Leading blockchain and Web3 software company Consensys recently released the findings of its second global opinion survey on crypto and Web3, conducted in collaboration with YouGov.
The survey highlights growing global participation in Web3 activities such as minting NFTs, owning tokens, and using digital wallets. Notably, one-third (33%) of those familiar with Web3 now use a wallet, marking a 6% increase from last year. Despite this growth, Web3 remains poorly understood worldwide. Nigeria (61%) and South Africa (48%) are the most familiar markets, with familiarity significantly higher compared to last year, while Japan, South Korea, and Europe report the lowest levels of awareness.
Globally, the use of Web3 wallets for transactions is the most common activity, although wallet ownership remains below 50%. Security (77%) and ease of use (74%) are the primary considerations when choosing a wallet, with Africa showing a strong preference (93%) for self-custody wallets.
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The survey disclosed that NFTs are slightly better understood than Web3, with 36% of respondents in Asia familiar with them, and 45% in the U.S. aware of NFTs. Interestingly, higher awareness often correlates with greater NFT ownership, except in the UK, where ownership has declined since last year. Nigeria leads in NFT investment interest, with 93% of respondents expressing plans to invest in NFTs within the next year.
Blockchain technology is somewhat better understood than Web3 and NFTs, with increased awareness across surveyed countries. In Nigeria, 77% of respondents correctly identified blockchain concepts, followed by 52% in South Africa. Decentralization remains a poorly understood concept globally, with notable exceptions such as Nigeria (80%), South Africa (74%), India (66%), and the US (58%). Despite this, a significant 82% of respondents globally believe Web2 companies have excessive power.
When asked about decentralization’s role in crypto, blockchain, and Web3, familiarity was highest in Nigeria, South Africa, and Indonesia. Globally, over a third of respondents see potential benefits of decentralization for social media platforms and international banking, indicating a growing interest in integrating blockchain into traditional systems. However, a clear education gap persists. While the desire for decentralization and ownership in digital ecosystems grow, understanding of these concepts lags.
Consensys interprets this trend as part of a shift towards a more equitable online landscape, where individuals not only use Web3 technologies but also actively contribute to and own their digital presence.
This evolving ownership mentality is fueled by distrust in traditional social media platforms regarding data privacy and a desire for more control over online contributions, underscoring the promise of blockchain and Web3 for the future.