India has emerged as a global leader in web3 adoption, with a vibrant ecosystem boasting over 1,000 startups and more than 35 million traders actively participating in the market. The country’s share of the global pool of blockchain developers has surged from 3% in 2018 to 12% in 2023, solidifying its position among emerging markets. These findings are part of the “India’s Web3 Landscape 2023” report unveiled by Hashed Emergent, in collaboration with KPMG in India, Devfolio, Coinswitch, and Kratos Gaming Network (KGen).
The report highlights India’s exponential growth in the web3 sector, driven by factors such as a large economy, a skilled tech talent pool, and favorable demographics. Bangalore has emerged as a hub for web3 startups, reflecting the city’s status as a leading tech innovation center in India.
Tak Lee, CEO & Managing Partner of Hashed Emergent, expressed optimism about India’s trajectory in the web3 space, emphasizing the need for further positive regulatory developments to fuel growth. He believes that India’s dynamic and vibrant web3 sector holds immense potential for innovation and opportunity.
Krishna Tyagi, Head of web3 at KPMG in India, highlighted the increasing adoption of web3 and blockchain across various sectors, presenting a significant global opportunity for Indian tech talent and businesses. He emphasized the innovative use cases enabled by blockchains, such as DeFi, Real World Assets tokenization, and Self-Sovereign Identities.
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, noted that despite regulatory uncertainties and limited capital inflows, Indians continue to actively trade and invest in crypto as an asset class. He highlighted CoinSwitch Ventures’ aim to bridge the gap for global VCs to explore Indian web3 projects and deploy capital by co-investing in early-stage founders.
Ishank Gupta, Co-Founder and Elder Council Member at Kratos Gaming Network (KGen), highlighted the promising growth potential of the web3 gaming sector in India. He noted the increasing willingness of gamers to pay for web3 games and emphasized KGen’s commitment to fostering this growth.
Denver Dsouza, CEO of Devfolio, expressed pride in being part of the India web3 landscape 2023 report, highlighting Devfolio’s role in empowering builders through hackathons, fellowships, and grants. He reaffirmed Devfolio’s commitment to fostering economic opportunities for next-gen builders and driving innovation in the web3 space.
The report also highlighted key trends such as India’s top ranking for on-chain adoption in 2023, with more than 35 million trading accounts on the top Indian exchanges. Additionally, India’s web3 gaming sector is witnessing significant growth, with 90% of surveyed gamers playing web3 games to earn NFTs and tokens.
With India’s web3 ecosystem showing robust growth and increasing adoption across sectors, the country is poised to become a global leader in the decentralized future.
