Staking big bets on the future of advanced human-computer interaction, Grand Cayman-based Web3 company Mai Labs launched its metaverse platform called ‘Mayaaverse’ in India on Wednesday, May 22. At the launch event held in Delhi, the company also unveiled Lumyn XR, a virtual reality (VR) headset for users to explore the ecosystem of the digital world in an immersive way. Mai Labs, with these products, is also entering the world of artificial intelligence (AI), while bringing technologies such as blockchain and metaverse.
Mai Labs is gearing up to establish itself as an early entrant in the Augmented Reality (XR) ecosystem with Mayaaverse. Built on the company’s own Zero blockchain, the platform offers virtual locations for artists, brands and educational institutions to connect with their communities, especially the younger generation of consumers.
During the Mayaaverse demo, the company gave a glimpse of virtual retail stores, religious destinations, as well as virtual live performance venues that it wants to introduce. The platform will also allow visitors to travel through the history of time – allowing people to visit ancient cities of the past.
While announcing the metaverse platform, senior company officials claimed that their research showed that millennial and Gen Z consumers have already moved to metaverse to socialize, play games, trade assets and learn in the past few years. The company added that in the next five years, millennials and Gen Z consumers will spend about 3.7 hours interacting with metaverse ecosystems.
According to the company’s team, the platform plans to add more features to this digital ecosystem that could help content creators connect with their target audience and cut revenue.
“Our goal is to revolutionize the creative economy by offering an innovative platform that enables creators to develop, collaborate and monetize digital content in new and transformative ways using immersive technologies and artificial intelligence. Given the immense potential we see, we are confident in our decision to make a significant investment in this technology arena,” said Tapan Sangal, CEO of MAI Labs.
During the launch, Sangal also noted that Mayaaverse users will have to complete their KYC formalities. He also noted that the company will be able to identify and track suspicious users and their activities to ensure the ecosystem is secure. Mai Labs added that Lumyn XR, a VR headset from the company will hit the shelves in the fourth quarter of 2024. The price of these headsets remains undisclosed for now.
Currently, several brands such as Samsung, Meta, Casio and Adidas are already invading the metaverse.
A report published by Mckinsey last year claimed that the immersive technology domain – comprising technologies such as AI, VR, Augmented Reality (AR), Mixed Reality (MR) and metaverse – is estimated to generate a staggering $5 trillion by 2030. Together, these technologies are predicted to improve applications and experiences for consumers and businesses, the report said.
