Everything you need to know about Web3 in India today
India currently has 11% of the Web3 talent in the world, making it the third-largest country in terms of the Web3 workforce, which currently employs close to 75,000 blockchain professionals, according to the National Association of Software and Services Companies, or NASSCOM (1), a non-profit organization in India with over 3,000 members.
Additionally, the industry association anticipates that the skill pool will increase by approximately 120% over the next two years. There are currently 450 Web3 startups operating in India, of which four are unicorn businesses.
Over 60% of Indian web3 startups have increased their international footprints as of April 2022, raising $1.3 billion in capital for the ecosystem. Most of the companies in the study's list are engaged in developing applications for decentralized finance, non-fungible gaming tokens, NFT marketplaces, metaverses, decentralized communities, on-chain coordination methods, and other related fields.
NASSCOM continued to be upbeat about the country's web3 growth prospects and indicated it anticipates a 150 million rise in internet users and a 500 million+ increase in 5G users in India (2). The nation's position in the global web3 scene is cemented by its quick adoption of new technologies, its expanding startup environment, and large-scale talent potential with digital skills.
The use cases for blockchain technology are being investigated in fields including health and safety, banking, enterprise technology, property registry, and even education, even though government stakeholders in India are approaching it very pragmatically.
Over the next ten years, the Indian economy is anticipated to gain $1.1 trillion thanks to the global web3 growth, supporting the momentum driven by investments. According to the US-India Strategic Partnership Forum (USISPF) (3), Web3 can boost India's GDP by $1.1 trillion over the next ten years.
Although China and the United States presently outnumber India, the study predicted that India's web3 skill pool would develop at the quickest rate in the next two years. The Indian web3 exosystem supports a wide range of practical applications, and almost 60% of the local startups have expanded their reach outside.
With the help of the Polygon-incubated organization eDAO (4), the Indian e-commerce giant Flipkart also recently launched a metaverse space called Flipverse, where locals can try out and buy products from brands like Puma and Nivea. Flipverse will support digital collectibles and be accessible on Flipkart's recently launched online shopping platform, FireDrops (5).