Key Takeaways

Worldcoin—co-founded by OpenAI CEO Sam Altman—is a cryptocurrency project that rewards users with tokens in exchange for biometric verification
The project, which officially launched on July 24, has been actively onboarding Indian users since 2020
While the promise of free tokens—worth as much as $25—has seen college students sign up in droves, realising this value won’t be simple
Holders will have to jump through multiple hoops, including complying with India’s onerous crypto tax regime, to actually convert these tokens into fiat currency

With crowds still thronging theatres to watch Hollywood blockbusters Barbie and Oppenheimer, the line snaking through Bengaluru’s Mantri Square Mall on a Tuesday afternoon doesn’t seem out of place. Until you realise that it isn’t for the movie theatre but a makeshift kiosk situated in the mall’s basement.

As the gathering—mostly students from colleges in the area—grew, bouncers were even required to hold the crowd back. Those in line, though, many of whom had waited over two hours, seemed oblivious to the chaos around them. Instead, they were focused on a shiny silver orb that enjoyed pride of place on the kiosk’s lone table.

One by one, the waiting masses sat down at the table and gazed into the orb so it could capture their biometrics. A few QR code scans later, they submitted basic details such as their ages and email addresses.

The reward for their troubles? WorldCoin tokens—the cryptocurrency co-founded by OpenAI CEO Sam Altman.