metaverse journey
In a short span of three to four months, BharatBox has made significant strides in India. It has collaborated with over 15 domestic partners, including renowned brands and corporations, and formed partnerships with five studio partners spanning the nation.
Keswani’s vision extends beyond industries; he believes that every sector, from entertainment to sports, retail, and financial services, will need a presence in the metaverse.
BharatBox’s initiatives in India are diverse and promising. Collaborations with Hungama Music, Shemaroo Entertainment, T-Series, and Mythoverse promise to bring rich cultural and entertainment experiences to the Indian metaverse. The list of partners extends to gaming companies, NFT auction houses, healthtech firms, community platforms, and Web3 NFT marketplaces.
Keswani concluded his keynote with a glimpse of projects the company has undertaken with global brands such as Gucci, Paris Hilton, McDonalds, and DBS Bank, showcasing the incredible potential of the Metaverse. His closing message emphasised that the metaverse is the future, and BharatBox invites everyone to join the community and “participate in the evolution of this exciting digital frontier”.
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