India Showed Remarkable Emergence in Web3 Adoption, Stats Show Sector Expansion: Report

India has reportedly shown remarkable growth in blockchain adoption in 2023. While mostly crypto-sceptic, the tech-friendly nation now boasts over a thousand startups, some even with unicorn statuses, working in the field of Web3. Touted as the third iteration of Internet as we know and use today, Web3 will reduce the reliance on centralised servers and move computational operations to be supported on blockchains, that is a distributed ledger technology. Cryptocurrencies, metaverse, and NFTs are among the first known usecases of the blockchain tech.

From three percent in 2018, India's global share of blockchain developer pool, rose significantly to 12 percent last year. This information has been claimed in a report published by Hashed Emergent, a Web3 venture capital firm focussed on India. Its analysis has highlighted that Bengaluru is the city housing most number of Web3 startups and entrepreneurs in India.

The report has further claimed that projects around Web3-compatible finance, entertainment, and infrastructure services are garnering the attention of venture capitalists towards India.

“The findings of our second edition flagship report underscore India's remarkable ascent in web3 adoption and shows that it is on a trajectory to become the global leader,” Tak Lee, CEO and Managing Partner of Hashed Emergent said in his statement commenting on the report.

The study titled ‘India's Web3 Landscape 2023' has noted a bunch of interesting statistics that point towards the expansion of the Web3 sector in India.

For instance, India has claimed the top spot for on-chain adoption in 2023 over 150 countries, reflecting over 35 million trading accounts on the top Indian exchanges. Apart from using cryptocurrencies, Indian Web3 explorers are also playing blockchain-based games to earn crypto or NFT rewards inside gaming ecosystem along with enjoying the play as well.

“Over 29 percent of respondents spend more than Rs. 1,000 in Web3 games, compared to 10 percent among Web2 games,” the report said.

KPMG India, Devfolio, Coinswitch, and Kratos Gaming Network (KGen) are the knowledge partners of Hash Emergent – and have shared their respective opinions as part of the report.

“Blockchains have enabled various innovative use cases such as DeFi, Real World Assets tokenisation, self-sovereign identities, track and trace etc. The increasing adoption of web3 and blockchain across various sectors and industry is a big global opportunity for Indian tech talent and businesses,” said Krishna Tyagi, Head of web3 at KPMG in India.

The report predicts that India has a promising future in terms of establishing itself as a leader and early creator of Web3 technologies especially because of its large pool of developers.