The Web3 ecosystem is regarded as the future of technology. It is regarded as the evolution of the Internet with technological advancements such as metaverse, blockchain, and decentralized apps taking the central stage.
While every nation is jostling to become a stakeholder in the ecosystem and play an active part in the future of technology, countries like India are taking it a notch higher. Aside from its population being its strength, India has one of the best brains in the technology world.
Industry players would attest to the swift adoption of web3 technology in India. This was further buttressed by the study published by the National Association of Software and Services Companies (NASSCOM).
According to NASSCOM — a non-profit organization and the umbrella body of software and computer-related service providers in India, more than 3000 Indians play active roles in the web3 ecosystem. This number represents 11% of the global web3 talent.
With over 3,000 members of India in web3 and an employment pool of about 75,000 blockchain professionals, India is ranked as having the third biggest web3 workforce globally.
The National Association of Software and Services Companies (NASSCOM) report shows that India has about 450 web3 startups and four unicorn companies.
Similarly, in April 2022, the web3 ecosystem in India raised about $1.3 billion in funding, giving about 60% of these startups the foothold to expand outside the shores of their home country.
The NASSCOM President, Debjani Gosh, attests to the adoption of the future of the internet and the large talent potential domiciled in India. These potentials are the ingredients that every startup needs to scale and attract funding. He also identified the roles of the India Government.
The growth of these startups is attributed to funding from various venture capitalists (VCs), multinational companies, and tech giants.
Over the years, these startups have built applications in decentralized finance (DeFi), gaming, non-fungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms, etc.
The National Association of Software and Services Companies (NASSCOM) expects that web3 adoption and usage will increase in India in a few years. The number of internet users is expected to increase by 150 million. The number will increase to 500 million when the 5G network becomes fully functional.
While various sources put the United States and China as the countries leading the web3 adoption, usage, and workforce, there is no doubt that if India continues at this pace, it is heading for the top spot.