India Web3 Landscape Report 2024 By Rejith P R, Correspondent, CIOTechOutlook

India Web3 Landscape Report 2024

Rejith P R, Correspondent, CIOTechOutlook | Wednesday, 04 December 2024, 13:49 IST

India is witnessing significant progress, with over 1200 startups in India having collectively raised about $3 billion over the past five years. This growth has been unrestricted to sub-sectors but is much more broad-based. The nation remained the world's most significant blockchain developer base, with about 12% of the world's developers and the third largest founder base. This highlights how much the nation has contributed to the global Web3 Landscape.

Enterprise Insights

The crypto investor base has grown significantly, with 45% of their portfolios concentrated on blue-chip assets. Moreover, there is potential to increase exposure to emerging themes, and this year, meme points are a big focus, with almost five times the growth recorded in meme points over the industry average. Most interestingly, states like Sikkim, Meghalaya, Manipur, and Mizoram are leading the charge regarding crypto investor adoption. This year, a new category has been added for a new product called Futures. The adoption of crypto futures in India is new, and futures are associated with risk and irresponsible behaviour. However, 66% of the traders here are below the age of 35, and almost 60% use stop-loss, which is a risk management strategy. Indian crypto futures traders are highly engaged, with 45% of them trading daily.

Web3 Gaming Adoption

Web3 Gaming will be over the next five years and has the potential to reach around USD 9 million. Web3 gamers will be part of this growth story, and there will be a key demographic for both Web2 and Web3 games due to the vast wallet spend. Web3 gamers spend almost double the amount of Web2 gamers, reaching $220 annually. They also have the highest number of power users, 38% more likely to pay more than $500 yearly for gaming. Approximately 38% of Web2 gamers have experienced a Web3 game, and 60% have stayed on. Eventually, there will be a fundamental shift in how Indians interact with gaming and spend time with gaming.

All in all, India has outperformed several large developed markets on almost every parameter, and it is crucial to understand that the nation has received about $150 billion on-chain. The nation retains its top position, leading crypto adoption in over 150 countries in 2024. The government is active, digitizing about 84 million records across 20 divisions, six products, seven states, and three central government organizations. The CBDC trial was successful and encompassed about 5 million users, with 16 banks participating across use cases such as land registry, digital certification, and supply chain management.