As crypto campaigners and investors adapt to Indian tax regulations and operational protocols, and the virtual currency market stabilizes, the focus has shifted to the now-hyped Web3 space. Experts say that with India having a large number of retail crypto customers and Web3 developers, it is in a unique position to play an important role. A quick 5G rollout and government support will boost India’s sport, reports Parth Sinha.
Two months after the crypto crash, the virtual currency market is showing signs of stability with the price of bitcoin, the oldest and most popular, hovering around the $20,000 mark for weeks now. In India, crypto exchanges, facilitators and investors are adopting new tax rules and operational guidelines. With talk of mitigating an existential crypto crisis, tech entrepreneurs and developers in the Web3 space are once again getting hopeful.
According to industry leaders, India has played a significant role in the web2 space globally. While Web 2 are websites and applications that use user-generated content like Facebook and Wikipedia, Web 3 is, at its core, the use of blockchain, cryptocurrencies, and NFTs to give power back to users in the form of ownership of digital assets. We do. While these are early days, there are signs that Indians will once again play a key role in the growth and development of the web3, metaverse and blockchain space, say industry experts.
Enter Young Entrepreneurs
In India, 80% of web3 developers are under the age of 30, which is much lower than the global average, says a survey Kucoin, a Seychelles-based exchange. “Unlike around the world, in India, crypto, metaverse, and NFT (fungible tokens) are popular and desired areas for web3 careers,” it noted.
According to industry experts, India is also expected to have the largest number of retail crypto customers and the largest number of Web3 developers in the world. This gives Indian entrepreneurs a vantage point, which requires two enablers: government support and a quick rollout of 5G networks that can handle high-speed data transfers.
put aside the promotional factor
“The immense growth opportunities in the region are also attracting other supporters to meet India-centric needs. Earlier there were no protocol companies outside India operating in the web3 space,” said Rajesh Dhuddu, Global Head, Blockchain and Metaverse Practice, Tech Mahindra. “Now at least there are companies like Polygon whose protocols are made in India. Second, there is a lot of startup activity in the web3 space. There are startups in India, which are “not only developing identity solutions, they are also developing NFTs, virtual assets and (related) stuff.”
“Indians are open to exploring new technologies and seeing how it is relevant, keeping hype aside. (Unlike a few years ago), people have realized that bitcoin is not the only commercial application of blockchain. There are other applications like digital identities, zero-knowledge proofs, passwordless identities and related functions that are on the blockchain,” and there are Indian startups in these areas, Dhuddu said.
So what helped this boom in Web3 and crypto adoption in India? CoinDCX co-founder, Neeraj Khandelwal, agrees with Dhuddu was one of the strong supporters.
Startup ecosystem in India, which is very strong. “When it comes to developer base, India is in the top three globally. And the quality of developers is also very high,” Khandelwal said. In addition, “despite some regulatory hurdles, there has been a lot of investment,” he said.
regulatory uncertainty
However, industry experts believe that the challenging regulatory environment still poses an impediment to the growth of Web3 and the crypto space. He feels that the government should take a decisive stand on these areas.
According to founder Khalilullah Baig, coinbasket, a crypto investment promoter, India has all the right ingredients to become a global leader in this field. “However, the aggressive stance of the government is hindering the growth of the crypto tribe and pushing high quality entrepreneurs and developers out of the country,” said Baig, who recently shifted from Bengaluru to Dubai.
Another development that could help the adoption of Web3 and crypto usage is the development of the metaverse. “The rollout of 5G could unlock the potential of technology, including the metaverse,” said Gaurav Mehta, co-founder of cryptocurrency accounting startup, Catax.
Two months after the crypto crash, the virtual currency market is showing signs of stability with the price of bitcoin, the oldest and most popular, hovering around the $20,000 mark for weeks now. In India, crypto exchanges, facilitators and investors are adopting new tax rules and operational guidelines. With talk of mitigating an existential crypto crisis, tech entrepreneurs and developers in the Web3 space are once again getting hopeful.
According to industry leaders, India has played a significant role in the web2 space globally. While Web 2 are websites and applications that use user-generated content like Facebook and Wikipedia, Web 3 is, at its core, the use of blockchain, cryptocurrencies, and NFTs to give power back to users in the form of ownership of digital assets. We do. While these are early days, there are signs that Indians will once again play a key role in the growth and development of the web3, metaverse and blockchain space, say industry experts.
Enter Young Entrepreneurs
In India, 80% of web3 developers are under the age of 30, which is much lower than the global average, says a survey Kucoin, a Seychelles-based exchange. “Unlike around the world, in India, crypto, metaverse, and NFT (fungible tokens) are popular and desired areas for web3 careers,” it noted.
According to industry experts, India is also expected to have the largest number of retail crypto customers and the largest number of Web3 developers in the world. This gives Indian entrepreneurs a vantage point, which requires two enablers: government support and a quick rollout of 5G networks that can handle high-speed data transfers.
put aside the promotional factor
“The immense growth opportunities in the region are also attracting other supporters to meet India-centric needs. Earlier there were no protocol companies outside India operating in the web3 space,” said Rajesh Dhuddu, Global Head, Blockchain and Metaverse Practice, Tech Mahindra. “Now at least there are companies like Polygon whose protocols are made in India. Second, there is a lot of startup activity in the web3 space. There are startups in India, which are “not only developing identity solutions, they are also developing NFTs, virtual assets and (related) stuff.”
“Indians are open to exploring new technologies and seeing how it is relevant, keeping hype aside. (Unlike a few years ago), people have realized that bitcoin is not the only commercial application of blockchain. There are other applications like digital identities, zero-knowledge proofs, passwordless identities and related functions that are on the blockchain,” and there are Indian startups in these areas, Dhuddu said.
So what helped this boom in Web3 and crypto adoption in India? CoinDCX co-founder, Neeraj Khandelwal, agrees with Dhuddu was one of the strong supporters.
Startup ecosystem in India, which is very strong. “When it comes to developer base, India is in the top three globally. And the quality of developers is also very high,” Khandelwal said. In addition, “despite some regulatory hurdles, there has been a lot of investment,” he said.
regulatory uncertainty
However, industry experts believe that the challenging regulatory environment still poses an impediment to the growth of Web3 and the crypto space. He feels that the government should take a decisive stand on these areas.
According to founder Khalilullah Baig, coinbasket, a crypto investment promoter, India has all the right ingredients to become a global leader in this field. “However, the aggressive stance of the government is hindering the growth of the crypto tribe and pushing high quality entrepreneurs and developers out of the country,” said Baig, who recently shifted from Bengaluru to Dubai.
Another development that could help the adoption of Web3 and crypto usage is the development of the metaverse. “The rollout of 5G could unlock the potential of technology, including the metaverse,” said Gaurav Mehta, co-founder of cryptocurrency accounting startup, Catax.