The concept of Web3 that described or termed as the revolutionary next phase of Internet, had created a buzz in 2021. India expected to improve the people's standard of living by creating new job opportunities for a developed economy through Web3.
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According to reports, global investors have agreed to spend millions of investments on Indian web3 ecosystem, citing the India's strong team of 4 million engineers, experienced tech operators and strongly build web 3 communities. It is said that in the very near future, Web3 will be a game-changer for India in terms of all its industries and innovative initiatives.
"Web3 is chance for India to build and dominate the world. The early years of Internet were captured by the West and India could not capitalize. It became a services industry. The Web3 companies, today, are actually defining the space and setting a precedence of how the next set of Web3 companies will operate. We have the right talent and resources to build Web3 and the opportunity should not be lost," said Ashish Singhal, co-founder and CEO of CoinSwitch, while commenting on the future of Web3 within India's technological ecosystem. He was speaking at the India Internet Day 2022 organized by TiE Delhi NCR on Friday.
The Web3.0 focused on decentralization which creates opportunity for websites to process information in a smart approach that eventually affects the India's work processes efficiently and effectively.
Mentioning about the core basics of India's advanced technology ecosystem, Ankit Jindal, co-founder of Biconomy, said that, "The core fundamentals of developers in India are phenomenal and they are very motivated."
India is known to have one of the largest and most innovative communities that encompasses startups, innovators, developers across the world, and also has the capability to make the country an inclusive digital society with its democratizing benefits of digital technologies.
India is said to be one of the fastest-growing Internet consumer markets in the world. "While we did not have a large consumer market till 5 to 6 years back, but now things have change. We are just 2 to 3 years away from seeing a lot of consumers-based apps coming up and the world is looking at India now. Some of the elements of the Web3 were already there in gaming, it is just that we have realized it in the past 3 to 4 years. In terms of expanding outside India, one must remember that go-to-market strategy has to be very different as consumer preference differs. Founders should be patient and be ready to burn fingers," said Sai Srinivas Kiran G, co-founder of Mobile Premier League.
Reports say that Web3 will help India contribute $1.1trillion to its GDP in the next 11 years.