India Adds 4.7M Developers in 2024, Will India Become the Global Leader in Web3 Development by 2028?

A booming ecosystem of developers, gamers, and investors suggests a seismic shift is underway.

Could India, a nation already known for its tech prowess, soon claim the title of the world’s Web3 powerhouse? According to the freshly released India Web3 Landscape Report by Hashed Emergent, the signs are pointing to yes. With a projected trajectory to surpass the United States and boast the largest Web3 developer base by 2028, India’s ascent in the decentralized tech space is no longer a distant dream—it’s a tangible reality unfolding now.

The third edition of this comprehensive report, unveiled today, paints a vivid picture of India’s thriving Web3 ecosystem. From a surge in developer activity to skyrocketing investments and a sophisticated retail trading boom, the country is carving out a formidable presence in the global blockchain landscape. Here’s what’s driving this transformation—and what it could mean for the future.

Developers: The Backbone of India’s Web3 Rise

India is already home to the world’s second-largest pool of crypto developers, accounting for 11.8% of the global total. In 2024 alone, the country contributed 17% of all new Web3 developers worldwide—the highest of any nation. With a year-over-year developer growth rate of 28%, India added over 4.7 million developers to platforms like GitHub last year, outpacing global peers.

The report highlights that 45.3% of these developers are actively contributing code, 29.7% are fixing bugs, and 22.4% are enhancing documentation. Gaming and NFTs dominate use cases, engaging 30% of developers, followed closely by decentralized finance (DeFi) and real-world asset (RWA) tokenization at 26%. What’s striking is the youth driving this surge: over 85% of Indian Web3 developers are under 27, and more than half have entered the space in the past two years. Hackathons remain a key entry point, with 87% of developers having participated in at least one.

“India’s unique blend of technological agility, entrepreneurial spirit, and digital adoption is fueling this progress,” said Tak Lee, CEO and Managing Partner at Hashed Emergent. “We’re seeing Indian innovators turn promise into action, positioning the country as a global leader in Web3.”

Investment Rebound Signals Confidence

After a sluggish period in late 2022 and 2023, investor enthusiasm has roared back. Indian Web3 founders raised $564 million in 2024—a 109% increase over the previous year—bringing cumulative funding to over $3 billion. Key sectors like artificial intelligence (AI), RWAs, and staking solutions drew significant capital, bolstered by infrastructure investments from big tech.

Global heavyweights like Coinbase Ventures, Y Combinator, and Animoca Brands have joined domestic players such as CoinDCX, PeakXV, and Hashed Emergent in betting big on Indian startups. Layer 1 and Layer 2 ecosystem funds have also poured resources into the market. This influx of capital reflects a resounding vote of confidence in India’s Web3 potential.

Web3 Gaming: A Spending Powerhouse

India’s Web3 gamers are proving to be a force of their own. They spend nearly double what traditional gamers do—$220 annually compared to $120—and 64% are paying users, outpacing the 56% in Web2 gaming. The shift is notable: 38% of traditional gamers have tried Web3 games, with 60% sticking around. Even more telling, 60% of hybrid gamers (those playing both Web2 and Web3 titles) have fully transitioned to Web3, signaling blockchain gaming’s growing allure.

The demographic skews young—50% of Web3 gamers are under 25—highlighting Gen Z’s dominance in this space. As retention rates climb, India’s gaming landscape could become a proving ground for Web3’s mainstream appeal.

Retail Traders Step Up Their Game

India’s crypto trading scene is maturing rapidly. In 2024, growth outstripped the combined gains of 2022 and 2023, driven by a 5x surge in meme coin trading volumes. Gen Z accounts for 35% of crypto investors, while two-thirds of futures traders are under 35. Women, though still underrepresented, make up 1 in 10 futures traders—a sign of untapped potential.

What sets Indian traders apart is their sophistication. A remarkable 59% use stop-loss orders, a risk management tool that underscores a shift from speculative frenzy to calculated strategies. Preferred leverage ranges between 11x and 20x, reflecting a balanced approach to risk.

Government and Enterprise Adoption Accelerate

On the policy front, India’s government is making strides with its National Blockchain Framework. The Vishvasya Stack, including tools like Praamaanik and NBFLite, now serves 5 million users and 16 banks, managing over 84 million records across 20 government divisions, seven states, and six products. Meanwhile, private sector giants like Reliance, Bajaj, and Tata are tapping Web3 for loyalty programs, transactions, and data management. A standout collaboration between Reliance Jio and Polygon Labs is bringing Web3 to over 450 million users.

Yet, challenges remain. India lacks a unified regulatory framework for Web3, though attitudes have softened from outright bans to cautious acceptance. Bridging public and private sector efforts will be critical to sustaining this momentum.

Final Thoughts: A Global Leader in the Making?

India’s Web3 journey is a story of resilience and ambition. Its developers are coding the future, its gamers are redefining entertainment, and its investors are fueling innovation. With projections to lead the world in Web3 developers by 2028, the country stands at a pivotal moment. But success isn’t guaranteed—regulatory clarity and continued collaboration between government and industry will determine whether India can fully seize this opportunity.

For now, the numbers speak volumes: $564 million in funding, a doubling of gamer spending, and a developer base growing faster than anywhere else. As Tak Lee put it, “The promise is turning into tangible advancements.” If this trajectory holds, India may not just participate in the Web3 revolution—it could define it.

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