More than 3,000 guests turned up for India’s first wedding reception in the metaverse, hosted by newlyweds who wanted to avoid coronavirus restrictions on their big day.
The metaverse is a virtual reality platform that uses augmented reality, 3D holographic avatars and videos for social interactions.
Dinesh SP, 24, and his fiancee Janaganandhini Ramaswamy, 23, were married in a traditional ceremony in the southern state of Tamil Nadu on Sunday.
But with guests limited to 100 because of the pandemic, they decided to hold their reception in the virtual world.
Intrigued strangers also joined the celebration, billed as “Asia’s first ever metaverse marriage”, that started late on Sunday and lasted nearly two hours.
The groom, who works in blockchain technology and is a cryptocurrency enthusiast, and Ms Ramaswamy, an IT professional, are self-professed "Potterheads", or fans of the books and films about Harry Potter.
They set up a Hogwarts-themed metaverse for the reception with help from a tech start-up called TardiVerse.
Video of the event shows the couple’s avatars wearing traditional wedding attire – a white shirt and veshti, or sarong, for the groom and white sari for the bride – and standing on a stage as avatars of their guests arrive to congratulate them.
“It was an exciting experience," Vignesh Selvaraj, the owner and creator of TardiVerse, told The National. "About 3,000 people attended the reception. I spent days and nights creating this space and I feel proud that it was a huge success.”
Some of the guests shared their experience on social media.
A Twitter user under the name Divit posted photos of the event with the comment: “Finally into Asia's 1st Metaverse Wedding. Interesting experience.”
Also at the reception was an avatar of the bride’s father, who died last April.
“I didn’t want to spoil my big day with limited guests so thought to throw a party on metaverse and invite people from around the world who can virtually join our special day,” Mr Dinesh said before the wedding.
The couple had sent invitations to friends and family around the world in the form of non-fungible tokens, or NFTs – exclusive, cryptographically linked digital content.
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6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
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- Energy engineer: Dh25,000 to Dh30,000
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- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
MATCH INFO
Pakistan 106-8 (20 ovs)
Iftikhar 45, Richardson 3-18
Australia 109-0 (11.5 ovs)
Warner 48 no, Finch 52 no
Australia win series 2-0
