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- India is set to lead in web3 innovations by 2027 according to a new report
- The report shows that roughly 12% of crypto developers are in India
- India is also experiencing a rise in web3 startups and investments
A new report has revealed that India is set to lead in web3 innovations within the next two years despite having some of the highest crypto taxes. The report by blockchain-focused firm Hashed Emergent noted that close to 12% of crypto developers globally are from India adding that the country is also witnessing a rise in the number of web3 startups and investors. The blockchain firm said that most Indian blockchain startups focus on web3 infrastructure, finance, and entertainment, areas that are likely to bring the most people into the decentralized world.
$3 Billion Invested in Indian Web3 Startups
Revealing the findings during the India Blockchain Week conference, Hashed Emergent said that the number of web3 developers in the country compares only to that in the United States which has the highest developer base.
1/ India’s Web3 Landscape 2024 Report presented by @sahai_sharanya (Senior Associate, @HashedEM) with our knowledge partners, @CoinDCX, @lystogg, @devfolio, @Pi42Exchange, and @TrilegalLaw at India Blockchain Week 2024, showcasing the transformation of India’s digital ecosystem… pic.twitter.com/XRAY0epV9L
— Hashed Emergent (@HashedEM) December 5, 2024
The report revealed that Indian web3 startups have attracted more than $3 billion from investors since 2020 with a sizeable chunk of the amount, $462 million, secured this year. Investors poured most of their money into startups working to enhance web3 infrastructure.
Apart from being poised to lead innovations in the web3 space, India is already leading other countries in crypto adoption beating the likes of the United States and Nigeria.
Sony and FIFA Increase Web3 Exploration
The report comes at a time when more entities are either joining the blockchain world or increasing their activities in the space. Sony, for example, recently partnered with Circle to develop the Soneium blockchain.
Mythical Games also recently partnered with FIFA to create FIFA Rivals, a web3 game for mobile devices.
With India set to become a web3 hub, it’s to be seen whether the country’s government will enact favorable laws to encourage more growth.
