Having made this investment, Daler Mehndi is prepared to compete in the virtual and electronic worlds. On his property, he plans to screen Bollywood films, plays music, and host concerts by artists from a variety of genres, including Pop, Hip Hop, Rap, Sufi, and regional music, among others.
The pop singer has now joined the ranks of companies such as Facebook, Microsoft, Google, and Roblox, among others, by making an investment in Metaverse property.
Balle Balle Land, also known as BBL, was officially inaugurated on the occasion of Holi, and it represents India’s first purchase of land in the Virtual World of Second Life. Customers will be able to purchase merchandise and royal products from BBL in the form of both non-tangible tokens (NFTs) and physical goods that will be delivered to their homes. According to media reports, BBL would also operate its own concert bus, which would host a variety of activities.
This year, on the occasion of India’s 73rd Republic Day, the Punjabi pop composer also hosted his own virtual concert on Metaverse, which was broadcast worldwide. His fans were able to attend the concert through the use of computers and mobile phones.
This was the first time an Indian artist had performed on Metaverse, and it was a historic occasion. The duration of his performance was approximately 14 minutes.
When the singer took part in a virtual gig PartyNite on Metaverse, hosted by Gametronics, a Hyderabad-based video game studio, she was enthralled by the concept and execution and decided to invest in the platform.
The Metaverse and the entertainment industry are becoming increasingly intertwined.
The rise in popularity of the metaverse has also impacted the Indian entertainment industry, which has been swept up in the wave. Radhe Shyam, starring Prabhas and Pooja Hedge, became the world’s first film to release content in the metaverse on March 5, 2022, when it was released in India.
A fantasy-based metaverse game for its reality television show Lock Upp was launched by ALTBalaji, a video-on-demand platform, in February of this year, allowing users to have their own experience with the reality TV show.
In addition, many entertainment companies have made investments in the Metaverse ecosystem in the last two months, realising the potential of the system. The music label T-Series collaborated with the division HEFTY Entertainment of Hungama’s entertainment company in January of this year to create a Metaverse using Non-Fungible Tokens, which was released in January of this year (NFTs).
Meanwhile, according to Emergen Research, the metaverse market was worth $47.69 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 43.3 percent to reach $828 billion by 2028.
Increased emphasis on connecting the digital and physical worlds through the internet, as well as the recent Covid-19 outbreak, are expected to fuel market revenue growth between 2021 and 2028. –