Mai Labs Unveils Metaverse Platform Mayaaverse, VR Headset Lumyn XR in India: Details

Betting big on the future of advanced human-computer relation, Grand Cayman -headquartered Web3 firm Mai Labs launched its metaverse platform called ‘Mayaaverse' in India on Wednesday, May 22. The company, in a launch event hosted in Delhi, also unveiled the Lumyn XR, which is a virtual reality (VR) headset for users to explore the digital world ecosystem in an immersive way. Mai Labs, with these products, is also foraying into the world of Artificial Intelligence (AI), while bringing in technologies such as blockchain and metaverse.

Mai Labs is gearing up to establish itself as an early entrant into the extended reality (XR) ecosystem with Mayaaverse. Built on the company's own Zero blockchain, the platform is offering virtual locations for artists, brands, and educational institutes to connect with their respective communities, especially with the younger generation of consumers.

During a demo of the Mayaaverse, the company gave a glimpse into the virtual retail stores, religious destinations, as well as virtual venues for live performances that it aims to bring forward. The platform will also let visitors travel through the history of time – allowing people to visit ancient cities from the past.

While announcing the metaverse platform, senior officials of the company claimed that their research showed consumers from the millennials and Gen Z generations have already started venturing into the metaverse to socialise, play games, trade in assets, and learn in the last few years. The company added that in the next five years, millennials and gen z consumers will spend around 3.7 hours interacting with metaverse ecosystems.

As per the company's team, the platform plans to add more features to this digital ecosystem that could help content creators connect with their target audiences and churn income.

“Our goal is to revolutionise the creator economy by offering an innovative platform that empowers creators to develop, collaborate, and monetise their digital content in new and transformative ways using immersive technologies and AI. Given the immense potential we see, we are confident in our decision to make a significant investment in this technological arena,” said Tapan Sangal, CEO of MAI Labs.

During the launch, Sangal also noted that users of Mayaaverse 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 that the ecosystem is safe. Mai Labs added that Lumyn XR, the VR headset from the company will be hitting the shelves in the fourth quarter of 2024. The pricing of this headset remains undisclosed as for now.

At present, several brands like Samsung, Meta, Casio, and Adidas are already foraying into metaverse.

A report released by Mckinsey last year had claimed that the immersive tech domain – which is comprised of technologies like AI, VR, Augmented Reality (AR), Mixed Reality (MR), and the metaverse – is estimated to generate up to a whopping $5 trillion by 2030. Together, these technologies are projected to elevate applications and experiences for consumers and enterprises, the report stated.