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Study: India has the 3rd largest Web3 workforce in the world

 


According to a new study by the Indian non-profit organization National Association of Software and Services Companies (NASSCOM), which has more than 3,000 members, India accounts for almost 11% of all Web3 specialists. This makes India the third largest Web3 market with 75,000 blockchain workers. The NGO estimates that the number of skilled workers will still increase by more than 120% in the next two years.


India is home to nearly 450 Web3 startups , four of which have unicorn status. As of April 2022, the Indian Web3 ecosystem has an investment value of almost 1.3 billion US dollars. More than 60% of Indian Web3 startups are expanding abroad besides the domestic market.


The majority of the projects covered in the study work in the areas of Decentralized Financial Services (DeFi), Non-Fungible Tokens (NFT), Metaverse, Decentralized Autonomous Organizations (DAOs) and similar.


NASSCOM is confident about the future prospects of Web3 in India, as the number of internet users in the country could increase by 150 million people, while the number of users with access to 5G could increase by as much as 500 million people. NASSCOM President Debjani Ghosh explains in this context:


“India's rapid adoption of innovative technologies, a growing startup ecosystem and large pool of skilled professionals are cementing the country's high position in the Web3 industry. It is gratifying that business and government in India are taking a very pragmatic approach to dealing with blockchain technology, allowing for many different use cases to be tested.”

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