India Displayed a Striking Increase in Web3 Adoption; Statistics Show Sector Growth – Report
From three percent in 2018, India’s worldwide share of the blockchain developer pool increased dramatically to 12 percent last year.
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The research rated India on top for demonstrating on-chain adoption in 2023 among more than 150 nations.
According to reports, blockchain use in India will increase dramatically by 2023. While most people are skeptical about cryptocurrency, the tech-friendly nation today has over a thousand firms, some of which are unicorns, working in the field of Web3. Web3, dubbed the third generation of the Internet as we know and use it today, will lessen reliance on centralized servers and shift computing activities to blockchains, a distributed ledger technology. Cryptocurrencies, the metaverse, and NFTs are among the first recognized applications of blockchain technology.
From three percent in 2018, India’s worldwide share of the blockchain developer pool increased dramatically to 12 percent last year. This information is reported in a study produced by Hashed Emergent, a Web3 venture financing business focusing on India. Its study found that Bengaluru has the highest concentration of Web3 startups and entrepreneurs in India.
According to the research, venture funders are increasingly interested in Web3-compatible financial, leisure, and infrastructure businesses in India.
“The findings of our second edition flagship report underscore India’s remarkable ascent in Web3 adoption and show that it is on a trajectory to become the global leader,” Tak Lee, CEO and Managing Partner of Hashed Emergent, stated.
Many intriguing figures that indicate the growth of the Web3 industry in India have been observed in the report “India’s Web3 Landscape 2023.”
For example, out of 150 countries, India has earned the top rank for on-chain adoption in 2023, with over 35 million trading accounts on the leading Indian exchanges. In addition to utilizing cryptocurrencies, Indian Web3 explorers are engaging in blockchain-based gaming to get cryptocurrency or NFT prizes inside the gaming ecosystem, all while having fun.
According to the research, “more than 29% of respondents spend more than Rs. 1,000 on Web3 games, compared to 10% on Web2 games.”
Hashed Emergent’s knowledge partners, KPMG India, Devfolio, Coinswitch, and Kratos Gaming Network (KGen), have contributed their own perspectives to the paper.
Blockchain technology has made it possible for a number of cutting-edge use cases, like DeFi, tokenization of real-world assets, self-sovereign identities, track and trace, etc. According to Krishna Tyagi, Head of Web3 at KPMG in India, “the growing adoption of Web3 and blockchain across various sectors and industries is a big global opportunity for Indian tech talent and businesses.”
Because of its enormous developer pool, the researchers believe that India has potential future in terms of being a pioneer and early inventor of Web3 technology.
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