by Matthew Graham
Web3.0 is ushering in a new era of the internet; at the core of Web3.0 is a confluence of technologies including blockchains, cryptocurrencies, and non-fungible tokens (NFTs) that are geared at giving power back to users through ownership. Web3.0 is finally reaching the public consciousness, marking a new paradigm shift, one defined by decentralisation and the social element of the internet. It opens the door for a wealth of new opportunities and sets the stage for emerging innovative and more inclusive businesses.
As per the Global Blockchain Industry Talent Insights, Web3.0 talent increased 76% year-on-year globally, with the U.S, India, and China as the top three blockchain talent hubs. In India, according to NASSCOM’s 2021 report, Crypto Tech India, the Web3.0 industry witnessed a 39% increase over the last five years, employing almost 50,000 individuals and gaining traction across various fields including IoT, smart manufacturing, supply chain management, and digital asset trading.
DeFi, NFTs, GameFi, and the Metaverse have introduced new revenue streams and viable business models to the sector, leading to the emergence of unconventional jobs such as digital creators dabbling in NFTs and full-time gamers. India is currently home to 430 million mobile gamers, with that figure expected to increase to 650 million by 2025. This massive, largely-untapped market is ripe for investment and emerging technologies have immense potential to transform how people interact in the near future.
Globally, VC funds and leading investors are becoming increasingly aware of the tremendous potential and growth of new technologies such as Web3.0.0, metaverse, and gaming. Web3.0 startups had already received $3.6 billion in funding in Q1 of 2022—a testament to the entrepreneurial spirit of the sector. Cognizant of India’s vast developer strength and its formidable position as a Web3.0 innovation hub, Sino Global Capital has invested in a number of Indian Web3.0 giants such as Polygon, EPNS, Persistence, Delta Exchange, and Samudai.
We support Web3.0 startups through a long-term focus and emphasis on building novel and innovative primitives in the space across multiple verticals such as Key Infrastructure, DeFi, GameFi, and Metaverse. In our aim to do so we launched our India-focused arm, SGC India, as an enabler and catalyst to the Indian Web3.0 ecosystem. We firmly believe India is at the forefront of Web3.0 innovations and will play a critical role in shaping the industry globally with its young demographics, rapid urbanisation, widespread adoption of smartphones, and associated technology.
The author is the CEO of Sino Global Capital