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MahaKumbh signaled India’s readiness for the metaverse

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Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt 

Strange sights were seen as India recently concluded MahaKumbh, a Hindu congregation that occurs once every 144 years.

Every day, a man took dips at Sangam — the triple confluence of rivers Ganga, Yamuna and Sarasvati — with several passport-sized photographs offering “Digital Snan,” symbolizing digital nectar baths. A nine-acre camp offered people a glimpse of the Hindu religion since the beginning of time. Several families received a 360-degree live virtual MahaKumbh tour with a VR box and packaged pure Sangam water at their homes.

These are some of the sights that were seen for the first time in MahaKumbh’s known history. But all of it brings us to a fascinating question: Does the fusion of tech and tradition help us peek into India’s future of the metaverse? Indeed.

Adopting technology religiously

India’s approach to technology has always been unique. The country has previously leapfrogged many traditional technology adoption cycles. For example, it moved directly to mobile-first digital experiences without many households ever seeing a landline. As immersive technologies gain traction, the country shows signs of its distinctive adoption pattern.

Over the past few years, digitization of religious experiences has surged in India. The VR Devotee app, launched in 2016, streamed rituals and festivals from over 150 temples, allowing devotees to participate virtually. During COVID-19, the platform saw a remarkable 40% jump in user engagement.

The Indian government, recognizing this potential, launched “Temple 360” in 2022 — a web portal providing virtual darshan (viewing of deities) from significant pilgrimage sites. When the famous Puri Jagannath Rath Yatra was held without public attendance for the first time in 2020, millions watched live. The same holds for nearly all pilgrimages in India.

What’s particularly striking about MahaKumbh?

Immersive technologies were embraced at one of Hinduism’s most sacred gatherings, which saw over 663 million people make pilgrimages. If deep spiritual traditions can incorporate digital experiences, it signals a profound cultural readiness for adoption.

From skepticism to frontier tech

Under the Digital India initiative, AR/VR is explicitly identified as an emerging technology alongside AI, blockchain and 5G networks. And this isn’t mere lip service.

The government has backed its words with concrete actions, establishing Centers of Excellence like VARCoE at the Indian Institute of Technology Bhubaneswar and launching initiatives such as IMAGE to incubate extended reality (XR) startups. In 2022, the MeitY Startup Hub partnered with Meta to launch the XR Startup Program, extending grants worth 20 lakh Indian rupees (~$23,000) to 16 startups.

Recent: Indian town adopts Avalanche blockchain for tamper-proof land records

The Uttar Pradesh government recently launched a 3D VR experience center in Ayodhya. Multiple Hindu religious places, including Kashi Vishwanath Dham and Maa Vaishno Devi Bhawan, have already extended such immersive experiences.

This deliberate strategy can prove to be a catalyst in India’s XR adoption, tapping the nation’s rich cultural heritage.

Corporate giants embrace the immersive future

Perhaps the most telling sign of India’s metaverse readiness comes from its corporate landscape. Reliance leads the charge, headed by Asia’s richest person, Mukesh Ambani. In a landmark development, Jio Platforms recently partnered with Polygon Labs to integrate Web3 and blockchain capabilities into its existing digital ecosystem.

The partnership is no small feat. It potentially brings Web3 functionality to Jio’s vast user base of over 482 million customers. Jio had previously demonstrated its commitment to immersive technologies by unveiling “Jio Glass,” an affordable mixed-reality device designed for the Indian market. Reliance’s acquisition of Tesseract in 2019 and recent discussions with Meta underscore its long-term bet on immersive futures.

The country’s largest telecom provider is strategically investing in metaverse-enabling technologies. This speaks volumes about the future of digital experiences in the country.

This year, after announcing its partnership with Polygon, Jio also launched its mystery JioCoin, a significant development for the Indian Web3 community. Meanwhile, the Indian Railway Catering and Tourism Corporation also issued non-fungible (NFT) train tickets on the Polygon blockchain to passengers traveling to the MahaKumbh festival.

These initiatives tapped Polygon specifically for its faster throughput and low gas fees — practical considerations that signal maturity in blockchain implementation in India.

Differing perspectives and the elusive mainstream moment

Not everyone is convinced that digitizing sacred experiences represents progress. The “Digital Snan” service for 1,100 rupees in Sangam triggered a significant backlash on social media. Critics viewed such services as commercializing spirituality and reducing sacred rituals to transactional experiences.

Furthermore, it’s been over eight years since Pokémon Go took the world by storm, demonstrating AR’s potential to create cultural phenomena that transcend demographic boundaries. The world hasn’t seen anything of that magnitude ever since.

This absence of a defining moment also raises questions about whether immersive technologies will achieve the ubiquity that smartphones have at present. Mall VR arcades attract curious teens for one-off experiences, but habitual usage patterns haven’t materialized outside specific professional contexts.

Green shoots of adoption?

What distinguishes India’s potential metaverse from Western models is its grounding in cultural contexts with profound meaning for millions. While Silicon Valley envisions virtual offices and digital asset speculation, India’s early applications focus on democratizing experiences of profound cultural significance.

This culturally rooted approach could ultimately prove more sustainable. By addressing genuine human needs — connection to heritage, participation in community rituals, access to experiences otherwise impossible due to distance or disability — India’s metaverse initiatives may find the elusive “why” that has hampered mainstream adoption elsewhere.

Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bunq, Europe’s second-largest neobank, expands into crypto

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Europe’s second-largest neobank, Bunq, is expanding into cryptocurrency, citing growing retail investor demand for digital assets worldwide.

The Amsterdam-based neobank announced the launch of Bunq Crypto on April 29, a new offering enabling its users to invest in over 300 cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Solana (SOL).

Starting April 29, Bunq users in the Netherlands, France, Spain, Ireland, Italy and Belgium will be able to access cryptocurrencies directly through the Bunq app, according to an announcement shared with Cointelegraph.

The crypto offering is powered in partnership with Kraken, the 14th-largest centralized cryptocurrency exchange globally by trading volume.

Related: Coinbase to launch yield-bearing Bitcoin fund for institutions

All-in-one financial platforms in focus

This marks the first phase of Bunq’s global crypto expansion, with plans to gradually roll out trading across the entire European Economic Area, as well as in the United States and the United Kingdom.

As of June 2024, Bunq reported more than 12.5 million users, up from nine million users a year earlier.

Bunq’s move reflects a broader trend among financial institutions seeking to consolidate services — banking, savings and investing — into single digital platforms.

In a February post on X, Coinbase CEO Brian Armstrong said he expects future financial systems to be anchored by “a single primary financial account” where users manage all their financial activities.

Related: Bitcoin treasury firms driving $200T hyperbitcoinization — Adam Back

Demand for simplified crypto access

Research commissioned by Bunq indicates a significant gap between available crypto offerings and user expectations in Europe. An estimated 65% of European consumers are seeking a unified platform to manage banking, savings and cryptocurrency investments, according to the study.

Over 50% of surveyed investors want crypto exposure but said the existing platforms don’t meet their requirements, particularly regarding simplicity and security for new investors.

“Our users across the world have long waited for a simple, safe and straightforward way to invest in digital assets,” said Ali Niknam, founder and CEO of Bunq. “Now, everything they will ever need to save, spend and invest — including crypto — is on one platform.”

Bunq’s crypto expansion follows Revolut’s move in November 2024 to expand its crypto exchange services across 30 European Economic Area markets.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

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Bitcoin price always rallies at least 50% after these two patterns emerge

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Key takeaways:

Bitcoin tends to rally significantly when low leverage meets stronger-than-expected retail sales and hawkish Federal Reserve signals.

In three separate 7-week periods, Bitcoin rose 50% to 84%.

Upcoming speeches from Fed Chair Jerome Powell could benefit Bitcoin price.

Bitcoin (BTC) price rallies are frequently linked to investors’ inflation concerns or data that surpasses expectations for economic growth, yet clear signals of an impending rally are rare. However, a combination of three independent events has historically coincided with BTC price surges of 50% or more.

Bitcoin/USD, log scale. Source: TradingView / Cointelegraph

Significant Bitcoin rallies occur when US Federal Reserve policy expectations ease, crypto market leverage is low, and strong retail data supports bullish momentum. The last occurrence of these three events saw Bitcoin’s price climb from $40,000 to $73,500 in seven weeks in early 2024.

Comparable gains were recorded in early 2023, when the same three drivers aligned, propelling Bitcoin from $16,700 to $25,100 over seven weeks. A third example dates back to July 2021, culminating in a 76% price increase.

Bitcoin gained 84% from Jan. 25, 2024, to March 13, 2024

After stagnating near $43,000 in December 2023, Bitcoin’s price tested the $48,000 level in early January 2024. The failed breakout was followed by a sharp drop to $37,800 by late January, just as a seven-week bullish trend began. A crucial factor at this stage was the exceptionally low perpetual futures funding rate, sitting at 4% per year.

Binance BTC perpetual futures funding rate, annualized. Source: TradingView / Cointelegraph

Other factors impacting the price reversal was US retail sales data for December 2023, released on Jan. 17, 2024, exceeded expectations, rising 0.6% month-over-month compared to the 0.4% forecast and US Federal Reserve Chair Jerome Powell’s Jan. 31, 2024 press conference that, signaled a tighter monetary stance, with no immediate interest rate cuts in sight.

Bitcoin gained 50% from Jan. 3, 2023, to Feb. 20, 2023

Prior to this rally, Bitcoin had consolidated below $18,000 for two months, resulting in minimal demand for leveraged long positions, as reflected by a near-zero perpetual futures funding rate.

Binance BTC perpetual futures funding rate, annualized. Source: TradingView / Cointelegraph

The landscape shifted on Jan. 3, 2023, when the funding rate on Binance surged to 50% within four days. This coincided with stronger-than-expected retail sales data for January 2023, which rose 3% month-over-month, outpacing the 1.9% consensus. Notably, Fed Chair Powell also suggested a tighter monetary policy to combat inflation during his speech at Sveriges Riksbank on Jan. 10, 2023.

Bitcoin 76% rally: July 20, 2021 – Sept. 7, 2021

From July 20, 2021, to Sept. 7, 2021, Bitcoin gained 76%. Bitcoin’s price had dropped from $40,000 to below $30,000 over the preceding month, dampening market sentiment. Suddenly, the annualized Bitcoin funding rate jumped from 0% to 37% in two weeks, while US retail sales data for June 2021 surprised economists by increasing 0.6%, even though consensus had predicted a 0.4% decline.

During this period, Powell’s remarks at the Jackson Hole Economic Symposium on Aug. 27, 2021, indicated a potential reduction in central bank asset purchases, which was a move aimed at curbing inflation.

Related: Ray Dalio says global monetary order ‘on the brink’ of breakdown

Bitcoin’s next potential upswing

The common thread linking these significant rallies is a reduction in expectations for expansionary Federal Reserve policy and initially low leverage demand from Bitcoin bulls. When these factors coincide with robust retail data, they create ideal conditions for a Bitcoin bull run, as traders tend to remain cautious ahead of possible economic downturns.

Looking ahead, Fed Chair Powell is set to speak on June 18 following the central bank’s interest rate decision. Additional key dates include the Beige Book release on July 16 and the Jackson Hole Economic Symposium starting Aug. 21. Monitoring US retail sales data for May, due June 17, and for June, due July 15, will also be important.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bitget, Avalanche form crypto partnership in India

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Bitget, a cryptocurrency exchange with 100 million users, has announced a partnership with Avalanche to support community initiatives across India, one of the fastest-growing areas for crypto and Web3 developers.

The partnership will see at least $10 million doled out in mini-grants, scholarships, hackathons, and workshops to the Web3 community in the country. The initial focus will be in Delhi and Bangalore. Delhi is the most populous city in India, and Bangalore is known as the local “Silicon Valley.”

Cryptocurrency activity in India has surged over the past two years. According to CoinSwitch, a local exchange, crypto investment across the country accelerated in 2024, with the highest concentrations in Delhi (20.1%), Bengaluru (9.6%), and Mumbai (6.5%). Youth 18- to 35-years-old now account for nearly 75% of the country’s crypto investors. While Bitcoin (BTC) and Ether (ETH) remained popular choices, Dogecoin (DOGE) attracted the most investment in 2024, with other memecoins like Shiba Inu (SHIB) and Pepe (PEPE) also gaining significant traction.

Related: India has no plans to regulate crypto sales and purchases

India’s tech market

The growth of India’s crypto ecosystem coincides with a wave of global exchanges either reentering the market or actively exploring a return. In February 2025, Bybit registered with local authorities and restored services in the country. In the same month, Coinbase began discussions with regulators seeking a comeback in the Indian market.

India is expected to be among the first countries to finalize a bilateral trade agreement with the United States, aiming to avoid the imposition of reciprocal tariffs by President Donald Trump. In addition, the country is reportedly seeking a pact with the US to gain access to certain technologies and exports.

According to Web3 venture capital firm Hashed Emergent, India already accounts for 12% of Web3 developers worldwide and contributed 17% of all new developers entering the crypto space in 2024.

Related: Indian authorities arrest alleged Garantex founder for US extradition

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