Web3 technologies refer to key new-age technologies built to function on the new-gen faster internet. These technologies include Metaverse, Blockchain, and NFTs, among other products built on these-centric approaches. A recently published white paper states, “Web3 technologies are set to transform the internet as we know it, creating a more democratic and fair space for users and businesses. As venture capitalists begin to invest in Web3 companies, we can expect to see even more growth and innovation in this space.”
Talking about Metaverse, the total Indian market size stands at $2.4 billion, and experts believe it to grow with a CAGR of 39.2% by 2030 and reach a whopping valuation of ~$34 billion. In Blockchain, the Indian market valuation has a growth CAGR of a massive 47.3% to become $4.3 billion by 2025.
In terms of NFTs or Non-fungible tokens, the current valuation of the Indian market is $2.46 billion, and it is all set to grow with a CAGR of 22.82% and cross $8.5 billion by 2027. The credit to active participation from small to big enterprises in the widespread adoption of these Web3 technologies and help India grow as a hub for Web3 developments and innovations.
Currently, India has 450 functional Web Startups and a fair share among the global stats of 8700 Web startups. According to the whitepaper, as India gets Web3 mainstream, the entire valuation of the Indian Web3 market can reach the valuation of $1.1 billion by 2032 from $0.0049 billion in 2022 with a CAGR of 57%.