Bengaluru, October 20, 2023: CoinDCX, one of India’s most valued VDA exchanges, marked the commencement of their flagship event – UNFOLD 2023, a premier Web3 event.The annual event is designed to support the innovative spirit of Web3 startups, and took place in the heart of India’s Silicon Valley, Bengaluru.The event is the perfect platform for aspiring Web3 founders to connect with potential investors, partners, and customers, propelling their entrepreneurial journey to new heights.
The inaugural day of UNFOLD 2023 kicked off with an opening address by Shri Priyank Mallikarjun Kharge, Minister for IT/BTKarnataka. He said,”The Government of Karnataka is willing to Listen, Learn and Adapt new technology and we are here to support the industry.In the burgeoning realm of Web3, our government is committed to not only observe and absorb but also to evolve with this digital frontier. We eagerly anticipate the establishment of a regulatory sandbox. We firmly believe that a thriving startup ecosystem, especially in disruptive technologies like blockchain and Web3, will forge numerous job opportunities. For in the progress of Karnataka lies the progress of our entire nation.”
He went on to explain that as there is already The Karnataka Innovation Authority that has been set up during his previous tenure could be now utilized for the developers to thrive in the same sandbox environment until they come out with legit regulatory policy.
While addressing the audience, Mr.Sumit Gupta, Co-Founder, CoinDCX said, “the Web3 industry is expected to grow to ~$7T market cap by 2030. Web3 applications are poised to impact the lives of more than 1 billion users globally. Traditional assets, with a total value locked surpassing $10 trillion, will be seamlessly integrated onto blockchain networks.A remarkable 50% of internet users will possess on-chain identities, ushering in a new era of digital sovereignty. Furthermore, major web2 industry leaders will make the leap onto blockchain technology. India is set to foster and nurture over 100 unicorn companies, firmly establishing its prominence within the web3 domain.”
One of the key highlights of the event was the launch of a report titled ‘The Web3 Landscape in India: Unlocking its Potential and Prowess’ by the Bharat Web3 Association.’
The report highlights several key insights on the Indian Web3 Landscape:
India is home to over 900 Web3 startups, with five achieving unicorn status as of 2023.
Web3 is projected to contribute $1.1 trillion to India’s GDP by 2032.
India is a global leader in grassroots crypto adoption and ranks in the top five across various categories.
As of 2022, 11% of the global Web3 developer pool is in India.
India’s talent pool in the blockchain industry is expected to grow by over 120% in the next 1-2 years.
The retail sector (37%) and the financial services sector (15%) are expected to drive Web3 and metaverse adoption.
During the report launch, Mr. Dilip Chenoy, Chairman, Bharat Web3 Association, emphasized that the global Web3 market is poised for explosive growth, with a projected CAGR of 44% until 2031, reaching a valuation exceeding USD 44 billion. India, boasting over 900 startups in the Web3 sector, is ideally positioned to seize this opportunity, with Indian employees contributing 11% of the global Web3 talent. By as early as 2030, Web3 could potentially contribute over USD 1 trillion to the Indian economy in alignment with the Digital India Mission.
Many eminent global Web3 leaders and entrepreneurs like Jesse Pollak, Founder, Base, Emin Gün Sire, Founder Ava Labs, Raj Gokal, Cofounder, Solana Labs, Balaji Srinivasan, Ola Doudin, Co-Founder and CEO, BitOasis, Mo Shaikh, Aptos participated in various panel discussion and fireside organized during the event. A 3-day multichain hackathon with over 800 developers was launched who will be solving complex challenges in the multichain ecosystem. The event will also has a Demo Day where 15 shortlisted startups from over 100 registrations will pitch front of marquee investors like CoinDCX Venture, Pi Ventures, Mumbai Angels, Global Coin Research, Alphawave Global, Dorahacks Ventures, Hashed EM, Draper Dragon, and IOSG Venture for an impressive pool of $1 million in potential funding.
“India stands on the cusp of Web3 leadership, driven by its thriving startup community, technological expertise, and a rising enthusiasm for decentralized technologies. This situation offers India the chance to transition from being a provider of skilled professionals to an innovation hub. To tap into this potential to the fullest extent, India must place a strong emphasis on education, innovation, and a well-balanced regulatory framework,” concluded Mr. Gupta.