MUMBAI: Leading web3 software technology company, Consensys, unveils a first-of-its-kind global opinion survey on crypto and web3, conducted online by international online research data and analytics technology group, YouGov. The survey polled a representative sample of 15,158 people aged 18-65 between April 26th and May 18th, 2023 in 15 countries across Africa, the Americas, Europe, and Asia, including 1013 people in India.  The results offer captivating and unique insights into the public’s overall understanding and views of the web3 and crypto ecosystem. The survey conducted with participants from India explores topics such as data privacy, the current financial system, the recent news cycle, and digital ownership. Results reveal that 37% of Indian respondents see cryptocurrencies as the “future of money,” and 31% as the “future of digital ownership,” and as “a way to participate in a global financial ecosystem.” This evolution indicates a shift in user behavior toward active participation, empowerment, and broader community ownership, characterized by web3.

From “Users” to “Builders”: A Paradigm Shift – Indian market

The survey results present a compelling picture of the Indian market characterized by widespread awareness of crypto, coupled with confidence in a crypto-led future:

• Strong crypto awareness: 92% of participants demonstrated awareness of crypto;
• Firm beliefs in crypto’s future: When asked about the main concepts associated with crypto, more than one-third of those familiar with the industry expressed beliefs in its potential as the future of money (37%) and the future of digital ownership (31%), surpassing associations with speculation (17%) or scams (20%);
• Crypto ownership:  A fifth of the population currently owns some cryptocurrency and a notable 57% of Indian respondents would consider investing in crypto in the next 12 months. Also, 57% of respondents believe crypto is an environmentally friendly technology.
• North-Central & Eastern regions dominate: The North, Central, Eastern, and Northeastern states of India (94%) show the highest traction for cryptocurrencies, followed by the West (92%) and South (89%) regions.
• Concerns around data privacy: 62% of participants consider data privacy to be important, while 53% expressed the desire to have more control over their identity on the internet. 39% of respondents believed that they should have a share of the profit a company makes from their data, whereas only 30% trusted the current internet services with their data and personal information.
• Barriers to entering the crypto ecosystem: The volatility of the market (48%) together with the fear of scams (44%) emerged as the most significant barriers to entry, followed by the complexity of the ecosystem (36%) and difficulties to understand its purpose.

YouGov’s full global report as well as country-level executive summaries are available Here.

The results of the survey reveal an increasing mainstream desire for more control over online identity, the data we share, and the more equitable sharing of profits with those who are helping build platforms through their contributions. In this new world, web3 and crypto enable a global peer-to-peer network that empowers individuals. Web3 helps to address these desires by shifting control of identity from third parties to the individual and establishing new paradigms of value creation and community formation. People engaging with crypto and web3, whether developing software, staking crypto-assets, or creating or purchasing NFTs, are more than a  ‘user’ as typically defined, but directly contributing to and helping build their communities and the ecosystem overall.

Consensys sees the empowerment of the builder as fundamental to its purpose and is focused on supporting people everywhere to see the potential of web3, the role it can play in their lives, and the tools they need to get started. Today, Consensys reveals an evolved brand identity that encourages people to see themselves and the world differently: reframing “builder” to be more inclusive of artists, community creators, collectors—and ultimately, everyone.

Joe Lubin, Founder, and CEO of Consensys, said, “The survey confirms the emergence of a decentralized trust paradigm that empowers users and communities. The era of the builder aligns with the web3 ethos where everyone can contribute. Consensys aims to be a trusted steward for builders and developers, supporting community empowerment and positive global impact.”

Contrasts in Web3 Awareness Between Countries

A comparative analysis of different regions reveals interesting contrasts between countries on various web3 and crypto-related topics:

• Motivations to own crypto: Nigeria (65%) and Argentina (56%) show the highest motivation to own cryptocurrencies as a means to store value, given the instability of their local currencies; In India (43%) consider it as an investment for the future
• Beliefs that they add value to the internet: 67% of respondents in Nigeria, and 60% in India strongly believe they add value to the internet, while only 5% of respondents in Japan do;
• NFT ownership: Among respondents familiar with the concept of NFTs, 76% of respondents in the UK have never owned an NFT, compared to only 24% of respondents in Vietnam; In India 39% of respondents in India own NFTs
• Future of Money: 58% of Nigerians, 50% of South Africans, and 44% of Mexicans say the future of money is one of the main concepts associated with cryptocurrencies, while only 18% of Indians, 15% of Brits, and 17% of Germans said the same;
• Concerns around scams: People in India (44%), the US (19%), and the UK (20%) are more likely to be concerned about scams compared to Japan and Korea (12% each);
• Crypto carbon footprint: 57% of Indian and Brazilian respondents think that crypto is an environmentally friendly technology while only 25% in France think the same.

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BENGALURU: CoinDCX, India’s leading and most valued crypto exchange, believes India can lead the world in ushering in a new iteration of the internet, and therefore, it has the potential to add $1 Trillion to the economy. Against this backdrop, the company has always supported the Web3 ecosystem by mobilizing important players of the ecosystem like builders, entrepreneurs, and enthusiasts to give an impetus to the industry. Continuing its commitment, the company has partnered with leading Web3 companies for a series of events and partnerships this month.

• ETH India Hackathon: CoinDCX is one of the sponsors of the ETH India Hackathon being held in Bengaluru from December 2nd-4th, 2022. It is expected to bring together over 1500 builders who will work on solving the challenges of decentralized applications. CoinDCX will be providing a problem statement to the participants to build on the projects around Decentralized Finance (DeFi). This hackathon was conceptualized with the goal of inspiring and fostering a community of builders and promoting technological advancements for Ethereum.
• Polygon Village Wonders Demo Day- Against the backdrop of ETH India, CoinDCX Ventures, the venture arm of CoinDCX, along with other Web3 players, is hosting an in-person Demo Day on December 5th, 2022, to encourage pioneering Web3 start-ups. The start-ups from the first cohort of Polygon Village Wonders will be attending the Demo Day and pitching to the top investors in the Indian Web 3 community. The Demo Day will provide them access to funding opportunities, insights, and information from experts and access to a mentor network.
• Techstars Start-up Weekend Web3: CoinDCX is the lead sponsor of Techstars Startup Weekend Web3 Bengaluru, being organized simultaneously on December 2nd – 4th, 2022, to encourage the developer community to build and innovate. It is a 54-hour-long event designed to provide superior experiential education for technical and non-technical entrepreneurs.
• Community chapter meet-up: CoinDCX has recently launched its DeFi offering called Okto, which will make DeFi accessible, easy to use, and safe for users. The community will get the chance to be part of the discussion on the current challenges in DeFi, opportunities to build in DeFi, and how CoinDCX’s app Okto is enabling Self Custody and prioritizing investors’ safety through this product. The discussion on ‘Building for DeFi with Okto’ will be led by Neeraj Khandelwal, Co-Founder, of CoinDCX, and Hemant Gupta, AVP Engineering, CoinDCX.

Neeraj Khandelwal, Co-Founder, of CoinDCX, said: “We are committed to strengthening the Web3 ecosystem and bringing it to its full potential. Partnerships like this help nurture and accelerate the potential of the upcoming builders, developers, and start-ups. These events and community meetups also help us democratize the core issues and discuss the importance of Web3 and DeFi.”

Rohit Jain, Managing Director, CoinDCX Ventures, said: “We are delighted to be part of ETH India’s Web3 movement. The immense response received from the developer and builder community is very heartening and indicates that we are ready for the next-gen internet. We are grateful to the industry leaders and our partners who always come together and ensure India witnesses a Web3 revolution.”

With the ETH India and Techstars partnership, CoinDCX intends to focus on innovations and building use cases for the mass market adoption of Web3. These collaborations of CoinDCX in the Web3 space are yet another initiative toward CoinDCX’s commitment to realizing the vision of building India’s Web3 ecosystem.

CoinDCX is giving the opportunity to the winners of the CoinDCX problem statement at the ETH India main hackathon to interview for a job opportunity with them. Unlike the usual four rounds of interviews, they’ll directly have the final round and an offer letter if they make it after observing their passion and enthusiasm for Building!

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BENGALURU: Flipkart, India’s homegrown e-commerce marketplace, today announced a strategic partnership with Polygon Companies, a developer of the leading Ethereum scaling protocol offering scalable, affordable, secure, and sustainable blockchains for Web3. The partnership will result in the setting up of a Blockchain-eCommerce Centre of Excellence (CoE) that will work on research and development of Web3 and metaverse commerce use cases in India to accelerate the adoption of Web3.

This partnership comes amidst Flipkart’s many excursions in Web3 in recent times. Earlier this year, Flipkart announced Flipkart Labs, the innovation wing, to incubate various solutions to bring innovation to the e-commerce scene in India. With Labs, Flipkart ventured into Web3 and Metaverse commerce to explore NFTs, Virtual Immersive stores, and other Blockchain-related use cases. Since then, Flipkart has launched FireDrops, an easy-to-use NFT platform for brands to explore new horizons of community building and pivot the value of NFTs around utilities. During the festive sale, Flipkart also partnered with eDAO to launch a virtual shopping experience in the metaverse – called Flipverse. Flipverse enabled brands to organize unique product launches and create engaging experiences for users within a hyper-realistic, game-like environment.

Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart, stated, “Innovation is one of the main pillars for Flipkart and we have consistently worked towards technology solutions to scale new frontiers and introduce new products and services. We are delighted to partner with Polygon, a company that is at the forefront of blockchain innovation, nationally and internationally. With the COE, we look forward to working with them and leveraging their expertise and technical know-how to successfully onboard users not just to the value proposition of Web3 or Metaverse commerce but also Web3 in general.”

Commenting on the partnership, Naren Ravula, VP, Head of Product Strategy at Flipkart and Head of Flipkart Labs, said, “Our partnership with Polygon exhibits our technology-driven mindset with an endeavor to transform the shopping experiences for millions of users and redefine the future of commerce, consumption, and value creation. The partnership brings expertise from the world of e-commerce and Blockchain and lays the foundation for innovation at a protocol, platform, and product-level for decentralized e-commerce in India, especially through brand collaborations and initiatives like 3D storefronts, novel NFT drop mechanisms, trustless standards for commerce, on-chain loyalty, and play-to-earn experiences. We look forward to continuing our work with Polygon and adding value to the e-commerce ecosystem by creating opportunities for innovative interactions with customers.”

Sandeep Nailwal, Co-Founder of Polygon says, “We are excited to partner with Flipkart to create the Centre of Excellence. Polygon’s mission is to bring the next billion users to Web3 and this partnership will pioneer research and development at the intersection of Web3 and experiential retail which will advance adoption and impact in India and across the world. We see the Blockchain-eCommerce Centre of Excellence as an engine for the evolution of e-commerce in the years to come.”

Web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics, especially the realm of NFTs and digital collectibles, which have evolved significantly in recent years, with brands finding new avenues to create value for themselves and their users. However, it’s still in its early days and decentralized technologies are yet to become more mainstream. This partnership between one of India’s leading digital commerce entities and the leading Ethereum scaling protocol will be an opportunity to create a large impact and deliver on the promise of Web3 for all.

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