India’s stride in the Web3 arena continues to captivate global attention, with the second edition of Hashed Emergent’s report, ‘India’s Web3 Landscape 2023’, shedding light on the nation’s burgeoning tech landscape. The report unveils a thriving ecosystem, boasting over 1,000 startups and hosting a remarkable 12% of the world’s Web3 developers.
While investment figures for 2023 saw a slight dip from the previous year, totaling $250 million, the steadfast number of deals underscores sustained enthusiasm for early-stage Web3 ventures. Collaboratively crafted by Hashed Emergent alongside notable partners including KPMG in India, Devfolio, Coinswitch, and Kratos Gaming Network (KGen), the report provides a comprehensive snapshot of India’s journey towards becoming a global Web3 powerhouse.
Tak Lee, CEO of Hashed Emergent, lauded India’s monumental progress in Web3 adoption, citing a conducive environment fueled by a robust economy, skilled tech talent, and favorable demographics. Lee emphasized the necessity for continued regulatory evolution to unlock the sector’s full potential, stating, “Further positive regulatory developments are required to fuel growth.”
Despite the investment downturn, sectors such as finance, entertainment, and infrastructure within the Web3 realm have witnessed a surge in funding, with industry giants like Eros, Infosys, and Shemaroo actively participating in the ecosystem. Moreover, governmental initiatives leveraging blockchain technology underscore a concerted effort towards embracing innovation at the highest levels.
Krishna Tyagi, Head of Web3 at KPMG India, highlighted the transformative potential of blockchain across diverse sectors, heralding it as a global opportunity for Indian businesses and tech talent. “Blockchains have enabled various innovative use cases… We are continuously innovating to develop the ecosystem and help our clients leverage the power of blockchains,” Tyagi remarked.
India’s increasing embrace of crypto as an asset class has catapulted it to the forefront of on-chain adoption globally. With over 35 million trading accounts on domestic exchanges and a burgeoning P2P trading volume, the country’s crypto landscape paints a picture of robust growth. CoinSwitch Ventures Investments Head Parth Chaturvedi affirmed this trend, noting sustained investor interest despite regulatory uncertainties.
A noteworthy revelation from the report is the evolving gaming landscape, with a staggering 90% of web3 gamers engaging to acquire NFTs and tokens. Ishank Gupta, cofounder of Kratos Gaming Network (KGen), expressed optimism regarding the sector’s trajectory, emphasizing KGen’s commitment to nurturing this growth.
As India solidifies its position as a frontrunner in the global Web3 arena, the journey ahead holds immense promise. With continued innovation, regulatory support, and collaborative efforts, India is poised to shape the future of Web3 technology on a global scale.
