Report: India ranks third in the world in terms of Web 3.0 workforce size

In keeping with a brand new research printed by the Nationwide Affiliation of Software program and Companies Firms (NASSCOM), a nonprofit group in India with over 3,000 members, the nation at the moment possesses 11% of the world’s Web3 expertise. The determine makes India the world’s third-largest concerning its Web3 workforce, using almost 75,000 blockchain professionals at present. Moreover, the trade group expects the expertise pool to develop by over 120% inside the subsequent two years.

India can be dwelling to 450 Web3 startups, 4 of that are unicorn corporations. By way of April 2022, the Indian Web3 ecosystem has raised $1.3 billion in funding. Furthermore, over 60% of Indian Web3 startups have expanded their footprints exterior of the nation.

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The overwhelming majority of companies listed within the research are constructing purposes in decentralized finance, gaming nonfungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms and so forth.

Throughout the subsequent few years, NASSCOM stays optimistic about Web3’s progress outlook within the nation, stating that it expects the variety of Indian web customers to extend by 150 million and 5G customers in India to extend to 500 million. Debjani Ghosh, president of the NASSCOM, commented:

“India’s speedy adoption of new-age applied sciences, its rising startup ecosystem, and large-scale digitally expert expertise potential is cementing the nation’s place within the world Web3 panorama. It’s heartening to see that trade and authorities stakeholders in India are taking a really pragmatic strategy towards blockchain tech, with use instances being explored in areas starting from well being and security, finance, enterprise tech and land registry to training.”