YourStory Released Second Edition Of Top 25 Web3 Innovations Report

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YourStory Released Second Edition Of Top 25 Web3 Innovations Report
23 Mar 2023
4 min read

News Synopsis

Buidlers Tribe and YourStory have curated a list of 25 promising Web3 projects and startups led by Indian innovators for the second consecutive year.

Here's a basic overview.

Despite a worldwide crisis centered on cryptocurrency and Web3, Indian inventors and innovators have stayed unshakable.

Startups are using blockchain technology to solve challenges in a variety of industries, including payments, social media, communication, small company loans, games, governance, and certifications.

According to a NASSCOM report, India accounts for around 11% of worldwide Web3 talent.

Web3 in India has found several applications, ranging from disrupting the ride-hailing industry to resolving liquidity issues for small and medium-sized enterprises and even assuring regulatory compliance for the general public.

As a result, in keeping with our ongoing commitment to creating narratives in the blockchain and Web3 area, YourStory teamed with Buidlers Tribe to discover promising and dynamic Web3 players, organizations with the potential to play a vital role in India's digital agenda.

Several of this year's winners are developing for various chains, but there are two clear favorites: Polygon (64%) and Ethereum (44%). Moreover, 24% are constructing on Avalanche, 20% on Solana and BNB Chain, and 8% on Hedera.

This is consistent with the hypothesis that the industry is transitioning to a multi-chain future, demonstrating significant improvement from prior eras in Web3 innovation when many initiatives were limited to single chains.

Furthermore, there appears to be an increasing preference for B2B2C (11) and B2B (7) business models, with just seven players claiming to focus on the B2C model. This reflects the decline of ordinary investors in the crypto market, which has seen the global crypto industry lose $2 trillion in market value over the last year.

Alternatively, Indian Web3 businesses are constructing platforms and infrastructures across categories in order to acquire Web2 audiences via broader B2B collaborations and synergies with historically non-crypto enterprises.

Names of 25 Web3 projects and startups

  1. Alive.house

  2. Autify Network

  3. bitsCrunch

  4. Bowled.io

  5. Bytekode

  6. Copperx

  7. CropBytes

  8. Cypherock

  9. dapps.co

  10. Fact Protocol

  11. Fantazy

  12. FanTiger

  13. Glip

  14. Huddle01

  15. IndiGG

  16. Intract

  17. Komet

  18. Lighthouse

  19. Lumos Labs

  20. LYNC

  21. Obvious (Crypto Payments App)

  22. Phyllo

  23. Polkassembly

  24. Polytrade Finance

  25. ZKX

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