India’s Web3 Revolution: Will They Outshine the US by 2028? You Won’t Believe It!

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In the grand tapestry of nations, India, that illustrious South Asian realm boasting a populace of 1.3 billion souls, finds itself in a most remarkable transformation within the Web3 domain. Indeed, it appears that the country is embracing the arcane arts of blockchain technologies with a fervor that would make even the most ardent of enthusiasts blush. 😄

Noteworthy is the partnership betwixt the esteemed Polygon Labs, an enterprise of Indian origin, and the venerable Reliance Industries. This union has garnered considerable attention this year, particularly with the advent of Jio Coins upon the Jio Sphere Browser—a veritable milestone in the ever-expanding landscape of India’s Web3 endeavors. Furthermore, in a move that could only be described as groundbreaking, the quaint town of Dantewada has successfully migrated over 700,000 land records to the Avalanche blockchain, thus further exemplifying India’s enthusiastic adoption of this modern marvel. 🏰

In a most optimistic forecast, the esteemed Hashed Emergent has prophesied that by the year 2028, India shall boast the largest Web3 developer community in the world. Their latest edition of the India Web3 Landscape Report reveals that the nation’s Web3 ecosystem is not only robust but exhibits remarkable resilience, even amidst the uncertainties that plague the globe. 🌍

The Flourishing Web3 Startup Ecosystem in India

According to the aforementioned report, India proudly claims the title of the world’s third-largest base of Web3 founders, with a staggering count of over 1,200 startups flourishing across diverse sectors. One cannot help but marvel at the burgeoning innovation led by these enterprising individuals, as Hashed reveals that over 12,000 startups are at the forefront, with Indian founders having amassed a princely sum of $564 million in funding for the year 2024. 💰

This represents an astonishing growth of 109% from the funds raised in the preceding year. The nature of these funded projects is as varied as the colors of a peacock’s plume, encompassing AI, Real World Assets (RWAs), and Staking Solutions. Among the notable startups emerging in these domains are Kuru, CoinDCX, Kelp, TradeX, and KoinX, to name but a few. 🦚

Moreover, the report elucidates the diverse array of venture funds that are investing in these Web3 startups, comprising a delightful mix of local funds, ecosystem funds, and the corporate venture arms of leading exchanges, including Hashed and OKX. Notable investors such as Coinbase Ventures, Y Combinator, and Animoca Brands are also keenly eyeing Indian projects, as they aggressively invest in this promising landscape. 🤑

It is worth noting that while the infrastructure and finance sectors have witnessed significant growth in funding, the Web3 entertainment sector has experienced a rather unfortunate decline in 2024. As investment activity shifts from L1s/L2s projects to favor AI infrastructure-related endeavors, Indian Web3 projects in this field have garnered over $437 million in funding this year. 🎭

The Expanding Developer Base

The Hashed report further reveals that India has contributed a remarkable 17% of all new developers entering the Web3 space in 2024, the highest of any nation. With 12% of the global crypto developer base, India currently stands as the second-largest developer market, representing 5% of the global Web3 founder base. 📈

It is predicted that India shall indeed leapfrog the United States, claiming the title of the largest developer community by the year 2028. A total of 11.8% of crypto developers are based in India, and data indicates that 45.3% of these industrious individuals contribute code, while 29.7% address bug fixes, and 22.4% focus on documentation. Gaming and NFTs account for 30% of developer engagement, whilst DeFi and RWAs contribute 26%. 🎮

Interestingly, the majority of Indian developers are youthful and relatively new to the Web3 arena, with over 50% having joined within the past two years and a staggering 85% being under the age of 27. Hackathons remain the primary entry point for these budding developers, while global Web3 ecosystems are forging partnerships with universities in Odisha, Bhubaneswar, Madras, and Kerala, thus introducing students

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2025-03-15 13:57