A global survey by US-based blockchain technology firm ConsenSys and the UK-headquartered market research firm YouGov has revealed interesting facts about Indians’ interest and understanding of new-age technologies like Metaverse, Web3, and nonfungible tokens (NFTs).
The report titled “Global Survey on Crypto and Web3”, released on June 27, revealed that Indians are more familiar with Metaverse than Web3 and NFTs as a concept. However, it says there is a growing interest among Indians to explore and invest in cryptocurrencies.
Many Indians also see cryptocurrencies as the future of money. Thirty-seven per cent of Indian respondents said cryptos would play the role of currencies for transactions, and 31 per cent believed they would be used for digital ownerships in the future.
Fifty-three per cent of Indians said they are familiar with the concept of the Metaverse compared to 41 per cent for Web3 and 42 per cent for NFTs. Also, 75 per cent of Indian respondents expressed a desire for greater control over their internet identities. The survey interviewed 15,158 people aged 18-65 from 15 countries in the Americas, Europe, Africa, and Asia.
Findings In India
The survey highlights a paradigm shift in India concerning cryptocurrencies and Web3 technology, characterised by greater awareness and confidence.
Ninety-two per cent of Indian participants said they are aware of cryptos, and 56 per cent stated they understand how the cryptos work. Only 17 per cent believed cryptos are speculative assets, and 20 per cent thought they are scams.
Additionally, one-fifth of those surveyed said they own cryptocurrencies, and 57 per cent are considering investing in cryptos in the next 12 months. Interestingly, 57 per cent of the respondents also believed that cryptos are environment-friendly technology.
The report also highlighted the barriers to entering the crypto ecosystem. Volatility topped the concerns at 48 per cent, fear of scams at 44 per cent, and complex ecosystem at 36 per cent.
India’s Northern, Central, Eastern, and Northeastern regions show the highest traction for cryptocurrencies at 94 per cent, followed by the West at 92 per cent and South at 89 per cent.
India’s Concerns Vis-A-Vis Other Countries
Concerns about scams varied from country to country—India at 44 per cent, the US at 19 per cent and Japan and South Korea at 12 per cent each. Data privacy is the most prominent concern compared to other factors, with 62 per cent considering it important and 53 per cent wanting more control over their online identities. In addition, 39 per cent of the respondents believed there should be better sharing of company profits for using their data.
Given the instability in their local currencies, Nigeria and Argentina have shown the highest motivation to own cryptocurrencies as a means to store value, at 65 per cent and 56 per cent, respectively.
On the other hand, 43 per cent of Indian respondents view cryptos as an investment for the future. The report also reveals that 76 per cent of the UK respondents never owned an NFT. In contrast, only 24 per cent of the respondents in Vietnam didn’t have an NFT.