Near Foundation to launch Web3 Hub in India

Switzerland-based non-profit organisation Near Foundation that governs the Near Protocol, is looking to uplift the promising Web3 projects in India. With this, the Near Foundation has recognised India as the country with the largest startup and entrepreneur communities in the world that also houses some of the “most talented developers and Web3 creators.

The organisation announced the launch of a regional hub in India, dedicated to find and support talent in blockchain technology, which is the backbone of the Web3 sector. GameFi and DeFi are the two focus areas for the hub in India. The India hub of the Near Foundation will identify and support entrepreneurs who plan to solve specific public problems via Web3 elements like the metaverse, NFTs, and cryptocurrencies.

In the first year, the Near India hub aims to onboard 15 to 20 high-quality projects to its ecosystem. Earlier this month, the Near foundation launched a regional hub in Kenya to accelerate Web3 projects across the continent to nurture and educate talented individuals in the country.

Marieke Flament, CEO of the Near Foundation, said, “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.”

‘GameFi’ refers to the financialization of video gaming. 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. The GameFi sector has touched the market cap of $55.38 billion (roughly Rs. 4,38,500 crore) as of February 2022, while the DeFi crypto’s market cap currently stands at $45.83 billion (roughly Rs. 3,63,000 crore).