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Web3 is at a turning point where online resources will stay online: Survey

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  • About 55% entrepreneurs believe that metaverse and web3 is a ‘good opportunity’ for Indian startups.
  • 100X.VC report noted that 28% of respondents had no opinion of the same.
  • Metaverse is the digital version of our physical reality while Web3 is the decentralized form of the World Wide Web.

About one in two entrepreneurs believe that metaverse and Web3 are a “good opportunity” for Indian startups, according to a recent survey by the startup investment firm 100X.VC.

While 55% were in favor of this trend, 17% believe that Metaverse and Web3 wouldn’t be such a big deal with Indian startups. About 28% of the respondents had no opinion about this.

Meanwhile, 100X.VC believes the ecosystem is on track to create a large digital economy built on blockchain, which will be decoupled from the physical economy in the next decade.

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“Rapid innovation and research is taking place in space. With recent advancements in game physics embedding chaining, the interoperable metaverse is getting closer to reality. As the DeFi primitives mature and create an on-chain universe with immutable laws of nature, we will see users having separate lives and online economic activities. This is the inflection point at which money and assets that are online stay online,” the survey said.

Metaverse – which does come under Web3 – is the digital version of our physical reality. It is both 3D and interactive, which makes all virtual conversations much more attractive for the customers.

Big companies like Microsoft, Apple and Google are chasing their metaverse dream. Facebook, on the other hand, has also gone so far as to change its name to Meta to demonstrate its seriousness towards the new technology.

Web3, on the other hand, is the new version of the World Wide Web that encompasses concepts like decentralization, blockchain technologies and token-based economy. Experts believe that Web3 could take control of companies like Facebook, Google, Microsoft and other such big behemoths to make room for smaller space and more individuals as the technology is owned by users and not centralized entities.

According to a report from global cryptocurrency exchange KuCoin, cryptocurrency, metaverse and NFT (non-fungible tokens) are the most popular and desired fields for a Web3 career.

The report also noted that Indian web3 professionals are young, 80% of whom are under the age of 30, significantly younger than the global average.

“Web3 is one of the most trending terms in the 2022 tech scene and it will be the next iteration of the internet based on blockchain technology. The findings of our
Journey to Web3 survey reveals the bright Web3 future in India with heightened interests from a diversified talent pool. We are optimistic to see more women-led communities in the near future that will boost India’s expansive Web3 ecosystem,” added Johnny Lyu, CEO of KuCoin.

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