SNEAK PEEK
- According to recent NASSCOM data, 11% of the Web3 talent in the world is currently located in India.
- India currently employs the third-largest number of Web3 experts worldwide, with about 75,000 of them working in the blockchain industry.
- India is well-positioned to develop into a Web3 market with strong growth thanks to its economic, demographic, and technology adoption characteristics.
India presently has 11% of the world’s Web3 talent, according to recent research by the National Association of Software and Services Companies (NASSCOM), a nonprofit organization in India with over 3,000 members. With approximately 75,000 blockchain professionals working there today, India has the third-largest Web3 workforce in the world. The industry association also forecasts that during the following two years, the skill pool will increase by nearly 120%.
There are 450 Web3 startups in India, four of which are unicorn companies. The Indian Web3 ecosystem has raised $1.3 billion in funding as of April 2022. Additionally, more than 60% of Web3 startups in India have increased their geographic reach.
The majority of the companies featured in the report are developing tools for decentralized finance, gaming NFT marketplaces, metaverses, decentralized communities, on-chain coordination methods, and other fields.
According to a report by the IT industry group Nasscom, India’s quick uptake of new technologies, its expanding startup scene, and the prospective pool of highly qualified digital workers are the ideal foundations for the country to become a major participant in the global Web3 environment.
India’s economic, demographic, and technology adoption factors place it well to become a high-growth Web3 market, it claimed, even though the response to Web3 globally is still in its early stages.
Since 2015, web3 startups in India have increased by around six times. According to the report, the tier II ecosystem was expanding quickly across diverse Web3 apps, even though 82% of these firms were in tier I locations.
In the next years, NASSCOM is still upbeat about Web3’s growth prospects in the nation, predicting that there will be an increase of 150 million internet users in India and 500 million 5G users.
