Crypto Considered To Be 'Future Of Money, Digital Ownership' By Indians, Study Reveals

The survey also indicated that 20 per cent of the Indian population currently owns cryptocurrency.

According to the results, 92 per cent of Indian participants demonstrated awareness of cryptocurrencies.

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Consensys, a leading Web3 software technology company, has released the findings of its "Global Survey on Crypto and Web3," shedding light on public opinions and behaviours related to the Web3 and crypto ecosystem. The survey, conducted by international research group YouGov, involved 15,158 participants aged 18 to 65 from 15 countries across the Americas, Europe, Africa, and Asia. It revealed a significant shift in user behaviour, indicating a growing inclination towards active participation, empowerment, and broader community ownership associated with Web3.

In India, 75 per cent of respondents expressed a desire for greater control over their Internet identity. While familiarity with the Metaverse was higher (53 per cent) than with Web3 (41 per cent) and non-fungible tokens, or NFTs (42 per cent) among Indians, the survey highlighted a strong trend of crypto awareness and engagement.

According to the results, 92 per cent of Indian participants demonstrated awareness of cryptocurrencies. Additionally, 37 per cent believed that cryptocurrencies represented the future of money, while 31 per cent saw them as the future of digital ownership and a means to participate in the global financial ecosystem. The survey also indicated that 20 per cent of the Indian population currently owns cryptocurrency, and 57 per cent expressed their willingness to consider investing in crypto within the next 12 months. Furthermore, a majority of Indian respondents (57 per cent) believed that crypto was an environmentally friendly technology.

Data privacy emerged as a significant concern, with 62 per cent of participants considering it important and 53 per cent expressing a desire for more control over their Internet identity. A notable 39 per cent of respondents believed they should receive a share of the profits generated from their data, while only 30 per cent trusted current Internet services with their personal information.

The survey identified barriers to entry into the crypto ecosystem, with market volatility (48 per cent) and fear of scams (44 per cent) ranking as the most significant concerns. Complexity (36 per cent) and difficulty in understanding the purpose of cryptocurrencies (36 per cent) were also cited as barriers.

Consensys, in response to the survey results, plans to redefine the concept of "Builder" as inclusive of everyone and aims to empower individuals by promoting Web3's potential. The company sees itself as a trusted steward, supporting builders and developers worldwide, and fostering community empowerment and positive global impact.

The survey also highlighted contrasting awareness levels between different countries. For example, Nigerians and Argentinians demonstrated the highest motivation to own cryptocurrencies as a means to store value, while Nigerians and Indians strongly believed they added value to the internet. Ownership of non-fungible tokens (NFTs) varied across countries, with the UK reporting the highest percentage of respondents who had never owned an NFT (76 per cent) and India having a relatively high percentage of NFT owners (39 per cent).

Overall, the Consensys survey provides valuable insights into the growing interest and engagement with Web3 and crypto technologies, indicating a shift towards active participation and community empowerment worldwide.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.