On March 11, 2023, CoinDCX and Forbes India organised an educational and awareness campaign called Namaste Web3 in Delhi. The event focused on the potential of Web3 to become India's next big thing for a $5 trillion economy. The event attracted more than 250 participants, including policymakers, industry experts, Web3 entrepreneurs and professionals, as well as Web2 professionals.
While addressing the audience at the event guided by the theme of Web3 Start-up Landscape: Creating New Business Models, Dilip Chenoy, Chairman, Bharat Web3 Association, highlighted the importance of the security that Web3 provides. He said, “Everyone has talked about the Web3 ecosystem, but one aspect that I want to highlight is that this whole ecosystem provides security and encryption. The ecosystem has a lot of use cases - insurance, automobile, healthcare, banking, etc.”
Mr Chenoy mentioned that venture capitalists have got immense trust and faith in the Web3 sector, which is clear from the fact that this sector has received a lot of funding in recent years. “If you look at some of the defining trends in the ecosystem, despite the meltdown and problems, you can see some kind of stability there. Fundamentals are resilient despite the downturn,” said Mr Chenoy.
Furthermore, stating the example of how the widespread adoption of mobile phones has changed the world, Mr Chenoy predicted that Web3 has similar potential; that it can transform the lives of ordinary Indians. “The potential for India in developing apps for Web3 is immense,” he quoted.
“I think it's important for us to understand that Web3 startups are building use cases in different industries that benefit the common man,” said Mr Chenoy. Finance, entertainment, infrastructure, decentralised communities, artificial intelligence, machine learning, virtual reality, and augmented reality are among the industries that he referred to.
Quoting the example of Polygon, Mr Chenoy highlighted that top talent from India is relocating and settling up abroad. “How do we retain the talent here?” he emphasised.
“We should be 11 percent of the world Web3 Market Instead,” he said, while talking about India having 11 percent of the world's Web3 talent.