Third, India has an opportunity to leapfrog the Web3 freelancing trend, which could fundamentally change the dynamics of the country’s gig economy. Web3 platforms are still nascent, but they’re already addressing issues faced by Indian freelancers on legacy platforms. They assist in the fight against late payments and eliminate expensive high-cost service fees. India has always had a great talent pool, and there is a huge growing interest in blockchain. This has helped position the country to be a key player in Web3’s growing freelancing economy.
Web3 Solutions for Freelancer Challenges
Indian freelancers frequently find themselves underserved by traditional platforms. They complain about late payment notifications, exorbitant service fees that sometimes go as high as 20%, and account lockouts. Web3 platforms are addressing these challenges directly with smart contracts. These contracts ensure payment as the work is completed and have significantly lower commission fees. This business model enables freelancers to keep 95–100% of their earnings, versus the 80–85% that platforms like Upwork offer.
India is the world’s second-largest freelance market, only behind the US. In 2023, Indian freelancers brought in over $1 billion in revenue. India’s freelancing Web3 talent is uniquely positioned to flourish. Skilled professionals, from IT programmers to writers to digital marketers, are eager and ready to take advantage of these opportunities.
Key Players and Government Role
Almost a dozen such Web3 platforms across sectors are rapidly gaining ground in India. Questbook, a Web3-native grants and open-source creator/contributor management software, is unlocking the potential of Indian coders and creators. Superteam India, organized on the Solana blockchain, aims to link Indian freelancers with global Web3 projects. These platforms are just the tip of the iceberg that is India’s burgeoning ecosystem enabling Web3 freelancing.
The rise of Web3 freelancing in India is not without its challenges. The government should take a lead by creating clear, transparent rules on crypto payments, which will help legitimize the tax-compliant businesses that are using them. Regulations like a 30% profit tax and a 1% TDS on every transaction would make adjacent non-adopters quickly lose interest in adopting.
India's Digital Revolution
Currently, India stands at the heart of this digital transformation, as blockchain technology swiftly breaks the barriers of conventional freelancing. India, as one of the world’s leading crypto-adopting nations, per Chainalysis, is uniquely suited to adopt Web3 freelancing. Notable Web3 freelance platforms that are gaining traction include Braintrust, Opolis, CryptoTask, Talent Layer and Dora Factory.
Millions of people around the world are getting to know blockchain technology and crypto wallets. Given these conditions, Web3 freelancing is becoming an ever more attractive opportunity for Indian professionals. The global gig economy, driven by over 15 million Indian freelancers, raises the question of whether Web3 will eventually replace centralized freelancing platforms in India.
