Consensys Report: Where Is the Crypto Industry Today? — Part 1

Consensys and YouGov held a survey about Web3 perception in 15 countries. The survey involved all continents. It asked questions about the crypto industry and its various pillars.

For example, cryptocurrencies, Web3, NFTs, metaverses, and blockchains. So, let’s find out where the crypto industry is today.

Global Cryptocurrency Awareness vs. WEB3 Awareness

An impressive 92% of participants in the survey had heard of crypto. However, only 8% are familiar with Web3. This indicates that there’s a missing link between the public perception of Web3 and what it can do. This involves a solution to privacy issues. Furthermore, it also includes identity issues and digital ownership on the World Wide Web.

Still, plenty of participants desire more data privacy and ownership. 50% stated that they add value to the current internet. 67% like to have ownership of what they make. However, only 38% think that they get rewarded enough. 

There are also significant differences in behavior between countries. Europeans view the crypto industry with a more skeptical view. Like France or Germany. They are more critical of scams or money laundering. On the other hand, Asian, African, and South American countries are more enthusiastic. Countries, like Nigeria or Argentina, see crypto as a hedge against inflation.

However, for Web3 there appears to be a lack of awareness of what it can do. People are not aware that it can solve issues like privacy, identity, or ownership. Web3 can also help to monetize these factors. The following chart shows how participants view privacy.

Crypto industry
Consensys and YouGov survey
Privacy Concerns and Online Identity

There are also plenty of privacy concerns. For example, participants believe that they should,

  • Have more data privacy (83%). See the chart above.
  • Be able to profit from the data that big firms use (70%)
  • Have more control over their online identity (79%).

The current situation with your online identity is that you don’t own it. In contrast, it’s centralized services that control your digital identity. Social media platforms also play a big role in this as well. However, the survey participants like to have more control over their online identity. The older the participant group, the more privacy they preferred. The following chart shows how participants would like more control over their online identity.

Crypto industry
Consensys and YouGov survey
Today’s Web

Currently, we see the start of a ‘creator economy’. Creators represent their own brands and audiences. This is already worth well over $250 billion. It appears that this is a market with sufficient growth perspective. Especially with the Web3 earning modules. During the next 5 years, Goldman Sachs Research expects this market to grow. They mentioned a 10%-20% compounding yearly growth of the current 50 billion creators. The following chart shows that 67% of creators want to own the things they make.

Digital ownership
Consensys and YouGov survey
Crypto Awareness

Of all participants, 92% are aware of crypto. 50% of these claim to understand what cryptocurrencies are. There are quite some differences when we look at the various demographic groups. The 25–34-year-old male group seems to be the most knowledgeable. On the other hand, women and older participants appear to have less knowledge. See the picture below.

Crypto industry
Consensys and YouGov survey

Of all participants, 40% own or bought cryptocurrencies. The US, Philippines, Vietnam, India, Nigeria, and South Africa take the lead here. On the other hand, here’s a short list of participants from countries that most likely don’t own crypto. For example, Japan, Argentina, Mexico, France, Germany, and the UK.

In Asia and Africa, we see a high willingness to own crypto. For instance, Nigeria sees a 90% rate, South Africa 78% and Vietnam and the Philippines 57%. This contrasts with European countries and Japan. Plenty of participants from there said that they would not invest in crypto.

Concerns to Enter the Crypto Space

Some major concerns about taking part in crypto trading or investing are, for example:

  • Volatility
  • Risk
  • Scams

Especially South Africa, the Philippines, and Brazil prevailed with this concern. Many people, who like to take part in crypto, don’t know where or how to start. There should be more awareness about Web3 onboarding options. For example, South Africa or Nigeria see a high willingness to onboard, despite the risks.

There is also more education needed about how to protect yourself after onboarding. This counts for countries, like Brazil, Mexico, Argentina, the Philippines, and India. The picture below shows the major barriers that participants saw.

Barriers to entering the digital assets space
Consensys and YouGov survey

We looked at how people around the world perceive the crypto industry and Web3. Crypto has a high recognition and participation factor. However, in the field of Web3, there’s still a lack of awareness. 

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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

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