Entrepreneur India Unveils Web3 Business Report At the Tech and Innovation and Web3 Summit 2023 – Entrepreneur

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By Entrepreneur Staff • Mar 20, 2023
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On 13th March, Entrepreneur India, as a part of its annual Tech and Innovation and Web3 Summit, launched “W3 India Business Report 2023” in Bangalore. The report points out that while Web3 is still in its nascent stage, it is showing tremendous potential, making it one of the biggest tech breakthroughs of the current time.
From 2022-2030, the market size of Metaverse is expected to record a CAGR of 39.2% to reach USD 33.9 billion by 2030. Globally, the Metaverse market is expected to grow at a CAGR of 39.4 per cent from 2022 to 2030, while at the home ground, the expected growth is projected at 39.2 per cent for the same time period.
The report was unveiled by Ritu Marya, Editor-in-Chief, Entrepreneur Media and Franchise India along with Sanjeev Gupta, Chief Executive Officer, Karnataka Digital Economy Mission.
Blockchain and other decentralised technologies are being used by these Web3 companies to create a more democratic and fair internet. This would have a significant impact on how users and businesses operate online. Web3, also known as the “read-write-own” internet, uses blockchain technology to create a decentralised internet in which users can own and be compensated for their data.
It has only gained traction as the blockchain, cryptocurrency, and NFT (non-fungible token) markets have grown in popularity. The success of cryptocurrencies has demonstrated how decentralisation creates a trustless and permission-less structure, which is essential for a people-owned internet.
Recognising the potential of Web3, venture capitalists have begun to invest in Web3 companies. As NFTs continue to gain acceptance, brands will use them more often as limited-edition items or rewards for loyal customers. Top brands like Nike, Coca-Cola, Gucci and others have created NFTs to delight their audiences, and more are expected to follow suit. As big companies begin to leverage the digital assets of web3, it won’t be long before the internet becomes highly decentralised and Web3 fully emerges.
The report also looks into business opportunities revealed by Web3.0 with a focus on India. In 2021, the Global market size of Web3 was USD 3.3 billion. By 2030, it is expected to grow at a CAGR of 41.65% to reach USD 82.72 billion. In India, the market size of Web3 is expected to reach USD 1.1 billion by 2032, up from USD 0.0049 billion in 2022 at a CAGR of 57%.
Spread across two days in the Silicon Valley of India, Entrepreneur India’s Web3 summit saw notable companies engaging in Web3 ecosystem, including Tech Mahindra, Flipkart, Omniverse Metaverse, Landvault, Araa, NVIDIA, Dandelion, AjnaLens, and Guardianlink.
Entrepreneur Staff
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