BENGALURU: With 97 Web3 startups, Karnataka leads in emerging technology, and stands out as a hub for Web3, which has transformed users’ interaction with the internet. It is followed by Maharashtra with 47 companies headquartered in the state. Karnataka alone holds 33% share in Web3.
The Bharat Web3 Association on Tuesday released a report, ‘India’s Web3 Revolution: A Compendium of Web3 Firms Led by Indian Innovators,’ says while Web1 and Web2 were dominated by Western companies, Web3 presents an opportunity for the country to take a leading role in the new phase of the internet.
Unlike Web1, where users were only able to read data shared by certain companies or Web2, where users could post and create content over the Web, but on platforms mainly owned by big, centralised entities, Web3 aims to create a more open and democratic web, where data and assets are controlled by individuals rather than centralised corporations.
As per the report, out of the 422 companies covered in the Compendium, nearly 70%, or 290, are headquartered in India. Within the country, in terms of cities, Bengaluru continues to hold its title as the Tech Capital of India, hosting 96 companies. Mumbai is the second preferred city for Web3 startups, home to 37 companies. As per the report, the country houses more than 400 companies specialising in blockchain development, Non-Fungible Token (NFTs), the metaverse, gaming and Decentralised Finance (DeFi).