The Metaverse, an immersive digital world that some believe will be how humans interact with one another in the future, is being explored by media and entertainment companies, including television broadcasters, film production houses, and music labels.

Viacom18 has developed Non-Fungible Tokens (NFTs), collectibles inspired by past popular characters and IPs, for its youth, music, and English TV channel clusters, while film studio Pooja Entertainment has undertaken promotional activities for upcoming projects.

T-Series, a film production and music company, has also announced a partnership with Hungama Digital Media to enter the NFT market. Music, discourse, and lyric NFTs, as well as Metaverse performances, are expected to become more widespread in the future, according to entertainment industry experts.

According to Amol Roy, founder of digital firm The Shutter Cast, the role of Metaverse and NFTs in facilitating the ownership of virtual assets is becoming increasingly essential in the media and entertainment industry.

Roy says that “NFTs aid in the commercialization of media and entertainment. On the Metaverse interface, media companies can generate and sell digital assets, providing an additional revenue stream. It rewards creators by providing them with a new source of income from their work”.

“NFTs, in particular, will be a key component of the metaverse, and their proper integration might be tremendously beneficial to M&E firms”. According to Arun Pandey, Co-Founder, BeyondLife.Club and Chairman and Managing Director, Rhee Group, "the potential uses of this technology are astounding”, from movies to music.

Chhaya Bardhwaj, founder and managing director, BC WebWise, shared his thoughts about how a brand may expect to spend at least Rs. 50 lakh for a relevant presence.

Metaverse concerts, parties, and events are already taking place, according to Sameer Asher, founder and chief operating officer of digital agency Tonic Worldwide.

Creators and brand makers would need to engage with technologists to bring ideas to life, he said, in order to develop immersive experiences.

The Metaverse, according to Akshay Golekar, creator of content, performance, and influencer marketing agency Optiminastic Media, will speed up interactive storytelling. There will be a demand for a lot of entertainment and engaging content once users are in the metaverse.

“The media and entertainment industry will need to be more interactive when using this platform because end users expect instant feedback, instant response, quick response, and that’s what Web3 is all about”, says Golekar.