Forward the Original Title: Consensys releases Global Survey on Crypto and Web3

The second annual Global Survey on Crypto and Web3 shows that broad awareness of crypto has increased globally, but with limited understanding of web3 concepts, indicating significant opportunities for education and engagement.

• Globally 93% (+1) of people surveyed are aware of cryptocurrencies, with 51% of those claiming to understand what they are.
• 42% of respondents currently own or have previously bought cryptocurrencies, with crypto ownership up significantly year-over-year in the Philippines (+7), Mexico (+8), Germany (+7), South Africa (+7) and Japan (+4).
• Participation in 10 out of 11 web3 activities are up globally year over year, including collecting NFTs (+3), using decentralized finance (+4), playing blockchain-based games (+3), owning web3 wallets (+6), and interacting with staking services (+3).
• More than half of respondents (58%) in key markets such as the United States, Nigeria, South Africa, and India are at least familiar with decentralization.
• Most respondents think the current financial system needs change, and significantly more (18%, +2) than last year think the financial system needs to be rebuilt.
• Globally, a significant 80% of respondents believe that web2 companies have too much power, and over a third think social media platforms and international banking/money transfer systems would benefit from decentralization.
• Over 75% of respondents are concerned about AI generating fake news and fraudulent content, while 54% believe blockchain can mitigate those risks.
• Crypto, web3, and blockchain are being rapidly embraced in key emerging markets like Nigeria, India, and South Africa while lagging in select regions across Europe, North America, Japan and South Korea.

Texas, USA, December 10, 2024 — Today, leading blockchain and web3 software technology company, Consensys, unveils the findings of its second global opinion survey on crypto and web3, conducted online by international online research data and analytics technology group YouGov. As a follow-up to the initial report published in 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65 in 18 countries across Africa, the Americas, Asia, and Europe.

With a mix of identical questions from the previous survey designed to gain an understanding of changing sentiment, and new questions aimed at addressing current themes and trends, the survey explores topics such as data privacy, awareness, ownership and web3 activity, decentralization, timely news events like the approval of spot crypto ETFs, and the intersection of artificial intelligence (AI) and blockchain. The results, broken down to showcase geographic trends, offer valuable insights into the public’s understanding and perceptions of web3, crypto, and decentralization, and reveal ongoing challenges and opportunities for education and adoption.

Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of Consensys, said, “The critical role of blockchain and decentralization in enhancing privacy, trust, and transparency for how our data is managed cannot be overstated. Our latest survey not only highlights the rising importance of data privacy, with 83% of respondents emphasizing its significance, but also sheds light on pervasive concerns about exploitation and misinformation, a pressing issue amid global elections and the mainstream adoption of AI.”

“Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3 — the re-decentralized web. 2024 has been a monumental year for crypto for a variety of reasons, which are rapidly converging to move society and the right direction espoused by the web3 ecosystem, towards far greater economic, social, and political agency for all people and communities. The recent U.S. presidential election may lead to significant regulatory clarity, for example. As the world embraces the potential of decentralization and crypto, our industry stands ready to support and empower the next wave of users through education and innovation while solving some of our world’s most complex challenges”, Lubin added.

The full global report and country-level executive summaries are available here.

Key findings from the 2024 survey

Perceptions on data privacy, concerns about AI, value creation, and the current financial system

Globally, 83% of respondents say data privacy is a top concern, but less than half (46%) trust how their Internet Service Providers handle their data and sensitive information. Additionally, 3 out of 4 people (78%) surveyed say they want more control over their online identity and a share of profits from their data — with only 39% of those surveyed feeling they are adequately compensated for the value they add to the internet. Concerns about AI’s potential for generating malicious content are also widespread, highlighting an emerging phenomenon. More than 75% are concerned about AI generating fake news and fraudulent content, with the highest concerns in Nigeria and South Africa.

Views on blockchain’s ability to mitigate these risks vary by country, but 3 out of 5 people globally (54%) think it could mitigate the risks posed by AI. Concurrently, less than half of respondents (47%, –2) believe the traditional financial system works 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. Interestingly, however, cryptocurrency owners and those familiar with decentralization tend to view the traditional financial system more favorably. Similarly, those who are willing to invest in cryptocurrencies also have a stronger opinion that the financial system works well (28% vs 20%).

Crypto adoption across the globe: awareness, ownership, and barriers to entry

Globally, 93% (+1) of people are aware of cryptocurrencies, with 52% of those respondents claiming to understand what they are. Significant demographic differences in understanding reflect the global digital divide, particularly across age and gender. Men aged 25-44 state they have the deepest understanding of crypto technology, a trend seen with varying intensity across most countries and consistent with last year’s demographics.

Around 42% of respondents currently own or have previously bought cryptocurrencies. Ownership is highest in Nigeria (73%), South Africa (68%), the Philippines (54%), Vietnam (54%), and India (52%). More respondents in Asia and Africa plan to invest in crypto assets in the next 12 months. While overall interest in Europe is lower, it has grown significantly in France (27%, +3) and Germany (33%, +10). Top barriers to entering the crypto ecosystem include perceived market volatility (20%) and the prevalence of scams (17%). Although the perception of market volatility has decreased this year, concerns persist in countries like Japan, South Korea, and Turkey. Other common barriers include not knowing where to start (14%) and a lack of understanding about the purpose of crypto technology (11%). Despite this, the main concepts associated with cryptocurrencies are largely positive with the top three concepts being: “future of money” (14%, -2), “alternative to the traditional financial ecosystem” (10%, -1), and “the future of digital ownership” (9%, -2), tied with “speculation” (9%, +1).

Web3, crypto wallets, blockchain, and NFTs: awareness, intention, and participation in blockchain and web3 activities

Global participation in almost all web3 activities—such as minting NFTs, owning tokens and using wallets—are up this year, with one-third of those familiar with web3 (33%) now using a wallet, a 6% increase on last year. However, web3 is generally poorly understood worldwide, with Nigerian (61%) and South African (48%) respondents being the most familiar, significantly more so than last year, and with Japan, South Korea, and Europe being least familiar.

Globally, using a web3 wallet to send and receive transactions is the most common activity, though wallet ownership remains below 50%. Security (77%) and ease of use (74%) are the most important factors when choosing a crypto wallet, followed by the preference for self-custody wallets, which is highest in Africa (93%).

NFTs are somewhat better understood than web3, with about one in three people in Asia (36%) familiar with them, and just under half of respondents in the US (45%) aware of NFTs. Greater awareness generally leads to higher NFT ownership, but the UK is an exception in this regard, with ownership significantly down from last year. Nigeria leads in NFT investment interest, with 93% reporting they will probably invest in NFTs in the next 12 months.

Further, “blockchain” is another concept that is not well-understood, though it is generally better understood than web3 or NFTs. The ability of respondents to correctly define blockchain is generally increasing across the surveyed countries, with the majority of respondents in Nigeria (77%) and South Africa (52%) selecting a correct statement.

Familiarity with decentralization and its impact and perception of web2 systems

A significant 82% of respondents globally believe that web2 companies have too much power, with Japan (58%) being a notable exception. Despite this, familiarity with the concept of decentralization remains low worldwide. In the US, however, more than half of respondents (58%) are very familiar with decentralization, and other countries who report high levels of understanding include: the Philippines (53%), India (66%), Indonesia (51%), Nigeria (80%), and South Africa (74%).

When asked how decentralization relates to cryptocurrencies, blockchain, and web3, only Nigeria, South Africa, and Indonesia showed notable familiarity. Nonetheless, over one third of respondents globally believe that social media platforms and international banking could benefit from decentralization. This shows a unique disparity between a desire to integrate blockchain into modern traditional systems, despite a perceived lack of understanding, and suggests that the education gap persists.

Crypto’s ecosystem moving from “users” to “owners”

Consensys sees these trends as indicative of a continued shift towards a more equitable online landscape facilitated by crypto, blockchain and web3. Individuals engaging with web3, whether through app development, crypto asset staking, or involvement with NFTs, are not merely users but active contributors, builders and owners of the ecosystem. This ownership mentality is also signified through respondents’ growing desire to have an ownership stake in their online presence, and a distrust in social media regarding their data privacy and contributions to the internet.

Global insights and regional differences

The survey conducted across different regions of the world highlights interesting contrasts between countries on various web3 and crypto-related topics:

• Motivations to own crypto: Nigeria (65%) and Argentina (52%) show the highest motivation to own cryptocurrencies as a means to store value, likely given the instability of their local currencies.
• Value-add beliefs vary: 93% of respondents in Nigeria believe they add value to the internet, while only 22% in Japan do.
• NFT ownership: Respondents in Nigeria, South Africa, India and Vietnam are most familiar with NFTs, while 76% of respondents in the UK have never owned an NFT.
• Future of money: 58% of Nigerians, 47% of South Africans, and 45% of Filipinos associate cryptocurrencies with the future of money, compared to only 19% of Brits and 17% of Germans.
• Concerns around scams: People in the US (17%) and UK (21%) are more likely to be concerned about scams compared to Japan (14%) and Korea (11%).
• Crypto carbon footprint: 56% of respondents in Brazil think crypto is environmentally friendly, while only 27% in France think the same.

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