Web3 is at an inflection point where online assets will start to stay online: Survey

  • Around 55% of entrepreneurs believe that metaverse and Web3 is a “good opportunity” for Indian startups.
  • The 100X.VC report noted that 28% of respondents had no opinion on this.
  • 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 the Metaverse and Web3 are a “good opportunity” for Indian startups, according to a recent survey by early-stage investment firm 100X.VC.

While 55% were in favor of this trend, 17% believe that Metaverse and Web3 would not be so important with Indian startups. About 28% of respondents had no opinion on this.

Meanwhile, 100X.VC believes the ecosystem is poised to create a large blockchain-based digital economy that will be disconnected from the physical economy over the next decade.

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“Innovation and research happen rapidly in space. With recent advancements in bringing game physics to the chain, the interoperable metaverse is getting closer to reality. As DeFi primitives mature and an on-chain universe with immutable laws of physics is created, we will see users having separate lives and economic activities online. This is the inflection point at which money and assets that are online start to stay online,” the survey says.

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

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

Web3, on the other hand, is the new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economy. Experts believe that Web3 can take control away from companies like Facebook, Google, Microsoft and other big giants, to make room for a smaller space and more people, because the technology belongs to the users and not to centralized entities.

According to a report by global cryptocurrency exchange KuCoin, cryptocurrency, metaverse, and NFT (non-fungible tokens) are the most popular and sought-after areas for a Web3 career.

The report also notes that India’s Web3 professionals are young, with 80% under 30, significantly younger than the global average.

“Web3 has been one of the hottest terms on the tech scene of 2022 and it will be the next iteration of the internet based on blockchain technology. The findings of our
Travel in the Web3 survey reveals the bright future of Web3 in India with increased interests from a diverse talent pool. We are optimistic to see more female-led communities in the near future, which will boost the entire Web3 ecosystem in India,” added Johnny Lyu, CEO of KuCoin.

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