According to NASSCOM’s latest report, India is home to 11% of the global Web3.0 talent and employs nearly 75,000 blockchain professionals.
- The study titled “The India Web3 Start-up Landscape, An Emerging Technology Leadership Frontier,” was aimed at promoting a broader understanding of the diverse possibilities with Web3 and the landscape of Web3 start-ups in the country.
- According to the study, in the last two years, Indian Web3 start-ups have grown to a 450-plus community with four unicorns.
- Between 2021-2022 alone, India registered more than 170 new Web3 start-ups, yielding over 50% CAGR growth since 2015.
- While global response to Web3 was still shaping up, India’s growing economy, demographic dividend, and exponential adoption of emerging technologies across sectors, positioned the country to become one of the highest growth markets for Web3 globally.
What is ‘Web 3.0’?
- Web 3.0 or Web3 is the third generation of the World Wide Web.
- It is an evolving term that refers to a “read-write-execute” web – with decentralisation as its bedrock.
- It speaks about a digital world, built leveraging the blockchain technology, where people are able to interact with each other without the need of an intermediary.
- Web 3.0 will be driven by Artificial Intelligence and machine learning.
- It has now become a buzzword incorporating concepts such as blockchain technologies, metaverse and non-fungible tokens (NFTs).