Mukesh Ambani’s Reliance enters metaverse as first Indian firm to announce earnings in virtual space

Mark Zuckerberg’s metaverse Horizon Worlds seems to be a flop, with users not returning after the first month and Meta being trolled over underwhelming graphics. On the other hand major brands such as Gucci and Nike are receiving visitors in their respective metaverses, prompting Indian e-commerce unicorn Flipkart to launch its own virtual marketplace. Among Indian firms, now Reliance Industries has hopped aboard the metaverse bandwagon, by launching its earnings call in the virtual space to engage more  with shareholders.

Mukesh Ambani does appear

Mukesh Ambani’s firm partnered with a no-code metaverse creator GMetri, to create the virtual announcement portal, which its stakeholders can enter from any device. The group’s joint CFO and others appears in the metaverse to deliver an hour-long commentary on results, while people can watch without having to wear VR headsets usually associated with such sessions. Analysts and stock buyers can also go through slides placed in the metaverse on their own, and get quotations from Mukesh Ambani himself, apart from those by analysts available in PDF format.

Endless possibilities in the metaverse

This might be a starting point for the firm to host more immersive events which shareholders can attend in real time as avatars, and might even get a closer look at the company’s operations. So far this year, Indians have hosted a wedding in the metaverse, and elsewhere the virtual ecosystem is being used to organise events, art exhibitions and even concerts. Saudi Arabia is already on track to create a metaverse twin for its cognitive city NEOM, which can provide detailed insights into how the smart urban space functions.

Dubai already has a restaurant that offers dining in the metaverse, and KFC is developing its own virtual eating space to attract more consumers online.

Published on: Wednesday, October 26, 2022, 04:21 PM IST