Man holds laptop computer as cyber code is projected on him in this illustration picture.
Credit: Reuters file photo
Bengaluru: India contributed to 17% of all new Web3 developers globally, with a 28% YoY growth on GitHub in 2024. This is the highest YoY developer growth globally, adding more than 4.7 million developers to GitHub, according to a report by venture capital firm Hashed Emergent out on Monday.
Web3 developers are specialised software engineers who design decentralised applications and systems that operate on blockchain technology. India’s presence in the global Web3 developer landscape now accounts for 8% of full-time developers and 12% of total Web3 developers. With its strong growth rate, India is expected to overtake the US and become the world’s largest Web3 developer base by 2028.
Currently, a total of 11.8% of crypto developers are based in India, making it the world’s second-largest crypto developer base.
At the same time, the report pointed out that 51% of the developers still say that the salaries are not in line with global standards.
Web3 gamers spend double the amount compared to traditional gamers ($220 versus $120 annually), according to the report. They are also more likely to be paying users – 64% compared to 56% in Web2. In fact, India's gaming industry is expected to reach $9.2 billion over the next five years with Web3 gaming emerging as a key contributor driven by higher average revenue per user.
Still, most Indian developers are new to the Web3 space, with over 50% joining in the past two years and 85% under 27. Hackathons remain the main entry point for developers.
India is also the world’s third-largest Web3 founder base, with startups raising $564 million in 2024, up 109% from 2023, bringing the cumulative funding to over $3 billion.
Chandigarh and Delhi lead in crypto adoption among cities, while the Northeast has excelled regionally.
The report urges the adoption of Web3 regulatory, tax and policy frameworks along with positive political framing. It points out that legal gaps created in the absence of a comprehensive regulatory framework for Web3 in India disincentivises businesses from establishing operations onshore.