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Web3 uses blockchain-based technology to create a web version. Companies developing Web3 applications and platforms will need blockchain developers, machine learning technicians, application developers, front and back developers, visual architecture (UI) and user information (UX), data analysts and content writers.
The cryptotech industry, for example, has already employed 50,000 people in India and registered 39% growth over the past five years, according to a September 2021 report of the crypto exchange WazirX and industry association Nasscom. India already has 230 cryptotech startups, according to the report.
“Web3 will create more jobs and opportunities and will boost the economy. India is uniquely positioned to take advantage of Web3 as it has a large number of startups, developers, and the largest online consumer market in the world, “said Pramod Idiculla, head, design and content of Nasscom FutureSkills, industry – led learning ecosystem.
Data from consulting firm TeamLease shows that the blockchain is among the top skills needed in all sectors. As of February, there have been 12,000 blockchain-related jobs in India, accounting for 4.5% of the total job creation in the country. One of five of these activities will cover the global market, through the banking sector, financial services and insurance (BFSI), currency trading, startups and generators for major investment portfolios on Web3.
“The old cliche for India to simply copy western technology ideas no longer works, especially on Web3. Biconomy, a blockchain startup that has been recognized on the Web3 global site.
The company has raised more than $ 20 million, with its BICO crypto token with a market capitalization of $ 178 million, according to data from the crypto tracking platform Coinmarketcap.
It has a completely purified market capitalization of $ 1 billion. A completely purified market snow is the total amount a cryptocurrency can make at its current price if all its acquisitions were in the market. Web3 firms release their tokens in tranches, so the whole amount becomes apparent over time.
Polygon is another firm that has gained ground as an important Web3 infrastructure company. The Polygon blockchain platform is supported and operated by the top non-fungible token (NFT) of the OpenSea platform, among others. EPNS, Ethereum Push Notification Service, is a small firm known worldwide as an important Web3 infra provider.
“India has a lot of Web3 talent,” Jindal said. “We also have a lot of Web3 entrepreneurs and money waiting to support these programs. The important thing now is for managers to support this talent as well as beginners and make sure we don’t. See brain damage,” he added.
According to Shashi Shekhar, Leadership, Growth and Strategy, NEAR Education, armchair blockchain platform DUZE Protocol, the average salary for blockchain services in India is around $ 600 a month or about R45,000. He also noted that the supply of Web3 development talent is low at the moment, which is another reason why India is a platform for Web3 platform development.
To be sure, the country’s IT services firm, which has built billions of dollars in businesses by supporting global internet infrastructure, is also beginning to realize.
In February, Infosys and Tech Mahindra announced their entry into the metaverse space, with new business arms that will focus on this part of Web3.
Metaverse is a concept that allows users to collaborate, run a business and do more within the real world by creating a real digital twin.
