O

ver the next ten years, the worldwide Web3 growth is predicted to contribute $1.1 trillion to the Indian economy, strengthening the build by more than 450 in-house firms like CoinDCX, Polygon, and CoinSwitch that are based on investments.

India is a leading global player in the Web3 market, according to a recent study from the National Association of Software and Service Companies (NASSCOM), a non-governmental trade association and advocacy group in India. This is due to a number of factors, including a sizable talent pool, a high adoption rate, and product development for international markets.

Snapshot of India’s Web3 startup ecosystem in 2022. Source: NASSCOM

The US-India Strategic Partnership Forum (USISPF) estimated that “Web3 can add $1.1 trillion of new economic value to the Indian GDP in the next 10 years.”

Investments in Indian Web3 startups. Source: USISPF and NASSCOM

The report also showed that by recording a 37x growth over the previous two years, investments in Indian Web3 firms paralleled the uptake of cryptocurrencies. India's demand-supply gap is the smallest when compared to the United States, China, and the United Kingdom. This is due to the nation's rapid Web3 growth and an expanding skill pool.

In terms of upgrading one's skills in newer technologies, which is crucial in developing fields like blockchain and Web3, India again tops the list.

Global Web3 talent distribution. Source: OKX and NASSCOM

The skill pool for Web3 may be seen in the image above, with the United States and China dominating India. However, the report predicts that India's Web3 talent pool would expand at the quickest rate over the next two to three years.

Focus areas for Indian Web3 startups. Source: Zinnov CoNXT Research & Analysis

A broad range of real-world applications are supported by the Indian Web3 ecosystem, and almost 60% of local startups have expanded their influence outside.

Locals may now test out and buy products from brands like Puma and Nivea in a metaverse area called Flipverse thanks to the recent arrival of Indian e-commerce giant Flipkart.

Flipverse, which supports digital collectibles and will be made available on Flipkart's recently launched online purchasing site, FireDrops, was created in partnership with the Polygon-incubated group eDAO.

Posted 
Oct 23, 2022
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