RT team
Karnataka has solidified its position as a pivotal player in the Web3 arena, hosting 97 startups and capturing a 33% market share in this cutting-edge field. This makes it the top state for Web3 companies in India, surpassing Maharashtra, which has 47 companies. This insight comes from a recent study released by the Bharat Web3 Association titled ‘India’s Web3 Revolution: A Compendium of Web3 Firms Led by Indian Innovators.’
The report highlights a significant shift in the digital landscape, noting that while earlier internet phases (Web1 and Web2) were dominated by Western corporations, Web3 offers a unique opportunity for India to lead this next evolution. Web3 is characterized by a decentralized structure where individuals control their own data and assets, unlike its predecessors—Web1, which was read-only, and Web2, which allowed user interaction but was controlled by major centralized platforms.
Of the 422 firms analyzed in the report, an impressive 70%, or 290, are based in India, demonstrating the country’s burgeoning role in this domain. Bengaluru reaffirms its status as the Tech Capital of India by hosting 96 of these companies, while Mumbai ranks second with 37 companies. Across the nation, over 400 entities specialize in various sectors of Web3, including blockchain, Non-Fungible Tokens (NFTs), the metaverse, gaming, and Decentralized Finance (DeFi), marking a robust ecosystem for future technological advancements.
