June 29, 2023

92% of Indians Aware of Crypto, Says Survey

Indian Metaverse

Indian Metaverse

A recent survey revealed the Indians’ growing interest in exploring and investing in cryptocurrencies, despite their high level of awareness about the metaverse than the Web3 and NFTs as concepts.

These findings came in a report titled “Global Survey on Crypto and Web3,” conducted by the UK-based market research firm YouGov and US-headquartered blockchain technology company ConsenSys. According to the Outlook India website, the survey interviewed 15,158 people aged 18-65 from 15 countries in the Americas, Europe, Africa, and Asia.

As for Indians, 92% of the surveyed Indians said that they are aware of the crypto and 56% of them pointed out they understand how the cryptos work. Only seventeen percent see cryptos are speculative assets, and 20% believe that they are scams.

Around 20% of the Indians who participated said they own cryptocurrencies, while 57% stated they are considering investing in crypto within the coming 12 months. Surprisingly, 57% noted that they see the crypto industry as an environment-friendly one.

The surveyed Indians also expressed their fears about entering the market. Forty-eight percent are concerned about the market’s volatility, 44% for fear of scams, and 36% for the complex ecosystem.

India’s Northern, Central, Eastern, and Northeastern regions show the highest traction for cryptocurrencies at 94%, followed by the West at 92% and South at 89%.

According to the survey, 53% of Indians said they are familiar with the metaverse, 42% for the NFTs, and 41% for the Web3. In addition, 75% of Indian participants showed their interest in greater control over their internet identities.

The report also added that 44% of Indians are afraid of crypto scams, compared to 19% in the US and 12% in both South Korea and Japan. Moreover, 43% of Indians saw that cryptocurrency as an investment tool in the future. Also, 76% of the UK respondents said they never owned an NFT.

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