Near Foundation is trying to play its half in uplifting the promising Web3 tasks in India. The Switzerland-based non-profit organisation that governs the Near Protocol introduced the launch of a regional hub in India, devoted to discover and assist expertise in blockchain know-how, which makes for the spine of the Web3 sector. With this, the Near Foundation has recognised India because the nation with the most important startup and entrepreneur communities in the world that additionally homes a few of the “most talented developers and Web3 creators.”
GameFi and DeFi are the two focus areas for the hub in India.
Play-to-earn in nature, ‘gameFi’ refers to the financialisation of video gaming — that, as a sector, reportedly touched the market cap of $55.38 billion (roughly Rs. 4,38,500 crore) as of February 2022
Meanwhile DeFi, or decentralised finance is in itself emerging as a sector of fintech that is reliant on virtual assets like cryptocurrencies and does not rely on central banks and centralised intermediaries. As per CoinMarketCap, the DeFi crypto’s market cap currently stands at $45.83 billion (roughly Rs. 3,63,000 crore).
In the first year, the Near India hub aims to onboard 15 to 20 high-quality projects to its ecosystem.
“We are extremely excited to be supporting the rich and exciting developments taking shape in India — and with our new hub, there will be an incredible opportunity for developers and creators to come together to learn, educate and further their talent and build on our blockchain. This hub gives us the chance to nurture the local talent that will have global opportunities in the near future – and we look forward to seeing the amazing applications and initiatives that will come out of this ecosystem,” mentioned Marieke Flament, CEO of the Near Foundation.
Aayush Gupta and Yash Kanchan, the previous leads on India technique for Terraform Labs, have been tasked with the responsibility for leading the Near India hub in Bengaluru city.
India is currently awaiting elaborate crypto rules to safeguard the sector against loopholes and scams. While the trading, exchange, and holding of virtual assets are taxed and allowed activities in the country, India still has not clarified future use cases of these digital assets that could be permitted.
Just earlier this month, the Near foundation launched a regional hub in Kenya to accelerate Web3 projects across the continent. The platform is looking to nurture and educate talented individuals in the country.
In fact, this week itself, the platform partnered with Caerus Ventures to launch a fund of $100 million (roughly Rs. 700 crore) in order to assist promising tasks in the Web3 house.