The metaverse market, that is expected to grow at an annual rate of 37.7 percent in the next six years, is estimated to reach the valuation of $74.4 billion (roughly Rs. 6,20,918 crore) by the end of 2024. Gearing up to withstand the force of advancements in Web3, IIT Madras has begun drafting policies to oversee the metaverse sector. Called the XTIC (the eXperiential Technology Innovation Centre), a research and development body incubated by the IIT-M, has begun work around something called the ‘Metaverse India Policy and Standards (MIPS)’. The XTIC has established a dedicated committee to conduct research around the predictable use cases and loopholes in the current metaverse ecosystem. The committee will address the technical and ethical shortcomings to make the industrial use of this digital technology safer and more advanced. Rrahul Sethi, a veteran from India’s tech space who recently launched a metaverse experience centre in NCR’s Noida, is part of this committee. In conversation with Gadgets360, Sethi noted that the MIPS will not curate policies and standards around the metaverse on …