Web 3.0, The Gamechanger For Digital World
Web 3.0 Revolutions in India
Several notable investors from around the world were drawn to India's startup atmosphere during the COVID-19 outbreak. It is now up to the country's Web3 startups to prosper. Web 3.0 refers to an online ecosystem that excludes large corporations and does not rely on search engines such as Google to traverse it. It makes use of the same blockchain technology that is used by crypto currencies and non-fungible tokens. Web 2.0 focuses on search engines, whereas Web 3.0 focuses on discovery engines. India can transform its income return by embracing the semantic web's possibilities, which the rest of the world is eager to explore. People in India are concerned about Web 3.0 since the digital divide has been a persistent issue in the country for a long time. When we talk about India on Web 3.0, it also includes certain obstacles in every area, such as technological, social, and cultural.
India is regarded as having one of the world's largest communities of entrepreneurs, developers, and innovators. Despite its status as a developing country, India has one of the world's fastest growing online consumer marketplaces
Aspiring entrepreneurs in India are enthused about leveraging Web 3.0 to capitalize on the semantic web's potential opportunities. Several venture capitalists are interested in investing millions of dollars in Indian firms that have begun to adopt, leverage, and invest in the semantic web to assist India in reaching Web 3.0. This is because they believe India would benefit greatly from Web 3.0's enhanced production and profitability through greater openness. With the proper rules and regulations, Web 3.0 in India can improve the lives of Indians while also creating more jobs and opportunities for a healthy economy. In order for India to be ready for the next digital revolution after Web 2.0, the government must impose a well-planned agenda. India is regarded as having one of the world's largest communities of entrepreneurs, developers, and innovators. Despite its status as a developing country, India has one of the world's fastest-growing online consumer marketplaces. Web 3.0 in India has the potential to make the country a more inclusive digital society due to the democratizing effects of digital technologies.
Web 3.0 is designed to discover and address the inefficiencies of Web 2.0 in a cost-effective and efficient manner. Telangana, one of India's state governments, has accepted Web 2.0 and Web 3.0 blockchain startups as part of the India Blockchain Accelerator Program. The primary goal is to help early-stage Web 2.0 and Web 3.0 start-ups deal with a variety of real-world difficulties. Investors believe that Web 3.0 in India has the potential to set a precedent for the rest of the world in the successful development of a blockchain and cryptocurrency ecosystem.
Funding Galore of Web 3.0 Startup Ecosystem
Total funding for these new-age incubators had hit a new high of $587.16 million as of October 17, 2021, up from $37 million the previous year. This has inspired hope in the country's blockchain startups. Decentralized apps will be able to replace centralized social networks in this new ecosystem, but consumers will retain ownership of their data. These decentralized apps are currently available in the following categories: money, arts and collectibles, gaming, and technology. According to Aurojyoti Bose, GlobalData's lead analyst, “Rising smartphone penetration and affordable mobile Internet have transformed India into a digital-first economy As a result, the long-term prospects for the Indian startup-venture capital market look stable and promising”. According to a study conducted by industry group Nasscom and Indian cryptocurrency exchange WazirX, the country might generate over 800,000 jobs in blockchain and other Web3-related industries by 2030.
According to new research from the United StatesIndia Strategic Partnership Forum (USISPF) and digital currency exchange CrossTower, Web 3.0 has the potential to increase India's GDP by $1.1 trillion over the next 11 years. Bitcoin, Ether, Solana, Algorand, Stablecoins, and other blockchains are the gasoline that will power the future financial ecosystem and Web 3.0. The regulatory strategy we take with regard to cryptocurrencies will undoubtedly decide whether India is able to capitalize on the possibilities of Web 3.0 early on. The solutions to these questions will be uncovered in the coming future.