Startups may make India global Web3 development hub
BENGALURU: Entrepreneurs, developers, and startups in India will play a critical role in building global apps and platforms for the third generation of the Internet, or the so-called Web3, reveal hiring trends across the world.
Web3 makes use of blockchain-based technologies to create a version of a decentralized version of the web. Companies that desire to develop apps and Web3 platforms will require technology talent across industries including blockchain developers, machine learning specialists, app developers, front-end and back-end developers, user interface and user experience designers, data analytics professionals, and content writers.
The cryptotech industry, for instance, employs 50,000 individuals in India and has registered a growth of 39% in the last five years, according to a September 2021 report by crypto exchange WazirX and industry body Nasscom. India already has 230 cryptotech startups, according to the report.
“Web 3.0 will create more jobs and opportunities and will enhance the economy. India is positioned uniquely to take the benefits from Web 3.0 as India has a large pool of startups, developers, and one of the largest internet consumers markets in the world,” said Pramod Idiculla,
head, design and content at Nasscom FutureSkills, an industry driven learning ecosystem in India.
Data sourced from hiring consultancy TeamLease corroborates that blockchain is among the top skills in demand across sectors. As of February 2022, there were 12,000 blockchain-related jobs in India, accounting for 4.5% of the total active job openings in the country. The company also noted that 20% of these jobs will be for the global market, and that the banking, financial services and insurance sector, currency exchanges, startups and investment funds are among the chief job providers in the Web3 segment.
“The age old cliche that India just copies western tech ideas no longer applies especially to web3. We have innovative and important ideas coming out of
India such as scaling solutions, notification systems, and dev tools,” said Aniket Jindal, co-founder of Biconomy, a homegrown blockchain startup.
Biconomy is among Indian startups being recognized in the global Web3 space. It has raised a little over $20 million so far, but its BICO crypto token has a market capitalization of $178 million, according to data from crypto tracking platform Coinmarketcap. The BICO token’s fully diluted market cap is over a billion dollars.
Polygon is another firm that has gained ground as an important web3 infrastructure company. Its blockchain platform is supported and used by top nonfungible token platform OpenSea, among others. Ethereum Push Notification Service, is also being recognized globally as an important web3 infra provider.