Indians are slowly warming up to the idea of blockchain-based elements, with metaverse winning most hearts. A latest report by YouGov, commissioned by Consensys, has claim that out of over a thousand survey participants from India, 53% are familiar to metaverse.
A fully functional virtual universe, the metaverse makes for a digital ecosystem where humans and imaginary characters can co-exist as avatars.
The concept caught up with the world mainly after Facebook rebrand itself to ‘Meta‘ in 2021, placing huge bets on the future of the metaverse sector that could eventually simplify social interactions regardless of the geographical distance.
Over 1,000 people were survey from India, out of which 41% said they had some knowledge about Web3, while 42% said they were aware about what NFTs are.
But, 37% participants from India also said that they see cryptocurrencies as the future of money.
The report essentially says that the Indian market is set to undergo a paradigm shift where Web3-aware Indians will go from being users to builders.
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As per Report :
“A fifth of the population currently owns some cryptocurrency and a notable 57% of Indians respondents would consider investing in crypto in the next 12 months. Also, 57% of respondents believe crypto is an environmentally friendly technology. When ask about the main concepts associated with crypto, more than one-third of those familiar with the industry expressed beliefs in its potential as the future of digital ownership (31%),”.
The north, central, eastern and northeastern states of India trigger 94% crypto tractions in the country, follow by the western (92%) and southern (89%) regions.
There are major roadblocks that are obstructing a widespread adoption of blockchain elements in the country, as per report.
As per Report :
“62% participants consider data privacy to be important, while 53% express the desire to have more control over their identity on the internet. The volatility of the market (48%) together with fear of scams (44%) emerge as the most significant barriers to entry, follow by complexity of the ecosystem (36%) and difficulties to understand its purpose.”
A total of 15,158 individuals, ranging within the age groups of 18 to 65 from 15 countries across the Americas, Europe, Africa, and Asia participated in a first-of-its-kind survey.
While, among other crypto-friendly nations, Nigeria (65%) and Argentina (56%) show the highest motivation to own cryptocurrencies as a means to store value.
57% of Indian and Brazilian respondents along with 25% French respondents tend to think that crypto is an environmentally friendly technology.
Overall, the results of the survey show increasing mainstream desire for more control over online identity.
As per Report :
“Web3 helps to address these desires by shifting control of identity from third parties to the individual, and establishing new paradigms of value creation and community formation. People engaging with crypto and web3, whether developing software, staking crypto-assets, or creating or purchasing NFTs, are more than a ‘user’ as typically defined, but directly contributing to and helping build their communities and the overall ecosystem,”.
