Hashed Emergent Successfully Concludes 'India Blockchain Week 2024'

Emerging Market Specialist Web3 Venture Capital Hashed Emergent

'India Blockchain Week 2024' Held on December 4-5

"India Accelerating Digital Renaissance Including Web3"

"Third Largest Country with Web3 Entrepreneurs"

The main conference of 'India Blockchain Week 2024' (IBW 2024), hosted by Hashed Emergent, a Web3 venture capital specializing in India and emerging markets, was held at the Sheraton Grand Hotel in Bengaluru, Karnataka, on December 4-5. Over 150 key figures from the global blockchain industry, including Polygon, Supra, Aptos, Monad, and Astar, attended to share insights on the rapidly evolving Web3 environment.

IBW is India's largest blockchain and Web3 event, designed to serve as a platform connecting the Indian Web3 ecosystem with the global community. From November 30 to December 8, IBW featured over 100 Web3 events, including the main conference, ETHIndia, FILBengaluru, networking, workshops, and parties.

Tak Lee, CEO of Hashed Emergent, stated in his keynote speech at the IBW main conference that India is accelerating its digital renaissance. CEO Lee said, "India is inspiring the world by showing how a country that reflects various realities of the world can achieve influence," adding, "India is destined to emerge as a leader in an open, interoperable, and decentralized internet economy."

CEO Lee also emphasized that the Web3 industry provides a significant opportunity for Indian funds to align with global trends. He explained, "While global asset managers allocate 1-6% of their portfolios to virtual assets, the proportion of virtual asset investment by Indian venture capital is less than 10%," and "even a small investment of capital could create over a billion dollars in value over the next five years."

CEO Lee stated that India is emerging as a global hub for Web3 developers. He noted, "India ranks second in global open-source contributions and is expected to surpass the United States to become the largest developer market by 2028," adding, "The number of developers in India has surged by 28% annually, and the proportion of global developers from India has doubled from 6% to 12% in the past two years. Over 4.7 million new Indian developers joined GitHub this year."

According to Hashed Emergent, India currently hosts over 1,000 Web3 startups in the finance, infrastructure, and entertainment sectors, making it the third-largest country with Web3 entrepreneurs. It is also the second-largest region for virtual asset developers, following the United States.

Since 2020, Indian Web3 startups have attracted over $3 billion in cumulative investment. In the first to third quarters of this year, the investment scale of Indian Web3 startups increased by 82% year-on-year to $462 million, significantly improved compared to the total scale of $254 million last year. Numerous venture capitals, including Coinbase Ventures, Y Combinator, Animoca Brands, IOSG, and LD Capital, are aggressively investing in Indian Web3 projects.

According to Gamer Network Listo, India's gaming industry is expected to reach $9.2 billion over the next five years, with significant growth anticipated in the Web3 gaming sector. This year, the wallet size of Web3 game users has doubled compared to Web2, and more Web2 users are entering Web3 games. The annual expenditure of Web3 game users is nearly double that of existing users ($220 compared to $120), and the proportion of paying users is also higher at 64% compared to 56% in Web2.

A representative from Hashed Emergent stated, "Through this India Blockchain Week, which featured over 100 Web3 events, India has solidified its position as a global leader in Web3 adoption and innovation," adding, "India's entrepreneurial culture sets a global benchmark for success, inspires innovation, and paves a pioneering path for emerging countries."

Most local attendees and industry figures met on-site reported that while India's virtual asset and blockchain market is rapidly growing, the public remains cautious.

Ritu Panchal of iMentus Technologies, an India-based IT services and software solutions company, said, "Interest in investment and blockchain is rising in India, leading to the growth of the Indian virtual asset market, but many remain cautious due to regulatory uncertainty."

Prajwal Singh, a student at JSS Bengaluru College of Engineering, said, "Many young Indians find blockchain and virtual assets fascinating as cutting-edge technology," adding, "Overall, there is excitement about the potential of virtual assets, but some remain cautious due to the risks and regulatory ambiguity."

Minisha Micheal of Indian virtual asset exchange KoinBX said, "Many Indians view virtual assets as an innovative investment option and are exploring the potential of blockchain technology across various industries," but added, "While many have an optimistic view of the future of virtual assets, some remain cautious due to the risks." She continued, "Overall, awareness and interest in virtual assets in India are steadily increasing."

Sharanya Sahai, a senior at Hashed Emergent, emphasized, "Indian regulators' skeptical and negative view of the digital asset industry is causing Indian Web3 entrepreneurs and startups to miss out on opportunities," adding, "For India to truly grow as a global Web3 leader, it must establish relevant policies, such as those for virtual asset service providers (VASPs) and virtual asset tax regulations, in line with global trends."

Bengaluru, India = Hannah Yang, Bloomingbit Reporter sheep@bloomingbit.io

Hannah Yang, Bloomingbit Reporter sheep@bloomingbit.io