New Delhi: India is rapidly emerging as a global leader in the Web3 space, with projections indicating that it will become the world’s largest Web3 developer hub by 2028. According to the latest India Web3 Landscape Report by Hashed Emergent, the country has witnessed a significant surge in Web3 development, with a 28% year-on-year increase in developers in 2024, adding 4.7 million new contributors on GitHub. This growth positions India as a key player in the global Web3 ecosystem, accounting for 17% of all new Web3 developers worldwide.
India’s Web3 Ecosystem: A Hub of Innovation and Growth
India’s Web3 ecosystem has shown remarkable resilience and growth despite global economic uncertainties. The country’s unique combination of technological agility, entrepreneurial spirit, and widespread digital adoption has been instrumental in driving this progress. Tak Lee, CEO and Managing Partner at Hashed Emergent, emphasized that India’s Web3 ecosystem has grown stronger amid global challenges, and with the right regulatory support, the country could become a powerhouse for Web3 development and adoption.
Key Highlights from the Report:
Developer Growth: India added 4.7 million new Web3 developers in 2024, marking a 28% increase from the previous year. The country now accounts for 17% of all new Web3 developers globally, the highest share among nations. Over 50% of these developers joined the ecosystem in the past two years, with 85% under the age of 27.
Startup Ecosystem: India is home to over 1,200 Web3 startups, making it the third-largest hub for Web3 founders globally. In 2024, these startups collectively raised $564 million in funding, marking a significant milestone in the sector. Key investment areas include decentralized finance (DeFi), real-world assets (RWAs), and staking solutions, which are driving innovation and expansion. With a thriving startup ecosystem and growing investor confidence, India is emerging as a global leader in Web3 development.
Web3 Gaming: The Web3 gaming sector has seen significant traction in India, with Indian gamers spending nearly double the amount spent by traditional gamers. Notably, 60% of hybrid gamers (those who play both Web2 and Web3 games) have shifted entirely to blockchain-based gaming.
Crypto Trading Trends: India’s crypto trading market has become more sophisticated, with a 5x surge in meme coin trading volumes in 2024. Gen Z investors make up 35% of the crypto investor base, and two-thirds of futures traders are under the age of 35. Women are also increasingly participating in the market, accounting for 1 in 10 futures traders.
Enterprise Adoption: Major Indian conglomerates like Reliance, Bajaj, and Tata are integrating Web3 solutions into their operations. Reliance Jio, in partnership with Polygon Labs, is working on Web3 solutions for over 450 million users, focusing on loyalty programs, digital transactions, and data management.
Government Initiatives: The Indian government has made significant strides in adopting blockchain technology through the National Blockchain Framework. Initiatives like the Vishvasya Stack, Praamaanik, and NBFLite have reached over 5 million users across 16 banks and are being deployed in 20 government divisions across seven states.
Challenges and Opportunities
Despite the rapid growth, India’s Web3 ecosystem faces challenges, particularly in the regulatory landscape. The country lacks a dedicated regulator for the Web3 sector, and regulatory actions are often guided by perceived risks. The report suggests that adopting a more structured and enabling regulatory framework could catalyze population-scale on-chain innovation and position India as a global leader in Web3 development.
The report also highlights the need for a globally unified regulatory approach, in line with frameworks proposed by organizations like the G20 and the Financial Action Task Force (FATF). Such an approach would not only address regulatory uncertainties but also encourage greater investor confidence and innovation in the sector.
The Future of Web3 in India
India’s Web3 ecosystem is poised for exponential growth, driven by a young and dynamic developer base, increasing investor interest, and growing adoption by both the private sector and the government. The country’s focus on emerging technologies like blockchain, decentralized finance, and real-world asset tokenization is expected to drive further innovation and investment in the coming years.
As India continues to embrace Web3 technologies, it is well-positioned to leapfrog the United States and become the world’s largest Web3 developer hub by 2028. With the right regulatory support and continued investment in the ecosystem, India could lead the next wave of global Web3 innovation, transforming industries and creating new opportunities for millions of developers and entrepreneurs.
FAQs – India Set to Become the World’s Largest Web3 Developer Hub by 2028
1. Why is India emerging as the world’s largest Web3 developer hub?
India is witnessing rapid growth in Web3 development due to a combination of a strong developer base, a thriving startup ecosystem, increasing adoption of blockchain technology, and significant investment in decentralized applications. The country added 4.7 million new Web3 developers in 2024, marking a 28% increase from the previous year.
2. What are the key factors driving India’s Web3 growth?
India’s Web3 growth is fueled by a young developer community (85% under the age of 27), increasing startup funding ($564 million in 2024), rising Web3 gaming adoption, enterprise blockchain integration by major companies, and government blockchain initiatives like the National Blockchain Framework.
3. What challenges does India’s Web3 ecosystem face?
The biggest challenge is the lack of a dedicated regulatory framework for Web3, leading to uncertainty in policies and compliance. Regulatory actions are often guided by risk perception rather than structured guidelines, which could slow down investment and innovation.
4. How are Indian enterprises adopting Web3 technology?
Major companies like Reliance, Bajaj, and Tata are integrating Web3 solutions for digital transactions, loyalty programs, and data management. Reliance Jio, in partnership with Polygon Labs, is developing Web3 solutions for over 450 million users.
5. What is the role of the Indian government in Web3 adoption?
The Indian government has launched blockchain initiatives such as Vishvasya Stack, Praamaanik, and NBFLite, which have already reached over 5 million users across 16 banks. These projects are being deployed in 20 government divisions across seven states, demonstrating India’s commitment to blockchain adoption.
