Indians Are More Concerned About Crypto Scams Than Web3 Or NFT, a Survey Finds
ConsenSys, a blockchain technology company located in the US, and YouGov, a market research company based in the UK, conducted a worldwide study to learn more about how interested and knowledgeable Indians are about cutting-edge technologies like Metaverse, Web3, and nonfungible tokens (NFTs).
According to the “Global Survey on Crypto and Web3” research, which was published on June 27th, Indians are more acquainted with Metaverse than Web3 and the idea of NFTs. However, it claims that Indians are becoming more interested in learning about and investing in cryptocurrencies.
Cryptocurrencies are seen as the future of money by many Indians as well. According to 37% of respondents from India, cryptocurrencies would eventually serve as transactional currencies, and 31% think they will be used to represent ownership in digital spaces.
Compared to 41% of Web3 users and 42% of NFT users, 53% of Indians stated they are aware with the idea of the Metaverse. Additionally, 75% of respondents from India said they wanted more control over their online personas. 15,158 persons between the ages of 18 and 65 from 15 countries in the Americas, Europe, Africa, and Asia participated in the study.
Indian findings
The poll reveals a paradigm change towards cryptocurrencies and Web3 technology in India, marked by increased knowledge and trust.
Of the participants from India, 92% indicated they were aware of cryptocurrencies, and 56% claimed they understood how they functioned. Only 17% and 20%, respectively, considered that cryptocurrencies were speculative investments and frauds.
Additionally, 15% of those polled claimed to be cryptocurrency owners, while 57% indicated they want to invest in cryptocurrencies in the next year. It’s interesting to note that 57% of respondents thought that cryptography was an environmentally beneficial technology.
The research also highlighted the difficulties of joining the cryptocurrency ecosystem. Concerns about scams and volatility were both at 44% and 36%, respectively. Concerns about complicated ecosystems were at 36%.
The largest adoption of cryptocurrencies is seen in India’s Northern, Central, Eastern, and Northeastern regions (94%), followed by the West (92%), and the South (89%).
India’s worries Regarding Other Nations
India had a 44 percent concern rate, the US had a 19 percent concern, and Japan and South Korea each had a 12 percent concern rate. Comparatively speaking, data privacy is the most essential worry, with 62% of respondents seeing it as vital and 53% seeking greater control over their online personas. Additionally, 39% of respondents said that companies should share their earnings from exploiting customer data more fairly.
Nigeria and Argentina have shown the most incentive to possess cryptocurrencies as a measure of wealth storage due to the volatility in their national currencies, at 65% and 56%, respectively.
On the other hand, 43% of respondents from India think that cryptocurrencies are a good long-term investment. The research also discloses that 76% of the respondents from the UK never bought an NFT. Only 24% of the respondents in Vietnam lacked an NFT, in comparison.
