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India’s Web3 Journey is getting a Momentum

By 2030, the country could have over 8 lakh jobs created in Web3-related fields

  India’s startup journey is getting momentum day by day. India has become hub of startups grabbed eyeballs from several  investors from all over the world during the Covid-19 pandemic. People have invented new methods to work during Covid-19 all over the world. This situation has provided new opportunities to work in new environment, especially, for new startups .Now, the new things are developing in the fields of Blockchain, Web3.O and Cryptocurrencies all over the word. There is big courage towards these fields . Industries have also started taking deep interest into the hacks of Web3  Now, it is the time of new startups to find new ventures in the fields of Web3. Web3 is a new technology where we can read , write and own. Web3 is a new technology where things are stored in Blockchain umbrella . It has become a new ecosystem where new institutions have started investing is away from Web2 and google search will no be required The cryptocurrencies and NFT are new examples of this technology .The total funding into these new-age startups rose to a record $587.16 million as of October 17, 2021, compared to $37 million in the previous year. This has raised hopes for blockchain-focused startups in the country. This new ecosystem will enable decentralized apps to replace centralized social networks, in the form of smart contract. The records will be stored in immutable. It allows individuals to store their data without any fear of alterations. The new system of finance has started developing. It is called DeFi. “Rising smartphone penetration and affordable mobile Internet have transformed India into a digital-first economy…As a result, the long-term prospects for the Indian startup-venture capital market look stable and promising,” Aurojyoti Bose, lead analyst at GlobalData, said.

Web3 will create new jobs in India

It is estimated that the country will create more than 8,00,000 jobs in the fields of blockchain technology, Web3 ecosystem could have over 8,00,000 jobs created in blockchain and other Web3-related fields by 2030, according to a report by industry body Nasscom and Indian cryptocurrency exchange WazirX.  “This new ecosystem will enable decentralised apps to replace centralised social networks, all the while allowing individuals to maintain ownership over their data. In the current form, these decentralised apps are available for finance, arts and collectibles, gaming and technology.” “Rising smartphone penetration and affordable mobile Internet have transformed India into a digital-first economy…As a result, the long-term prospects for the Indian startup-venture capital market look stable and promising,” Aurojyoti Bose, lead analyst at GlobalData, said.

Polygon platform

On February 7, Polygon, an ethereum-scaling platform that allows cheaper and faster transactions on the blockchain, raised $450 million in its first institutional round. Its more than 38 global investors included SoftBank, Tiger Global and Sequoia Capital India. This, in itself, was pivotal for Web3 developers in India as Polygon, founded by persons of Indian origin, aims to become Web3’s Amazon Web Services, Amazon’s cloud-computing platform that offers a range of functionalities to help organisations scale up. “The ecosystem fund is very important, we want to help early-stage startups who are building these applications to keep building on Polygon…it has been our mission to make India a superpower in Web3,” Sandeep Nailwal, co-founder of Polygon, said in an interview to Moneycontrol. Currently, there are only a handful of Web3 companies in India, but the emerging sector is bound to be a hotspot for venture capitalists this year, experts say. Singapore-based early-stage venture capital firm Antler reportedly has committed $50 million across 25-30 startups in the blockchain and Web3 space over the next 2-3 years. India’s Elevation Capital, which has backed startups like Paytm and Swiggy, is also actively backing crypto and blockchain-based firms this year.That brings us to the need for skilled personnel to head such technology-driven projects and strategies.

Blockchain courses

With companies foraying into this new domain, the demand for blockchain-related jobs has picked pace in India. Job postings in this field jumped by 37% in 2021 and have grown 138% in the three years since August 2018 when virtual tokens were still nascent, according to a report by job search platform Indeed. In anticipation of strong demand, edtech platforms, colleges, and even premier institutes in India are now launching blockchain-related courses. For instance, the Indian Institute of Technology, Madras, is set to open a blockchain innovation centre on its campus.

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