According to the India Web3 Landscape Report (2024), 2028 released in 2024, till 2028, was released in 2028, by 2028, 2028, 2028, to cross the US as the largest hub in India in 2028, India is on track on track. The report also mentions that India was responsible for 17 percent of all new web 3 developers globally last year.
About Indian web 3 developers
India currently hosts the world’s second largest crypto developer base, which is 11.8 percent of the global community. The report highlights the significant contribution of Indian developers to web 3, running progress in cryptocurrency, blockchain and NFT.
âData suggests that the Indian web 3 focuses on 45.3 percent code, 29.7 percent address bug fix and 22.4 percent of documents. Gaming and NFTS developers account for 30 percent of engagement, while DEFI and RWAS contribute 26 percent, ” Report Gadgets reviewed by 360. This is the third version of the report.
According to the report, the web 3 sector is attracting a young wave of developers, with 85 percent of the people below 27 in the last two years. Hacathas and competitions have become the major entry points for the promising talent of talent in the region.
The community of web 3 founders also expands into India
Over the years, the Web3 sector has managed to create a place for itself in India’s rich startup ecosystem. Currently, India hosts the third largest community of the founders, just behind the US and the UK.
The Hashed Emergent report states that India is home to more than 1,200 web 3 startups. In 2024, the Indian web 3 startup invested $ 564 million (about Rs 4,923 crore) in funding. This marked a 109 percent increase in investment compared to 2023.
âIn 2024, Indian founders focused on the construction of new DEFI applications, including stating, liquid stating, and ecosystems as well as evergreen dex, real world assets (RWAS), and toking platforms. The major sub -sector AI, RWAS, who attracts investment, was the staking solutions due to the expenses of the infrastructure growing around the centralized AI by Big Tech, âthe report said.
Coinbase Ventures, Y Combinator, Enemoka brands, iOSG, and LD capital homegron VC firms such as Hashed Emergent, Coindcax, PikxV, Border, and Alpha Wave joined.
Other major highlights from the report
The report highlights the growing adoption of India’s blockchain-based gaming, with 60 percent of the hybrid gamers, exclusively playing web 3 games. General Z dominates space, accounting for half of all gamers. Additionally, web 3 gamers in India spend an average $ 220 (about Rs 19,204) – doubling $ 120 (about Rs 10,475) spent by traditional gamers.
Indian investors have also adopted more sophisticated trading strategies between 2022 and 2024. Meme Sikka Trading Volumes increased by five times last year, including 35 percent of investors in General Z. In particular, women make 10 percent of all futures traders.
âWhat is impressive that 59 percent of Indian crypto traders are using stop-loss order, showing refined risk management. According to a survey by the Hashed Emergent, the favorite leverage is 11X-20x, which is calculated risk and not careless trading, âthe report has been highlighted in the report.
The report highlights the increase in blockchain adoption by the Government of India and major enterprises in the last one year. Meety-supported Vishwas Blockchain Stack is now used by 16 banks and 20 government divisions in seven states. Leading firms like Reliance, Bajaj and Tata are also integrating web 3 solutions for digital transactions, data management and loyalty programs.
Commenting on the findings of the report, CEO and managing partner in the Hashed Emergent, said that India’s web 3 sector remains strong and flexible despite global regulatory challenges.
âThe country’s technical agility, sense of entrepreneurship and unique mixture of digital adoption are progressing. Now we look at renewed retail participation, transfer of investor trends and deep integration of web 3 solutions by enterprises and government. Last year, we noted India’s global leadership in adoption web 3 and today, this promise is turning into tangible progress under the leadership of Indian innovations, âLee said.
Hashed Emergent released the report during the India Blockchain Week in Bangalore last December. The venture capital firm collaborated with Coindcx, Lysto, PI42, Devfolio and TRILEGAL to analyze industry trends and compile findings.
