According to recent research conducted by the nonprofit National Association of Software and Services Companies (NASSCOM), India has 11% of the world’s Web3 talent.
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The number of blockchain specialists working in India is approximately 75,000, making it the world’s third-largest Web3 workforce. According to the industry association, the skill pool is expected to increase by nearly 120% in the next two years.
The number of Web3 startups in India is 450, including four unicorns. A total of $1.3 billion has been invested in the Indian Web3 ecosystem as of April 2022. The geographical reach of Web3 companies in India has also increased by more than 60%.
What else is in the report
In addition to developing tools for decentralized finance, gaming nonfungible token markets, metaverses, decentralized communities, on-chain coordination methods, and other fields, most of the companies featured in the report are developing tools for the development of on-chain modes of coordination.
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The NASSCOM is still optimistic about the prospects for Web3’s rapid development in the nation over the next few years, predicting that there will be an increase of 150 million internet users in India and 500 million users of 5G over the next few years.
According to Debjani Ghosh, CEO of NASSCOM, “India’s place in the global Web3 scene has been cemented by its rapid adoption of new technologies, its expanding startup environment, and its vast pool of digital talent.”.
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Despite the skepticism about blockchain technology, Indian businesses and governments are embracing it pragmatically, with applications ranging from land registration to education, health and safety, financial services, and enterprise information technology.
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