4 Web3 Startups That are Shaping Today's Technology for Tomorrow's Decentralised Society Talk about technology, and India's mention is a sure-shot occurrence. At present, the country has 450+ Web3 startups. According to Arthur D. Little's report, India's Metaverse and Web3 market is projected to reach USD 200 billion by 2035
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Web3, the latest iteration of the internet, is a type of technology which is built using blockchain, a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Simply put, this technology makes ownership and transactions more transparent and secure.
Talk about technology, and India's mention is a sure-shot occurrence. At present, the country has 450+ Web3 startups. According to Arthur D. Little's report, India's Metaverse and Web3 market is projected to reach USD 200 billion by 2035.
About 11 per cent of the global Web3 talent hails from India. But the industry is now aiming to be a significant driver, rather than adopters. A Primus Partner report states that the industry can generate 2.2 million jobs by 2032.
This National Startup Day, lets take a look at four Web3 startups which are a pivotal role in India's Web3 space.
The rags-to-riches story of Polygon's co-founder Sandeep Nailwal is an ever-inspiring one. But don't let that take away the credibility and success of the blockchain platform. Polygon, in just seven years, has emerged as a leader in the Web3 space. Having raised a total of USD 450 million, the startup is not only active in making the space more accessible but is also nurturing up-and-coming startups in the space, "It's easy to do price talk, it's hard to discuss fundamentals. Fundamentals have the last laugh."
The year 2023 saw a dentable funding crunch in the startup ecosystem. However, Zyber 365, came out of the syllabus. The AI-Web3 cybersecurity startup raised USD 100 Million, becoming the second (out of the total three) unicorn of the year. The startup, founded by Pearl Kapur and ethical hacker Sunny Vaghela, aims to create a decentralized and cyber-secured operating system.
As regulations in the country are tightening up around cryptocurrency startups, Mudrex, safe to say, has a safety net around it. Backed by Y Combinator and Nexus Venture Partners, the startup registered with MoF's Financial Intelligence Unit in September, protecting itself from the recent bans of crypto platforms by FIU. Additionally, it holds the status of Virtual Asset Service Provider (VASP) accredited by the Bank of Lithuania in the EU and also received OAM (Organismo Agenti e Mediatori) certification in Italy. Post the ban, it was one of the two native startups to have seen an uptick in new user registrations.
Reliance Industries Limited held its 45th AGM in a metaverse, created by GMetri. It is a metaverse facilitating platform, which provides immersive experiences without XR code. 2023 was the second consecutive year of Reliance hosting AGM in GMetriXR's Metaverse. According to its website, it has developed metaverse platforms for PayPal, Myntra, Accenture, Bosch, and Sanofi. According to Utsav Mathur, founder, and CEO, GMetri, one can create a Metaverse in 15 mins. "I think the simplest way to think about it (Gemtri) is that we are like the Canva of the Metaverse or the Wix.com of the Metaverse," he shared with the media.