India Ranks Third in Web3 Workforce, According to a Report
- Crypto activities remain stable in India despite recent policies from the authorities.
- According to the study, India has 450 Web3 startups, four of which are unicorn companies.
- The Indian Web3 workforce represents 11% of the world’s Web3 workforce.
According to a report published by the Indian-based nonprofit organization, the National Association of Software and Services Companies (NASSCOM), India has the world’s third-largest Web3 workforce. The study noted that India accounts for 11% of the world’s Web3 workforce, showing how active the Asian country is in crypto.
India currently employs 75,000 blockchain professionals. NASSCOM predicts that the Indian Web3 workforce will grow by 120% in the next two years. The report noted that India has about 450 Web3 startups, four of which are unicorn companies. Furthermore, 60% of web3 startups in the country have expanded their reach outside the country. Notably, the Indian Web3 industry generated $1.3 billion in funding as of April 2022.
Most of the companies featured in the report are developing products that span across industries such as decentralized finance ( DeFi), gaming, nonfungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination systems, and other fields.
NASSCOM is optimistic that Web3 activities in India will thrive in the coming years, predicting that the country will have 150 million internet users and 500 million 5G users. Debjani Ghosh, president of NASSCOM, said,
India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape. It is heartening to see that industry and government stakeholders in India are taking a very pragmatic approach toward blockchain tech, with use cases being explored in areas ranging from health and safety, finance, enterprise tech and land registry to education.
India Experiments With the Metaverse
Major e-commerce platforms in India have reportedly granted locals the chance to purchase sneakers from the metaverse. These platforms are experimenting with metaverse and shopping experiences and have given consumers the chance to acquire products from top brands such as Nivea and Puma in the gamified and interactive metaverse.
E-commerce giant Flipkart recently announced the launch of Flipverse, which it said would combine the best aspects of online and offline shopping. Flipverse was developed in collaboration with the Polygon-incubated company eDAO, aiming to bring users closer to their favorite shopping brands.
Despite a 30% tax placed by the government on crypto earnings, Indians have continued to leverage cryptocurrency to access financial services. The country has one of the most active crypto markets in the world.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
