ConsenSys Global Survey Highlights Crypto Awareness and Barriers

ConsenSys, the leading software technology company behind Ethereum, released the results of its second global opinion survey on crypto and Web3, conducted by international research firm YouGov.

The survey reached over 18,000 individuals across 18 countries in Africa, the Americas, Asia, and Europe. It builds on the insights of its 2023 predecessor. The expanded survey explores global attitudes toward data privacy, ownership, decentralization, and the intersection of blockchain and artificial intelligence (AI).

The survey shows that data privacy is a significant concern for many people, with 83% of respondents ranking it as a top issue. Crypto adoption is growing globally, with 93% of respondents aware of cryptocurrencies. Despite this high awareness, only 52% say they fully understand the technology.

Crypto Ownership and Barriers to Entry

Ownership is particularly strong in emerging markets, with countries like Nigeria (73%), South Africa (68%), and the Philippines (54%) leading in crypto ownership. Meanwhile, interest in Europe is increasing, particularly in France (+3%) and Germany (+10%).

Barriers to entry remain. Market volatility (20%) and concerns about scams (17%) are significant obstacles. However, respondents are optimistic about cryptocurrencies’ potential, associating them with terms like the “future of money” and “alternative to the traditional financial system.”

Web3, NFTs, and Blockchain Awareness

Global participation in Web3 activities is increasing. 33% of respondents familiar with Web3 now use crypto wallets, a 6% increase from last year. But understanding of Web3 is low in many regions, with Japan, South Korea, and parts of Europe reporting limited familiarity. In contrast, Nigeria (61%) and South Africa (48%) show growing awareness.

NFTs are more widely recognized than Web3, with significant familiarity in Asia (36%) and the US (45%). At the same time, Nigeria leads in NFT investment interest, with 93% of respondents saying they want to invest in the next 12 months. However, NFT ownership is still relatively low overall, and perceptions of NFTs are mixed.

Blockchain, though better understood than Web3 and NFTs, still needs to gain global comprehension. Familiarity is particularly high in Nigeria (77%) and South Africa (52%).

Decentralization and Trust in Web2 Systems

Globally, 82% of respondents believe Web2 companies have too much power, with notable exceptions in Japan (58%). Understanding of decentralization is low, though countries like the US, Philippines, India, Nigeria, and South Africa report higher familiarity.

A significant portion of respondents (one-third globally) believe decentralization could benefit social media and international banking.

Overall, ConsenSys sees the survey results as evidence of a growing shift toward a more equitable online world driven by crypto, blockchain, and Web3 technologies.

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