Here is how!
Ever since the break of the millennium, the gap between the west and India adopting a new manifestation of technology has been steadily narrowing down. Today, India has all the credentials it takes to be an early adopter.
It should not be forgotten that it took more than a decade for Flipkart to make its entry since Amazon and eBay were created. The same can be said about a lot of tech dimensions like mobile applications, social networks, and SaaS. However, the magnitude of Web3 and blockchain companies growing in India in the recent past is all set to script a different story. Web3, blockchain, and NFTs have the potential to transform India into a haven of entrepreneurs, especially in this decentralised world whose future lies in Web3.
Let us explore the reasons why India has the credentials to become the epicentre of entrepreneurship.
Easy access to innovation:
Decentralisation and blockchain were always about breaking the rigid hierarchy of technology transfer. Blockchain is always intended to make information available for everyone without any borders. And India is no longer caught in the cogwheels of slow technology transfer.
This means that right from the first day of certain technology being introduced in the Web3/blockchain space, India gets its much-deserved rights to work on them. This gives India the edge to zoom past other economies and tech hubs that completely relied on early access to technology to flaunt their achievements.
Creative thought process:
Will access to technology alone be enough to create an entrepreneurial ecosystem? Maybe or Maybe not!
India has always been a treasure trove of different art forms and other creative displays of culture. By bringing in blockchain, Web3, and NFTs, India does nothing extraordinary but effectively utilises new technology to do what it has always been doing great, that is connecting with the emotions of its people.
Curious minds of people:
People are now ready to explore novel career opportunities even in startups and in technology dimensions unheard of. This puts crypto entrepreneurs in a highly advantageous position to access skilled people right at the nascent stages of their careers, grooming them to be better thinkers.
Let us also take a step back to appreciate the newfound interest in entrepreneurship, not just confined to the Web3 space but the entire landscape of business. Now that Indians are willing to take the risk and their fellow citizens are willing to support and appreciate them for the risk rather than criticise them, you can expect India to be one of the best countries and economies to energetically explore entrepreneurship in the Web3 space.
Celebrities and emotional magnets:
We have been talking about how Indians are quite meticulous when it comes to investing their emotions. Most of these emotional affinity avenues are poised to meander towards cricketers and cinema celebrities. While the Indian population itself is more than enough to make a massive difference in the value and valuation of celebrities, the fact that India is getting global exposure is making it better.
We all know that Web3 is all about emotions. India is a very emotionally driven country and it has all the eligibility for it to become not only a creator but also a great consumer of Web3 and its elements like NFTs.
This is one of the reasons why Jump.trade and its Meta Cricket League NFTs have been creating waves in the global NFT scene.
The community at the core:
At the end of the day, everyone knows that Web3 is all about the community. It is a massive and unprecedented quantum leap from what the previous version of the web offers. India has a strong and closely knit community of people bound together by emotions and the spirit of belonging to a nation that is unified beyond cultural differences.
This community is bound to rise to the occasion in supporting products, services, and businesses born in their homeland. This spirit, if not anything else, makes India one of the best countries for entrepreneurs to thrive, especially in the Web3 arena.
It is not that this spirit of entrepreneurship with respect to the Web3 space lies confined to ideas and ideal case scenarios. We have already seen companies like WazirX and Polygon make a big impact in the global blockchain arena. Needless to say, even GuardianLink and Jump.trade have done their part in putting India on the blockchain/Web3 map of the world.
We are both proud and humbled to say that this is just the nascent stages and the beginning of a massive revolution in India, an entrepreneurial revolution that will result in the mushrooming of community-centred, Web3 companies all over the subcontinent!