By Our Staff
Industry leaders across Web3 verticals unveiled the Bharat Web3 Association (BWA), to enable and support the growth of India’s Web3 ecosystem. Members of the BWA span multiple verticals including NFTs, Web3 Gaming, Infrastructure Providers, Virtual Digital Assets (VDAs), and Token Projects.
The BWA will focus on — 1) driving awareness through research to help keep pace with this evolving technology; 2) promoting dialogue between key stakeholders; 3) setting standardised principles in the Web3 industry; 4) encouraging and promoting Web3 and blockchain innovation; and (5) nurturing India’s talent pool.
Web3 works on the core principle of blockchain technology. It is the future of the internet and can empower users by returning control into the hands of consumers and communities. The BWA believes that India has the potential to lead the world over the next decade by building a strong Web3 ecosystem in the country, in line with the government’s ‘Make-In-India’ initiative.
Speaking on the occasion, Kavin Bharti Mittal, Founder & CEO, Hike, said: “Indian consumers spend an average of 7+ hours per day on their smartphones, almost half their waking lives. The blockchain finally enables consumers to own the value associated with their time spent digitally thus potentially unlocking brand new economic opportunities for themselves. It’s becoming increasingly clear that the next wave of wealth and value creation will come from a financial world that is programmable end to end. India could be at the centre of this next wave and boost its economy to strengthen its position on the world stage. With the BWA we aim to support the government to develop a strong Web3 ecosystem in India.”
Emphasising on the Web3 potential and the key role that the association will play, Sandeep Nailwal, Co-Founder, Polygon Technology added: “With the advent of Web3, we are at the cusp of a technological revolution, which has immense potential to stimulate economic growth, create jobs, boost financial inclusion, and enhance privacy and security. Owing to its thriving developer community, entrepreneurial spirit, fast-growing economy, sound digital infrastructure, and deep digital adoption, India is poised to become a leader in the Web3 space. Indian entrepreneurs have already made a mark in the ecosystem and are innovating for the world, developing valuable public use cases. BWA will play a pivotal role in helping India achieve its potential as a global Web3 leader.”