India Surpasses US in Web3 Developer Growth, Adds 4.7 Million in 2024: Hashed Emergent
India Emerges as the Leading Hub of Web3 Developers
India is poised to overtake the US as the largest hub of Web3 developers by 2028, according to the India Web3 Landscape Report (2024) released on March 11. The report revealed that India experienced a 28 percent growth in its Web3 developer community in 2024, adding over 4.7 million developers to GitHub. Additionally, India accounted for 17 percent of all new Web3 developers globally last year.
Significant Contributions of Indian Web3 Developers
Currently, India is home to the world’s second-largest crypto developer base, comprising 11.8 percent of the global community. Indian developers have made substantial contributions to the advancement of cryptocurrencies, blockchain technology, and NFTs. The report highlighted that 45.3 percent of Indian Web3 developers contribute code, 29.7 percent focus on bug fixes, and 22.4 percent work on documentation. Notably, gaming and NFTs account for 30 percent of developer engagement, while DeFi and RWAs contribute 26 percent.
Rise of a Younger Wave of Web3 Developers
The Web3 sector in India is attracting a younger generation of developers, with 85 percent of those entering the field in the past two years being under the age of 27. Hackathons and competitions have emerged as key avenues for promising talent to engage and excel in the Web3 space.
Expansion of Web3 Founders Community in India
In recent years, the Web3 sector has established a prominent presence in India’s burgeoning startup ecosystem. India currently hosts the third-largest community of Web3 founders globally, trailing only behind the US and the UK. The report by Hashed Emergent revealed that there are over 1,200 Web3 startups in India, with investments in these startups reaching $564 million in 2024, marking a 109 percent increase from the previous year.
Growing Adoption of Blockchain-Based Gaming and Sophisticated Trading Strategies
The report also highlighted India’s increasing embrace of blockchain-based gaming, with 60 percent of hybrid gamers now exclusively playing Web3 games. Gen Z dominates this space, representing half of all gamers. Additionally, Indian Web3 gamers spend an average of $220 annually, almost double the amount spent by traditional gamers. The report also noted a surge in sophisticated trading strategies among Indian investors, with meme coin trading volumes increasing significantly.
Government and Enterprise Adoption of Web3 Solutions
Over the past year, there has been a notable uptick in blockchain adoption by the Indian government and major enterprises. The MeitY-backed Vishvasya Blockchain Stack is now utilized by several banks and government divisions across multiple states. Leading companies like Reliance, Bajaj, and Tata are integrating Web3 solutions for various purposes, such as digital transactions, data management, and loyalty programs.
Conclusion
Despite global regulatory challenges, India’s Web3 sector has demonstrated resilience and strength, driven by the country’s technological agility, entrepreneurial spirit, and digital adoption. The report’s findings underscore India’s leadership in Web3 adoption and innovation, with promising advancements led by Indian innovators. Hashed Emergent’s report, released during India Blockchain Week in Bengaluru, provides valuable insights into the evolving landscape of Web3 development in India.