In the grand tapestry of the global Web3 ecosystem, India weaves a vibrant thread — a tale of software development, gaming, investments, and startup funding that flourishes year after year, even as the winds of regulation blow cold and uninviting.
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View Urgent ForecastOnce a mere 5% of the global Web3 developers, India has surged to a remarkable 12% over the last decade, trailing only the United States as of 2024, as revealed in the illustrious India Web3 Landscape Report 2024 by Hashed Emergent, shared with CryptoMoon. Who knew that a lack of regulations could be the secret sauce? 🍜
In a conversation with CryptoMoon, Tak Lee, the sage CEO and Managing Partner at Hashed Emergent, illuminated four shining stars guiding India to the zenith of global crypto adoption: retail crypto transactions on centralized services, the highest trading volumes, institutional adoption, and retail DeFi transactions. Quite the cocktail, isn’t it? 🍹
Gen Z: The Web3 Wizards of India
Ah, the youth! A staggering 80% of all blockchain developers in India are between the ages of 18 and 27. The young minds in DeFi, Payments, AI, and SocialFi have chosen Solana as their blockchain soulmate. Love at first sight, perhaps? 💘
Meanwhile, Ton, Aptos, and Base are steadily gaining traction in other sectors, propelled by the burgeoning presence of layer-1 and layer-2 ecosystems, as the report so eloquently notes.
While hackathons and funding opportunities are like the fairy godmothers of initial growth, Indian developers lament the reluctance of employers to offer salaries that match global standards. Oh, the irony! 🥲
Web3 gaming projects face a daunting challenge: the exorbitant cost of customer acquisition (CAC) to lure Web3 users and the dearth of quality gameplay that goes beyond mere financial incentives to keep Web2 gamers engaged. “Thus, many of these games are now prioritizing quality before sprinkling in blockchain mechanics or tapping into the Indian gamers’ obsession with RMG,” Lee explained. A wise move, indeed!
In a twist of fate, investments in the Indian Web3 landscape saw a staggering 224% increase in 2024 compared to the previous year — sourced from local funds, ecosystem funds, and the corporate venture arms of leading exchanges. Talk about a financial glow-up! 💰
Lee shared with CryptoMoon that the scarcity of growth capital in the Web3 realm, coupled with the absence of traditional venture/growth/private equity funds, makes it a Herculean task for Indian firms to raise capital. He added:
“Thus, entrepreneurs are exploring crowd sales as a means to fund their future growth. Some renowned projects may also consider crowd sales due to the higher valuations offered, but this is a rare occurrence, typically reserved for the elite blue-chip founders who can raise funds from retail with ample certainty and high volumes.”
Compared to previous years, the remarkable growth in Web3 investments in 2024 “signals a gradual recovery, with investors focusing on emerging areas of decentralized finance,” the report states. A phoenix rising from the ashes, perhaps?
India stands as a global hub for founders and developers, currently boasting the second-largest developer market and the third-largest founder base worldwide. Quite the achievement, wouldn’t you say? 🌍
However, some barriers to large-scale investments remain, according to Tak, primarily due to the “slower than anticipated growth of some of these startups.” Unclear regulations and compliance issues also cast a shadow over Web3 investments in India.
Web3: Growing Against All Odds
Despite a high-tax environment on cryptocurrency, small-scale crypto investments have seen a delightful uptick in India. Traders generally prefer small, frequent trades, with 96% maintaining positions of less than $12, leveraging an average of 11x-20x. And ladies, take note
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2025-03-11 07:53