India to Lead Web3 Development by 2028

India's Web3 ecosystem is experiencing explosive growth, poised to become the global leader in Web3 development by 2028, according to a new report by Hashed Emergent. This rapid expansion is fueled by significant investments, a burgeoning startup scene, and a massive influx of skilled developers.

India's Thriving Web3 Landscape

Several key factors contribute to India's Web3 dominance:

• Massive Developer Base: India currently holds the second-largest Web3 developer base, contributing 17% of all new developers in 2024. Hashed Emergent predicts India will surpass the US to become the world's largest by 2028.
• Booming Startup Ecosystem: India boasts the world's third-largest Web3 founder base, with over 1,200 startups and 12,000 projects attracting $564M in funding in 2024—a 109% increase from 2023. These projects span AI, Real World Assets (RWAs), and staking solutions.
• Strategic Partnerships: The collaboration between Polygon Labs and Reliance Industries, with the launch of Jio Coins on the Jio Sphere Browser, highlights the significant momentum in the Indian market.
• Real-World Applications: The successful migration of over 700,000 land records in Dantewada to the Avalanche blockchain showcases the practical application of blockchain technology within India.

Investment and Funding

Venture capital investment in Indian Web3 startups is robust, with participation from both international firms (Coinbase Ventures, Y Combinator, Animoca Brands) and domestic investors (Hashed Emergent, CoinDCX, PeakXV). Funding in 2024 heavily favored AI infrastructure projects, totaling over $437M.

Developer Demographics

The majority of Indian Web3 developers are young and relatively new to the space, with over 50% joining in the last two years and 85% under 27. Hackathons serve as a primary entry point, complemented by collaborations between global Web3 ecosystems and Indian universities.

Investor Demographics

Gen Z accounts for 35% of India's crypto investor base, and two-thirds of futures traders are under 35. The adoption of sophisticated trading strategies, like stop-loss orders (59% of traders), indicates market maturity.

Challenges and Opportunities

Despite its rapid progress, India's Web3 sector faces regulatory challenges. The lack of a dedicated Web3 regulator creates uncertainty. A clear, supportive regulatory framework is crucial to further unlock the sector's potential and attract further investment.

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