ConsenSys and YouGov recently released a crypto insight report. The survey featured respondents from 15 nations and offered insight into how people around the globe perceive cryptos and the broader Web3 industry.
For this article, we’ll look at some aspects of the crypto report, including growing awareness of Web3 around these nations. We have another part of this report that delves into data privacy and internet identity.
What concept do people associate with Web3?
The report made some remarkable observations about what people associate Web3 with. The most widely accepted notion is that Web3 is the “future of money.” Furthermore, some sectors see cryptocurrencies as an “alternative to the traditional financial ecosystem.”
Interestingly, some respondents believe cryptocurrencies carry negative undertones. About 8% of those polled associate cryptocurrencies with “crime and money laundering”. The report noted that European nations, especially Germany and France, often associate crypto with negative notions like speculation, scams, and phishing.
In terms of crypto perception, Bitcoin is the currency that people in South America (Brazil and Mexico) and Asia (the Philippines, Vietnam, and India) consider to be the most environmentally friendly. In other nations, the respondents were undecided on which of Bitcoin and Ethereum to choose.
The crypto ecosystem has difficulty increasing adoption because users frequently view the market as being excessively unsafe or volatile, or they raise concerns about potential scams. Brazil, the Philippines, and South Africa are countries where these issues are very prevalent.
How Popular are NFTs?
Non-fungible tokens (NFTs) were the rave of the last bull cycle. Their fame spread thick into mainstream society and became extremely common in some regions. However, NFTs have declined globally, and the Consensys report analyzed the level of NFT awareness globally.
More respondents indicated that they were not aware of NFTs globally. The US, India, South Africa, and particularly Nigeria had the most NFT-aware citizens. On the other hand, the majority of respondents who are unfamiliar with it come from South American, European, and Japanese countries.
Among respondents familiar with NFTs, 24% of participants in Vietnam said they had never owned NFTs. This figure gets higher in the UK, where 76% said they had never owned NFTs.
How Popular is Web3 Globally?
The Web3 awareness survey showed that most respondents globally are familiar with Web3 concepts, however, to varying degrees. For example, the metaverse emerged as the most popular category (36%), and NFTs (34%). However, the concept of Web3 is not as popular as the associated sectors. Only 24% of respondents said they were familiar with Web3.
Around 92% of people globally are generally aware of cryptocurrency. Of them, 50% have a considerable understanding of the concept. A number of nations, like Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%), have significantly greater levels of cryptocurrency awareness.
Only one in three people in Indonesia and Japan, however, claim that they understand what cryptocurrency is, which is a smaller percentage than the global average.
There are also notable discrepancies in how different demographic groups perceive cryptocurrencies. And this is consistent with the age and gender digital divide globally. The sociodemographic groups with the best comprehension of cryptocurrencies are men between the ages of 25 and 34. Meanwhile, women and elderly participants tend to have less understanding.
40% of respondents surveyed globally currently own or have bought cryptocurrencies in the past. Among the countries surveyed, the highest percentage of past or present owners can be found in the US, Philippines, Vietnam, India, Nigeria, and South Africa.
On the other hand, Japan, Argentina, Mexico, and European countries (France, Germany, and the UK) are further behind, with a higher likelihood of never having bought any cryptocurrencies. Ownership levels are particularly high in Nigeria, where 7 in 10 affirm owning or having owned crypto.
How Did the Recent News Cycle Affect Participants?
A number of cryptocurrency-related companies declared bankruptcy in 2022. Interestingly, two-thirds of the respondents said they heard about these incidents. Respondents said these declines affected their trust and confidence in the blockchain world.
The major steps that need to be taken to restore trust in the sector, according to all nations, are enhancing security measures and increasing transparency. South Korea and Vietnam anticipate better regulation from the government.
Conclusion
The survey’s findings indicate a positive change in public opinion toward the digital world. People have grown more hopeful of an internet that grants users more control over their online identity and data. Despite this encouraging development, there is still a sizable knowledge gap between cryptocurrency and practical knowledge and application of Web3 technologies. So, Web3 projects have a big role to play in bridging this divide.
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Disclaimer
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