Web3 uses blockchain-based technologies to create a decentralized version of the web. Companies developing apps and Web3 platforms will require blockchain developers, machine learning specialists, app developers, front-end and back-end developers, user interface (UI) and user experience (UX) designers, data analytics professionals and content writers.
The cryptotech industry, for instance, already employs 50,000 individuals in India and has registered a growth of 39% in the past 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.
“Web3 will create more jobs and opportunities and will enhance the economy. India is positioned uniquely to take the benefits from Web3 as it 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-led learning ecosystem.
Data from consulting firm TeamLease shows blockchain is among the top skills in demand across sectors. As of February, there were 12,000 blockchain-related job openings in India, accounting for 4.5% of the total active job openings in the country. One out of five of these jobs will cater to the global market, with banking, financial services and insurance (BFSI) sector, currency exchanges, startups and investment funds’ biggest job-generators in Web3.
“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, dev tools, etc.,” said Aniket Jindal, co-founder of Biconomy, a homegrown blockchain startup that has gained recognition in the global Web3 space.
The company has raised more than $20 million, with its BICO crypto token having a market capitalization of $178 million, according to data from crypto tracking platform Coinmarketcap.
It has a fully diluted market cap of $1 billion. A fully diluted market cap is the total value a cryptocurrency would generate at its current price if its entire supply was on the market. Web3 firms release their tokens in tranches, so the entire value is realized over time.
Polygon is another firm that has gained ground as an important Web3 infrastructure company. Polygon’s blockchain platform is supported and used by top non-fungible token (NFT) platform OpenSea, among others. EPNS, which stands was Ethereum Push Notification Service, is a smaller firm that is being recognized globally as an important Web3 infra provider.
“India has a lot of Web3 talent,” said Jindal. “We also have lots of Web3 entrepreneurs and capital waiting to support these startup ventures. The key now is for the administration to support this talent and startups and make sure we don’t see a brain drain,” he added.
According to Shashi Shekhar, lead, growth and strategy, NEAR Education, the education arm of blockchain platform NEAR Protocol, the average starting salary in blockchain jobs in India is around $600 per month or approximately ₹45,000. He also noted that the supply of talent for Web3 development is low right now, which is yet another reason why India is becoming a development hub for Web3 platforms.
To be sure, the country’s IT services firms, which have built billion-dollar businesses by supporting global internet infrastructure, are also starting to take note.
In February, Infosys and Tech Mahindra announced their entry into the metaverse space, with new business arms that will focus on this element of Web3.
The metaverse is a concept that allows users to interact with each other, conduct business and do much more within virtual worlds by creating a digital twin of the real world.
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