Report Reveals Indians' Stronger Familiarity with Metaverse Over Web3 and NFTs

Report Reveals Indians' Stronger Familiarity with Metaverse Over Web3 and NFTs

DateAug 18, 2023

A groundbreaking survey, commissioned by Consensys and conducted by YouGov, gathered insights from a diverse range of 15,158 individuals across 15 countries spanning the Americas, Europe, Africa, and Asia, with ages ranging from 18 to 65.

The report reveals a gradual shift in Indian attitudes towards blockchain-based innovations, with the metaverse emerging as a clear favorite. The study focused on India, where more than a thousand respondents participated, indicating that 53 percent are acquainted with the metaverse concept. The metaverse, an expansive digital realm where human and fictional personas coexist as avatars, gained significant traction after Facebook's transformation into 'Meta' in 2021. This shift underscored the metaverse's potential to revolutionize social interactions and bridge geographical divides.

Of the surveyed Indian participants, 41 percent exhibited some familiarity with Web3, while 42 percent reported awareness of NFTs (Non-Fungible Tokens). Intriguingly, 37 percent of the respondents from India expressed a belief in cryptocurrencies as the future of money.

Around one-fifth of the Indian population presently owns cryptocurrency, and a noteworthy 57 percent of respondents expressed interest in potentially investing in crypto within the coming year. A striking 57 percent also considered crypto to be an environmentally sustainable technology. Among those knowledgeable about the crypto industry, over one-third believed in its capacity to shape the future of digital ownership (31 percent).

Notably, the northern, central, eastern, and northeastern regions of India account for 94 percent of the country's crypto transactions, followed closely by the western (92 percent) and southern (89 percent) areas.

Despite the growing enthusiasm, the survey uncovered substantial obstacles impeding widespread blockchain adoption within the country. Concerns over data privacy (62 percent) and the desire for greater control over online identities (53 percent) were prominent. Market volatility (48 percent) and apprehensions about scams (44 percent) were identified as the primary entry barriers. The complexity of the ecosystem (36 percent) and challenges in understanding its purpose are also featured as impediments.

Similarly, other crypto-friendly nations such as Nigeria (65 percent) and Argentina (56 percent) exhibited significant interest in cryptocurrencies as a store of value.

As the survey results indicate, 57 percent of Indian and Brazilian participants, along with 25 percent of those from France, view cryptocurrencies as eco-friendly technology.

In summary, the findings underscore a growing mainstream inclination towards more significant control over online identity. Web3 technologies were highlighted as a means to address these desires, empowering individuals with control over their identities and fostering novel paradigms of value creation and community formation. Those involved in crypto and Web3 activities contribute actively to building communities and the broader ecosystem, surpassing the conventional definition of mere users.

Source: Gadgets360