India is reported to have seen considerable growth in blockchain adoption in 2023. Despite being largely skeptical of cryptocurrencies, the tech-friendly country now has over a thousand startups, some even have unicorn status, working in the Web3 space. Described as the third iteration of the Internet as we know and use it today, Web3 will reduce reliance on central servers and move computing to blockchain, a distributed ledger technology. Cryptocurrencies, metaverses, and non-fungible tokens (NFTs) are among the earliest known use cases of blockchain technology.
From 3% in 2018, India's global share of the blockchain developer pool increased significantly to 12% last year. This information is requested in A report It is published by Hashed Emergent, an India-focused Web3 venture capital firm. The analysis highlights that Bangalore is the city with the highest number of Web3 startups and entrepreneurs in India.
The report also claims that projects related to financial services, entertainment and Web3-enabled infrastructure are attracting increasing interest from venture capitalists towards India.
“The findings from the second edition of our flagship report highlight the extraordinary increase in Web3 adoption in India and show that India is poised to become a global leader,” said Tak Lee, CEO and Managing Partner of Hashed Emergent, in a press release. commenting on the report.
The study titled “Web3 Landscape in India 2023” records interesting statistics indicating the expansion of the Web3 sector in India.
For example, India ranked first in terms of on-chain adoption in 2023 across over 150 countries, reflecting over 35 million trading accounts across major Indian exchanges. Apart from using cryptocurrencies, Web3 India explorers also play blockchain-based games to earn crypto rewards or NFTs in the gaming ecosystem and enjoy gaming as well.
“More than 29 percent of participants spent more than Rs.1,000 on Web3 games, compared to 10 percent on Web2 games,” the report said.
KPMG India, Devfolio, Coinswitch and Kratos Gaming Network (KGen) are Hash Emergent Knowledge Partners – and they shared their insights as part of the report.
“Blockchain has enabled many innovative use cases such as DeFi, Real World Asset tokens, sovereign identity, track and trace, etc. The growing adoption of web3 and blockchain across sectors and industries represents a huge global opportunity for Indian talent and technology companies,” said Krishna Tyagi, Chairman of web3 at KPMG in India.
The report predicts that India has a bright future in terms of being a leader and pioneer in Web3 technology, especially due to the large number of developers in the country.
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