India has one of the largest web3 ecosystems globally with over 1,000 startups: Report

India emerges as a powerhouse in the web3 landscape, boasting over 1,000 startups and hosting 12% of global web3 developers, according to Hashed Emergent's 'India’s Web3 Landscape 2023' report. Despite a dip in investment to US$ 250 million in 2023, interest in early-stage web3 ventures remains steady. Hashed Emergent, collaborating with KPMG in India, Devfolio, Coinswitch, and Kratos Gaming Network (KGen), presents a comprehensive view of India's web3 ecosystem, highlighting its potential to become a global leader.

CEO of Hashed Emergent, Mr. Tak Lee, underscores India's significant strides in web3 adoption, citing favourable conditions such as a robust economy and a skilled tech talent pool. However, he stresses the necessity of further regulatory advancements to propel growth. Despite reduced investment, finance, entertainment, and infrastructure, Web3 startups have witnessed increased funding, with industry giants actively participating. Moreover, governmental initiatives leveraging blockchain and India's leading position in crypto adoption signal promising opportunities. Additionally, insights reveal a thriving web3 gaming sector, indicating a paradigm shift in consumer preferences towards NFTs and tokens.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.