Originally published on: December 05, 2024
India is emerging as a powerhouse in the Web3 landscape, fueled by a robust network of over 1,000 startups spanning finance, infrastructure, and entertainment sectors. With substantial global investments pouring in and a talented pool of developers, India is primed to dominate Web3 innovation, a recent report revealed.
The Hashed Emergent report, unveiled at the India Blockchain Week conference, showcased the diverse range of Web3 startups in India and highlighted the significant impact they are making on the global stage. As of 2024, India boasts nearly 12% of all crypto developers worldwide, positioning it as the second-largest developer hub behind the United States, with projections to surpass the US by 2027.
These startups have collectively raised over $3 billion in funding since 2020, with a notable surge in investments reaching $462 million in the first nine months of 2024 alone. This growth trajectory has been driven by a wave of support from global Web3 funds, accelerators, and blockchain ecosystems, particularly favoring infrastructure-focused businesses.
Despite initial hurdles posed by India’s crypto tax regime, the resurgence of interest in crypto investing has been evident, with retail portfolios increasingly incorporating blue-chip cryptocurrencies. Additionally, the gaming industry in India is projected to reach $9.2 billion in the next five years, with Web3 gaming poised to play a significant role in driving revenue growth.
India’s leadership in the Web3 space is further underscored by its strong crypto adoption metrics, outpacing countries like the US, the UK, China, and Nigeria. With government initiatives promoting Web3 growth through various use cases like land registry and supply chain management, coupled with contributions from prominent blockchain ecosystems and a burgeoning developer community, India is at the forefront of driving innovation and growth in the Web3 sphere.
While India faces regulatory challenges that hinder innovation, the country’s pro-blockchain stance tempered with caution around crypto, tax complexities, and political perceptions pose significant hurdles. However, with a resilient ecosystem of startups, a skilled developer workforce, and a promising landscape for Web3 adoption, India is well-positioned to sustain its momentum and lead the charge in shaping the future of Web3 technology.
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