Indians More Familiar with Metaverse Compared to Web3, NFTs: Report
According to a recent report commissioned by Consensys and conducted by YouGov, it appears that Indians are gradually embracing blockchain-based elements, particularly the concept of the metaverse. The survey involved over a thousand participants from India, and the findings indicate that 53 percent of them are familiar with the metaverse. The metaverse represents a fully functional virtual universe where real individuals and fictional characters can coexist as avatars. The concept gained significant traction globally after Facebook's rebranding to 'Meta' in 2021, signaling their strong belief in the potential of the metaverse to revolutionize social interactions irrespective of geographical barriers.
Among the surveyed participants, 41 percent claimed to have some knowledge about Web3, which refers to the next generation of internet technology that enables decentralized applications and peer-to-peer interactions. Additionally, 42 percent stated that they were aware of non-fungible tokens (NFTs), which are unique digital assets authenticated on the blockchain. NFTs have gained significant attention in the art and collectibles space.
Interestingly, the report also highlights that 37 percent of the surveyed individuals from India view cryptocurrencies as the future of money. This indicates a growing acceptance and recognition of cryptocurrencies as a viable alternative to traditional forms of currency. It reflects a positive sentiment toward the potential of cryptocurrencies to disrupt the existing financial systems and introduce new possibilities for economic transactions.
Overall, the survey findings suggest that Indians are becoming increasingly aware and open to blockchain-based technologies, including the metaverse, Web3, NFTs, and cryptocurrencies. The growing familiarity and positive outlook toward these concepts indicate a potential shift in how individuals perceive and interact with digital platforms, assets, and financial systems in the future.
The report indicates that there is a significant shift taking place in the Indian market regarding blockchain technology and Web3 adoption. It suggests that individuals who are aware of Web3 concepts and applications are transitioning from being mere users to actively becoming builders and contributors in the ecosystem.
Among the surveyed participants, 41 percent claimed to have some knowledge about Web3, which refers to the next generation of internet technology that enables decentralized applications and peer-to-peer interactions. Additionally, 42 percent stated that they were aware of non-fungible tokens (NFTs), which are unique digital assets authenticated on the blockchain. NFTs have gained significant attention in the art and collectibles space.
Interestingly, the report also highlights that 37 percent of the surveyed individuals from India view cryptocurrencies as the future of money. This indicates a growing acceptance and recognition of cryptocurrencies as a viable alternative to traditional forms of currency. It reflects a positive sentiment toward the potential of cryptocurrencies to disrupt the existing financial systems and introduce new possibilities for economic transactions.
Overall, the survey findings suggest that Indians are becoming increasingly aware and open to blockchain-based technologies, including the metaverse, Web3, NFTs, and cryptocurrencies. The growing familiarity and positive outlook toward these concepts indicate a potential shift in how individuals perceive and interact with digital platforms, assets, and financial systems in the future.
The report indicates that there is a significant shift taking place in the Indian market regarding blockchain technology and Web3 adoption. It suggests that individuals who are aware of Web3 concepts and applications are transitioning from being mere users to actively becoming builders and contributors in the ecosystem.
This shift signifies a growing interest and engagement among Indians in not only using blockchain-based platforms and services but also actively participating in their development and expansion. It reflects a desire among individuals to play a more active role in shaping the future of this technology rather than just being passive consumers.
By embracing the role of builders, individuals in India are likely to engage in activities such as developing decentralized applications, contributing to open-source projects, exploring token economies, and experimenting with new possibilities within the Web3 landscape. This shift from user to builder represents a paradigm shift in mindset and highlights the increasing maturity and awareness of the Indian market in the blockchain space.
This transformation has the potential to foster innovation, collaboration, and entrepreneurship among Web3-aware Indians. It opens up new opportunities for individuals to leverage their skills, creativity, and knowledge to contribute to the growth of the ecosystem. By actively participating in building the Web3 future, Indians can drive forward technological advancements, create impactful solutions, and shape the trajectory of this emerging field.
Overall, the report suggests that the Indian market is undergoing a significant transformation, with Web3-aware individuals increasingly taking on the role of builders and actively contributing to the development and expansion of blockchain-based technologies. This shift holds great potential for the Indian blockchain ecosystem and reflects a promising future for the country's participation in the Web3 revolution.
According to the report, it states that approximately one-fifth of the Indian population currently owns some form of cryptocurrency, indicating a growing interest and adoption of digital assets in the country. Moreover, an impressive 57 percent of Indian respondents expressed their willingness to consider investing in cryptocurrencies within the next 12 months, highlighting a positive outlook toward the future of this emerging asset class.
Interestingly, the report also reveals that 57 percent of the participants believe cryptocurrencies to be environmentally friendly technology, suggesting a perception among Indians that digital currencies have the potential to address environmental concerns associated with traditional financial systems.
When asked about the main concepts associated with cryptocurrencies, more than one-third of the respondents who were familiar with the industry expressed their belief in the transformative power of digital ownership, considering it as the future of asset ownership in the digital realm.
The report further highlights the regional distribution of cryptocurrency transactions within India. It reveals that the northern, central, eastern, and northeastern states of India account for the majority (94 percent) of crypto transactions in the country. This is followed by the western region with 92 percent and the southern region with 89 percent. These figures indicate varying levels of crypto adoption across different regions of India, with certain areas demonstrating higher levels of engagement and participation in the cryptocurrency market.
Overall, the report suggests a significant shift in the Indian market, with a growing number of individuals becoming aware of cryptocurrencies and exploring opportunities within the crypto space. The findings indicate a potential transition from being mere users to actively participating in the development and building of Web3 technologies, signaling a shift towards a more decentralized and blockchain-enabled future in India.
The survey highlights several significant roadblocks that are hindering the widespread adoption of blockchain elements in India. Data privacy concerns are a major factor, with 62 percent of participants emphasizing the importance of data privacy. Additionally, 53 percent expressed a desire for more control over their online identity. The volatility of the market (48 percent) and the fear of scams (44 percent) were identified as the most significant barriers to entry, followed by the complexity of the ecosystem (36 percent) and difficulties in understanding its purpose.
The survey, commissioned by Consensys and conducted by YouGov, involved 15,158 individuals from 15 countries across the Americas, Europe, Africa, and Asia, ranging in age from 18 to 65. It provides valuable insights into the perceptions and attitudes towards blockchain and cryptocurrencies in different regions.
Among other crypto-friendly nations, Nigeria (65 percent) and Argentina (56 percent) demonstrated the highest motivation to own cryptocurrencies as a means of storing value. In the case of India and Brazil, 57 percent of respondents believed that crypto is an environmentally friendly technology. This highlights a positive perception of cryptocurrencies' potential to address environmental concerns.
Overall, the survey findings indicate a growing mainstream desire for more control over online identity and a shift towards decentralized systems. Web3 technologies have the potential to fulfill these desires by empowering individuals with control over their identity and introducing new value creation and community formation paradigms. The report emphasizes that those engaging with crypto and web3 technologies are not just passive users but active contributors to the ecosystem, playing a role in building and shaping their communities.