According to Consensys 2024, a global survey on Crypto and Web3, the awareness of cryptocurrency has grown globally, but with a limited understanding of Web3 concepts.
Globally, 93% of respondents are aware of cryptocurrencies, marking a significant increase of 1% from last year, with 51% claiming to understand them.
Ownership trends show that 42% of participants currently own or have previously purchased cryptocurrencies, with notable increases in the Philippines (+7%), Mexico (+8%), Germany (+7%), South Africa (+7%) and Japan (+4%). Demographic data indicates a digital divide, with men aged 25-44 reporting the deepest knowledge of crypto technology, a trend consistent across most regions and similar to last year’s findings.
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Notably, crypto ownership is highest in Nigeria (73%), followed by South Africa (68%), the Philippines (54%), Vietnam (54%), and India (52%). Less than half of respondents (47% -2), believe the traditional financial systems work well, suggesting a continued lack of confidence in existing financial infrastructure. In addition, 18% (+2) think the system needs a complete overhaul, particularly in Nigeria, Indonesia and the Philippines. More respondents in Asia and Africa plan to invest in crypto assets in the next 12 months, reflecting a growing interest in these regions.
Top barriers to entering the crypto ecosystem include perceived market volatility and the prevalence of scams. Although the perception of market volatility has decreased this year. Other common barriers include not knowing where to start, and a lack of understanding about the purpose of crypto technology. Despite this, the main concepts associated with cryptocurrencies are largely positive with the top three concepts being the future of money, an alternative to the traditional financial ecosystem, and the future of digital ownership, tied with speculation.
It is however interesting to note that participation in Web3 activities, such as minting NFTs, owning tokens, and using wallets, has increased globally, with 33% of Web3-aware individuals now using wallets, up 6% from last year. However, web3 concepts remain poorly understood worldwide, with exceptions in Nigeria (61%) and South Africa (48%), where familiarity has significantly increased. In contrast, understanding remains lowest in Japan, South Korea, and Europe.
NFTs are somewhat better understood than web3 concepts. About 36% of respondents in Asia and 45% in the US are familiar with NFTs. Greater awareness generally correlates with higher NFT ownership, though the UK stands out as an exception, with ownership significantly down from last year. Nigeria leads in NFT investment interest, with 93% of respondents planning to invest in NFTs over the next 12 months.
The survey highlights the growing awareness and adoption of cryptocurrencies and web3 activities globally which reflects a transformative moment, bridging the gap between traditional and digital financial systems.
It also presents opportunities for empowerment, innovation, and economic growth, while raising important questions about regulation, security, and equity in the evolving digital landscape.
