Indians are gradually getting used to the idea of blockchain-based items, with the metaverse winning the most hearts. A more recent YouGov report, commissioned by Consensys, states that out of over a thousand respondents surveyed from India, 53 percent are familiar with the metaverse. A fully functional virtual universe, the metaverse creates a digital ecosystem where humans and imaginary characters can coexist as avatars. The concept caught the world’s attention mainly after Facebook changed its name to ‘Meta’ in 2021, placing big bets on the future of the metaverse sector that could eventually simplify social interactions regardless of geographic distance.
More than 1,000 people from India were surveyed, of whom 41 percent said they had some knowledge about Web3, while 42 percent said they knew what NFTs are.
Interestingly, 37 percent of the participants from India also said that they see cryptocurrencies as the future of money.
The report essentially says that the Indian market is ready to undergo a paradigm shift in which Web3-aware Indians will transition from users to builders.
“A fifth of the population currently owns some cryptocurrency and a remarkable 57 percent of Indian respondents would consider investing in cryptocurrency in the next 12 months. Furthermore, 57 percent of those surveyed believe that cryptography is an environmentally friendly technology. When asked about the main concepts associated with cryptocurrencies, more than a third of those familiar with the industry expressed a belief in its potential as the future of digital property (31 percent),” the report says.
The northern, central, eastern and northeastern states of India activate 94 percent of the crypto pulls in the country, followed by the western (92 percent) and southern (89 percent) regions.
However, there are significant obstacles obstructing the widespread adoption of blockchain elements in the country, according to the survey.
“62 percent of respondents believe that data privacy is important, while 53 percent expressed a desire for more control over their online identity. Market volatility (48%) along with fear of scams (44%) emerged as the most important barriers to entry, followed by ecosystem complexity (36%) and difficulties in understanding their purpose.”
A total of 15,158 people, aged between 18 and 65, from 15 countries in the Americas, Europe, Africa and Asia, participated in a one-of-a-kind survey commissioned by Consensys and conducted by YouGov. , the international online research data and analytics technology group.
Meanwhile, among other crypto-friendly nations, Nigeria (65 percent) and Argentina (56 percent) show the highest motivation for owning cryptocurrency as a means of storing value.
57% of Indian and Brazilian respondents, along with 25% of French respondents, tend to think that cryptocurrencies are an environmentally friendly technology.
Overall, the survey results show a growing desire across the board for more control over identity online.
“Web3 helps address these desires by transferring control of identity from third parties to the individual and establishing new paradigms of value creation and community building. People who engage with cryptocurrency and the web3, whether they develop software, stake crypto assets, or create or buy NFTs, are more than a ‘user’ as typically defined, but directly contribute and help build their communities and ecosystem. in general,” says the report. annotated.