India saw the launch of the 5G network on October 1, 2022, and despite infrastructural and logistical challenges, there is hope that the delivery of high-speed internet will accelerate the country’s transition to Web 3.0. So, what exactly does this development signify for the startup ecosystem?
CEO and Co-Founder of Producer Bazaar, Senthil Nayagam says, “Web 3.0, which is based on decentralisation, blockchain technologies, and automated Artificial Intelligence (AI) is already redefining the content market and turning it into a more secure and interactive space. As per 2021 research by NASSCOM and WazirX, India has around 230 Web 3.0 startups and I am sure that 5G networks will lead to an even bigger surge in web-based entrepreneurship.”
He also shares that his own enterprise ProducerBazaar.com and India’s first Non-Fungible Token (NFT) driven entertainment space will be launching an advanced web platform to streamline and categorise unorganised film rights trading sectors by leveraging blockchain technology. “This will enhance the reliability and security of data. When we integrate 5G into this blockchain, its ultra-speed connectivity will reduce dormancy and will help in facilitating faster crypto transactions,” he says.
He points out that India is emerging as a profitable market for NFTs which are an important component of Web 3.0. As per newspaper reports, (Entrepreneur India) the NFT industry in India is valued at an estimated $3.3 billion with a cumulative average growth rate of 61.6 percent and is expected to reach an estimated $27 billion by 2028. “The demand for digital art and the absence of intermediaries between the artists and the audience has increased the popularity of NFT. It also incorporates technologies like Augmented Reality and Mixed Reality for buying and selling art in the virtual space and 5G enhances the immersive experience by providing a significant amount of bandwidth. 5G will thus enable the NFT universe to explore its full potential,” adds Senthil.
Technologies like blockchain and NFTs are defining the metaverse and Web 3.0. will also augment the virtual economy. Various sectors like gaming, technology, and animation are developing their metaverse subsidiaries to hopefully make India one of the key drivers in the metaverse market. “And for this to happen effectively, we need multi-fold rendering, data transactions between AR and VR devices, secured and low-latency wireless connections to XR (Extended Reality) devices, and consistent coverage guaranteed by 5G,” adds Senthil.
He cites a 2022 NAASCOM report which stated how 5G will generate $180 billion by 2030 in the country and concludes, “This can be however achieved only through equal access to technology, affordability and infrastructural readiness. Once we get the fundamentals right, there will be no looking back.”