The web3 user base, which currently stands at 320 million, is expected to reach 1 billion by 2030. India is expected to play a key role in the growth of this blockchain segment.
Three factors at the heart of the dynamism of web3!
India is at the forefront of transforming the web3 market. This is shown by a report of Nasscom, a non-profit organization that oversees the technology industry in India. This industry generated a turnover of nearly 230 billion dollars over the last fiscal year. the document identifies several factors as the main levers of the country’s evolution towards a key role in the global Web3 market. These are the rapid adoption of new technologies, the vast pool of talent and the strong ecosystem of startups.
“India’s rapid adoption of modern technologies, its growing start-up ecosystem and its potential for large-scale digital talent are cementing the country’s position in the global Web3 landscape”said Debjani, president of Nasscom, during the publication of the report.
As a reminder, there are 450 Web3 startups in India, four of which are unicorns. They invest in particular in DeFi, NFT and Gaming projects.
What impact on the economy?
Web3 companies have already mobilized more than $30 billion in 2021. According to the report, the observed dynamism will add $1.1 trillion to the country’s GDP by 2032. Moreover, the document indicates that the India’s Web3 talent pool is growing at the fastest rate in the world.
The report’s authors expect it to climb about 120% over the next two years. In addition, the vast pool of local Web3 and blockchain talent represents 11% of the global market. It is the third largest in the world. The entire value chain should be an important job provider over the next 10 years.
If the growth of the sector is certain with 30% of the companies of the sector which were born last year, a flat remains. 60% of them are registered outside the country. Nasscom notes a big gap between the reality of the segment and the unattractive regulatory environment. “There is a lack of a policy framework to support and stimulate the growth of the crypto and Web3 sectors”deplores the report. Note that India is one of the countries with the highest taxes on cryptos.
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