Web 3.0 a $1.1 trillion growth opportunity for India
By MYBRANDBOOK
‘Web 3.0′ envisions a decentralised future where users and machines are able to interact with data via smart, digital contracts over peer-to-peer networks, without the need for Big Tech. Digital assets like Bitcoin, Ether, Solana, etc are the fuel of the future financial ecosystem and Web 3.0. According to the report by crypto and digital asset exchange CrossTower in partnership with US-India Strategic Partnership Forum, the digital asset economy’s value to India’s GDP will grow at 43.1% CAGR- from $5.1 billion in 2021 to $261.8 billion over an 11-year period, resulting in a $1.1 trillion contribution to India’s GDP.
Digital asset market capitalisation was nearly $1.5 billion in 2013, and stands at about $3 trillion today. As per the reports, most of $1.1 trillion in the total economic growth in the next 11 years can come from ancillary digital asset-related businesses that are yet to be invented. India is poised for growth to become a $5 trillion economy by 2024-25. Digital assets are expected to have tremendous potential in the next 11 years across countries, due to their rapid adoption. They are expected to help India achieve the $5 trillion economy goal.
According to the findings, the adoption rate of digital assets (as reflected by accounts opened on centralised cryptocurrency exchanges) is growing nearly twice as fast as that of the Internet. It took the Internet approximately 7.5 years to go from around 100 million users to one billion users. The same growth at cryptocurrency exchanges will take about four years. From digital art to ticket sales, music, collectables, luxury items and gaming, non-fungible tokens could transform the way people interact day-to-day. While still nascent, NFTs are projected to emerge into a market of $1 trillion or more,” the report mentioned.
With the right policies and regulatory framework, India’s regulators can bring safety, combined with hope and prosperity to India,” said Kapil Rathi, Co-founder and CEO, CrossTower. The government-related Blockchain projects are estimated to drive close to $0.1 billion of GDP to India in 2021, ramping up to $5.1 billion in 2032. Finally, the report projected that digital identity could contribute $8.2 billion to India’s GDP in 2032.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
LENOVO INDIA PVT. LTD.
TALLY SOLUTIONS PVT. LTD.
POLYCAB INDIA PVT. LTD
ACER INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SOM SATSANGI
With more than three decades in the IT Sector, Som is responsible for ...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
ICONS OF INDIA : SUNIL BHARTI MITTAL
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
PARTNER SPEAKERS
PSU
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
