Report: Web3 To Add $1.1T In India’s GDP By 2032
As per a recent study by the National Association of Software and Service Companies (NASSCOM), the global Web3 segment boom is expected to add $1.1 trillion to the Indian economy over the next decade.
The study highlighted India’s position as a leading global player in the Web3 space owing to several factors spanning a large talent pool, high adoption rate and product development for international markets.
NASSCOM | INDIA WEB3 STARTUP LANDSCAPE
NASSCOM’s study, titled- THE INDIA WEB3 STARTUP LANDSCAPE: AN EMERGING TECHNOLOGY LEADERSHIP FRONTIER, analyzed the Indian Web3 startup landscape and highlighted the stakeholder priorities. This includes investment and talent front for strengthening the ecosystem further.
It highlighted India’s Web3 Potential owing to demographic and economic factors, investment potential and talent pool.
As per NASSCOM, currently, India is home to over 450+ Web3 startups with $1.3 billion of total investments in the last two years (until April 2022). Additionally, with 11% of global Web3 talent is in India, India the 3rd biggest talent pool in this area.
The country is expected to be one of the fastest growing economies, at an average 7% during 2022-26. In 2021, the blockchain & cryptocurrency market recorded venture capital (VC) funding of $30.5 billion.
NASSCOM’s study also highlighted challenges in the segment, including a lack of policy clarity around virtual digital assets (VDAs).
This lack of clarity is leading to a lack of confidence in founders and innovators and an exodus of talent and funding, which can potentially hurt India’s potential in the segment in the long run
Recently, Flipkart launched a metaverse space — called Flipverse — for locals to try out and purchase merchandise from brands including Puma and Nivea.
Developed in collaboration with Polygon-incubated organization eDAO, Flipverse will support digital collectibles and be made available on Flipkart’s newly online shopping platform, FireDrops.
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