Insights from a study published by the National Association of Software and Services Companies (NASSCOM), an Indian non-profit organisation with reportedly over 3,000 members, the country currently holds 11% of the global Web3.0 talent, which makes India world’s third largest regarding its Web3.0 workforce, employing around 75,000 blockchain professionals, as reported by Cointelegraph.
According to Cointelegraph, India currently consists of 450 Web3.0 startups, of which four are unicorn companies. In April, 2022, the Indian Web3.0 ecosystem has clocked $1.3 billion in funding. Around 60% of Indian Web3.0 startups have become global with regard to their operations.
It is believed that the maximum number of firms present in the study are developing applications in decentralised finance, gaming non-fungible tokens (NFTs) marketplaces, metaverses, decentralised communities, on-chain coordination mechanisms, among others. For the next few years, NASSCOM is positive about Web3.0’s growth outlook in the country, mentioning that it expects number of Indian internet users to go up by 150 million and 5G users in India to go up to 500 million.
“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 towards blockchain tech, with use cases being explored in areas ranging from health & safety, finance, enterprise tech, and land registry to education,” Debjani Ghosh, president, NASSCOM, stated.
Going by Cointelegraph’s official website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team aims to deliver news from both the decentralised and centralised worlds, along with analytics, cryptocurrency price charts, opinion pieces, as well as reports on the transformation that digital currencies bring.
(With insights from Cointelegraph)
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