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The global Web3 boom is expected to add $1.1 trillion to the Indian economy over the next decade, underpinning the momentum of the investment base driven by over 450 in-house startups including CoinDCX, Polygon and CoinSwitch.
According to a recent study by the National Association of Software and Services Companies (NASSCOM), a non-governmental trade association and advocacy group in India, highlight Several factors across a large talent pool, high adoption rate, and product development for international markets have established India as a major global player in the Web3 market.
The US-India Strategic Partnership Forum (USISPF) estimates that “Web3 could add $1.1 trillion of new economic value to India’s GDP over the next decade.”
Additionally, the study highlighted that investments in Indian Web3 startups have mimicked cryptocurrency adoption by achieving 37-fold growth over the past two years. The country’s explosive Web3 growth is further fueled by an increasing talent pool, which makes India’s supply and demand gap the smallest compared to the US, China and the UK. .
Additionally, India ranks first in terms of new technology reskilling, which is considered most important in emerging technologies such as Web3 and blockchain.
The chart above shows Web3’s global talent pool, showing that the US and China dominate India. However, according to research, her Web3 talent pool in India is expected to experience the fastest growth rate in the next 1-2 years.
India’s Web3 ecosystem serves a wide variety of real-world applications, with around 60% of local startups expanding outside India.
Related: India Aims to Develop Crypto SOP During G20 Presidency Finance Minister
Indian e-commerce giant Flipkart recently launched a metaverse space named Flipverse to allow locals to try and buy products from brands like Puma and Nivea.
Developed in collaboration with Polygon-incubated organization eDAO, Flipverse will support digital collections and will be available on FireDrops, Flipkart’s new online shopping platform.
