As a researcher with a keen interest in emerging technologies and a soft spot for India’s vibrant startup scene, I find myself increasingly captivated by the country’s rapid strides in Web3 innovations. Having worked with startups across continents, I must admit that India’s unique blend of global investments, local adoption, and a burgeoning developer base is truly remarkable.
According to a report on India’s Web3 scene, a vast network of startups, backed by international investments and domestic adoption, places India at the forefront of pioneering Web3 advancements.
Approximately 1,000 startups that focus on Web3 technology are currently active in India within the fields of finance, infrastructure, and entertainment, as stated in a report published by Hashed Emergent during the India Blockchain Week conference on December 4th.
By 2024, India is hosting approximately 12% of the world’s crypto developers, placing it as the second-largest developer hub, trailing behind only the United States. The study suggests that India will claim the top spot by 2027 in this field. Moreover, a substantial number of Web3 founders bolster India’s thriving startup environment.
From 2020 onwards, I’ve been a part of a thriving crypto and Web3 community here in India that has raised a staggering total of over $3 billion in funding. In the first three quarters of 2024 alone, this ecosystem saw an influx of $462 million in investments, marking an impressive 82% growth compared to the previous year.
According to the report, it was primarily driven by investments from international Web3 venture capitalists, incubators, and community initiatives by prominent blockchain networks. The research revealed that the majority of these investments were directed towards companies specializing in Web3 infrastructure.
As an analyst, I’ve observed a significant surge in cryptocurrency investments through centralized exchanges within India during the year 2024. This trend was fueled by the rise of new investment hubs and the emergence of fresh categories within the crypto market. Previously, India’s tax policies had been somewhat discouraging for individual crypto investors, but it appears that these barriers have been overcome, leading to this resurgence in interest.
Information from crypto exchange CoinDCX indicates that about 45% of retail portfolios in India are built around established cryptocurrencies, which serve as the foundation for many investment plans. Furthermore, the trading volume of memecoins has significantly increased fivefold, with a large part of this growth being attributed to younger generations such as Gen Z and Millennials.
Lysto, a gaming community, anticipates that India’s gaming market will grow to $9.2 billion in the upcoming five years. A significant factor driving this growth is the rise of Web3 gaming, which is expected to play a major role due to its potential for higher average revenue per user.
As a researcher delving into the realm of Web3, I find myself consistently observing that India holds a commanding position in the global crypto adoption race, according to on-chain data. Trailing closely behind is the United States, followed by the United Kingdom, China, and Nigeria.
Various governmental efforts at both federal and regional levels foster the expansion of Web3, primarily focusing on applications such as property records, digital verifications, and supply chain management. Furthermore, the surge in innovation and growth is being fueled by significant inputs from prominent layer-1 and layer-2 networks, as well as a vibrant community of young developers.
In India, notable blockchain protocols that have made their mark are Avalanche, Aptos, Ethereum, Polygon, Starknet, Solana, and Ton, as well as a few others.
One of the biggest hurdles for the Indian Web3 ecosystem is innovation-stiffling regulations. As a result, prominent challenges for the country include speculative perception, a pro-blockchain but anti-crypto stance of the government, tax inequities and political perception, to name a few.
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2024-12-05 10:50