Consensys survey: What is the awareness of people in various countries on Web3? Do you still have confidence in the future of Crypto?

Author | Consensys&YouGov

compile | fire fire

Produced | Vernacular Blockchain (ID: hellobtc)

Since the birth of Bitcoin in 2009, discussions around the encryption industry have been active, mainly focusing on "Money Crypto". This includes fluctuations in the price of Ethereum (ETH), Litecoin (LTC), etc., as well as regulatory and legal issues of CEXs such as FTX.

Consensys and YouGov have conducted a global survey on encryption and web3,** to understand the views and insights on encryption and web3 in different regions of the world. **The survey explores topics such as data privacy, digital ownership, and the recent crypto news cycle, in addition to typical questions about people investing in crypto assets. **This report interviewed 15,158 people aged 18 to 65 in 15 countries in North and South America, Europe, Africa and Asia to form the findings. **

01. Data Privacy, Value Creation and the Current Financial System

(1) Data Privacy

Are people concerned about their data privacy? Globally, 83% of people believe data privacy is important. However, in countries with strong data protection laws, such as Germany (58%), the United Kingdom (57%) and France (63%), people still have to explore the importance of data privacy because it is already well protected A little noncommittal.

While data privacy is important to most respondents, only 45% of respondents fully trust current Internet services (social media, email, games, etc.) Respondents want more control over who they are on the internet, and 70% think they should share in the profits companies make from their data.

Respondents in Nigeria and Indonesia reported higher levels of trust in their own data use, but they were also more likely to want more control over their online identities and had high expectations for profits from sharing their data.

To what extent do you agree with the following statements? Data privacy is very important to me! Consensys Survey: What is the awareness of people in various countries about Web3? Do you still have confidence in the future of Crypto?

(2) Perspectives on creating value on the Internet

There is a strong sense of value and ownership among respondents, with 50% saying they add value to the Internet and 67% asserting that they have the right to own the things they make online. However, only 38% felt they were adequately compensated for their creative contributions. Respondents in France, Germany and Japan felt less valued and less owned by what they create online, and felt less compensated for their contributions.

(3) Views on the current financial system

Most people believe that the current financial system can be improved, and this view is particularly strong in Nigeria. Additionally, most respondents agree that Tech Crypto can help revamp or rebuild the ecosystem. Countries such as Nigeria, South Africa, Brazil, Vietnam, the Philippines, India, and Indonesia agree more in this regard.

02. Global Adoption of Encrypted Applications: Public Awareness, Encrypted Asset Holdings, and Barriers to Entry

Despite their frequent presence in the media and public discussion, do people really know what a crypto asset is? Do people own or plan to own some in the near future? What do people around the world think about crypto asset connections?

(1) Public awareness

Overall, the majority of people (approximately 92% globally) are aware of crypto assets. Of these, 50% claimed to also understand what they were. Understanding of crypto assets is significantly higher in the following countries: Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%) and India (56%). However, in Indonesia and Japan, the proportion of people claiming to understand encryption is lower, with only one-third saying they know what encryption is.

Have you heard of cryptocurrencies? (green know/blue don’t know)

Consistent with the global digital divide in terms of age and gender, there are significant differences in the understanding of crypto assets among different groups. Men aged 25-34 are the socio-demographic group with more knowledge about this financial technology, while women and older respondents are less aware. This is a trend, albeit with varying degrees of intensity, in most of the countries analyzed.

(2) Encrypted asset holdings

40% of global respondents currently own or have purchased crypto assets. The countries surveyed with the highest percentages of past or current owners were the United States, the Philippines, Vietnam, India, Nigeria and South Africa. On the other hand, Japan, Argentina, Mexico, and European countries (France, Germany, UK) are further behind and are more likely to have never purchased any crypto assets. Ownership levels are particularly high in Nigeria, with seven in 10 confirming they own or have owned crypto assets.

Have you ever bought cryptocurrencies (Bitcoin, Ethereum, etc.?! [Consensys Survey: How much do people in various countries know about Web3? Do you still have confidence in the future of Crypto?](https://img-cdn.gateio.im/ social/moments-69a80767fe-f7ed250d52-dd1a6f-62a40f)

When looking to the future of owning cryptoassets, Asia and Africa are generally more willing to invest in cryptoassets: Nigeria (90% would definitely or probably invest), South Africa (78%), Philippines (57%), Vietnam (57%), Indonesia ( 56%) and India (53%). This is in stark contrast to the much lower willingness in Europe and Japan, where a high percentage of respondents confirmed that they definitely would not invest.

**How likely are you to invest in cryptocurrencies in the next 12 months? **! Consensys survey: How much do people in various countries know about Web3? Do you still have confidence in the future of Crypto?

(3) Barriers to entry

The crypto ecosystem faces the challenge of increasing adoption, as respondents often perceive the market as too volatile, too risky, or express concern about potential fraud. **These problems are particularly pronounced in Brazil, the Philippines and South Africa. **

More education on how to safely onboard web3 platforms could benefit adoption in countries such as Nigeria and South Africa, where willingness to invest is highest despite associated risks. This is because when respondents are willing to participate in an ecosystem, they do not necessarily know where to start and how to protect themselves, especially in South America (18% in Brazil, 19% in Argentina, 20% in Mexico), 17% in the Philippines, and 21% in India.

What do you see as the main barriers to entry into the crypto ecosystem?

Please rank three of the following options in order of importance—preferred! Consensys Survey: What is the awareness of people in various countries about Web3? Do you still have confidence in the future of Crypto?

03. The recent crypto cycle: the impact of the bankruptcy of large centralized crypto companies

2022 is the year that CEXs like FTX and Celsius fail, but has the public noticed?

About two-thirds of respondents globally have heard of these CEX failures, but there are significant differences between countries. The United States, Vietnam, India, Nigeria, and South Africa know more about it, with more than half of their populations each aware of it. In contrast, only one in five respondents in Japan had heard of it.

Have you heard of the recent bankruptcy of financial cryptocurrency companies?

Such as Celsius, FTX, Voyager in 2022?

Most respondents mistakenly believe that FTX and Celsius are DEXs. This misconception is particularly prevalent in Nigeria (53%), South Africa (53%) and Vietnam (52%). Respondents in the U.S. and India were more likely to correctly identify FTX and Celsius as not DEXs, but that figure barely reached 14% in both countries.

Judgment of right and wrong: Are FTX and Celsius DEX?

This string of CEX failures has had an impact on respondents' overall trust in blockchain, crypto and web3. However, respondents in Germany, Vietnam, India and South Africa were more likely to claim that this had no impact on their trust in the ecosystem.

Do you think several CEX closures in 2022 will affect people's trust in blockchain, crypto or web3?

**How to rebuild trust? **

** All countries agree that improving safety measures and transparency are key actions that should be taken to rebuild trust in the industry. ** South Korea and Vietnam want government agencies to intervene with better regulatory regimes. Accountability is also seen as critical in Asia, notably Japan and Indonesia, with Nigeria and Argentina favoring user education and communication about risks and practices.

04. Opportunities in Web3: About NFT and Metaverse

From NFTs to the metaverse of the underlying technology blockchain, web3 includes several different concepts. Do people know what a blockchain is? Have they heard of NFTs? Do they plan to have some in the future?

**Most global respondents are not familiar with the difference between managed and self-custodial crypto wallets. ** This unfamiliarity is prominent in the UK (72% not very familiar or not at all) and Mexico (70%). However, those who are familiar with the concept are mainly located in Nigeria (50% are very familiar or quite familiar), South Africa (42%), Vietnam (40%) and India (39%).

How familiar are you with custodial and self-custodial crypto wallets?

All concepts tested in the survey are familiar to most respondents globally. However, there are also relevant differences: the most popular concepts are metaverse (36%) and NFTs (34%), while web3 is the least known concept, with only 24% of respondents familiar with it.

How familiar are you with the concepts below? ST = net percentage (eg: ST family = "very familiar" + "quite familiar")

These trends show important differences across countries. Respondents in the United States, India, South Korea, Nigeria, and South Africa were most familiar with the Metaverse, while those in Europe, Latin America, and Japan were least familiar.

How familiar are you with the concept of the metaverse?

**Web3 seems to be the least known concept globally. **However, Nigerians and Vietnamese respondents were very familiar with this concept. In particular, one in four Nigerians claimed to be very familiar with the concept. On the other hand, European countries and Japan tended to show lower levels of familiarity, with the only exception being that UK respondents tended to be more familiar, with men having higher levels of familiarity.

How familiar are you with the concept of Web3?

Regarding the familiarity with NFT, the United States, India, South Africa, and especially Nigeria are the most familiar countries. Conversely, South American and European countries, as well as Japan, had the highest proportion of respondents who were unfamiliar with it.

How familiar are you with the concept of NFT?

Globally, the most common web3 activity is sending and receiving transactions, with one-third of respondents familiar with web3 concepts engaging in this task. The next most common activities in the ranking include using web3 wallets and betting on crypto assets, both at 27%. Among the top five activities, the last two are using decentralized social media platforms and playing blockchain-based games.

What Web3 events have you participated in in the last year?

Vietnam, India, and South Africa are the countries with the most NFTs owned by respondents; European countries have the least. However, these figures are constrained by the limited level of awareness in most countries.

How many NFTs do you own now?

05. Summary

• **Although the global awareness of encrypted assets is relatively strong, the awareness of web3 is relatively low. **

Overall, the majority of people (approximately 92% globally) are aware of crypto assets. However, differences still exist across countries, with Nigeria, South Africa and Brazil leading the way in awareness. **Despite the high global awareness of crypto assets, only 8% of respondents consider themselves very familiar with the concept of web3. **This highlights the disconnect between public perception of web3 and its potential as a solution to today's Internet privacy, identity and digital ownership issues.

• People desire more ownership and data privacy

Although many respondents were unaware of web3, many supported the underlying aspirations of Tech Crypto and the ecosystem. 50% think they add value to the internet, and 67% think they should own what they make on the internet. Additionally, 62% of global respondents feel they are not adequately compensated for their creative contributions.

Additionally, concerns about data privacy were also prominent, with 83% of respondents prioritizing data privacy, 70% believed they should share in the profits companies make from their data, and 79% wanted to They have greater control over their online identities. **These findings underscore the importance of helping people understand how web3 will allow them to take more ownership of their identities and ownership on the Internet, as well as provide users with greater assurance of privacy and sharing of what companies currently gain through users' web activity The importance of profits. **

• Regional Differences

Another glaring divide emerges when comparing views across countries. **European countries have shown a greater degree of skepticism towards encryption, a behavior that is also reflected in countries such as Japan and South Korea. **In these countries, encryption is more strongly associated with negative concepts such as illicit use. In contrast, most countries in Southeast Asia, South America and Africa generally show a more enthusiastic attitude towards crypto and web3. Therefore, in these countries, the association with concepts such as future currencies, digital ownership, or alternatives to traditional financial ecosystems is stronger.

Additionally, in countries with unstable fiat currencies such as Argentina and Nigeria, crypto is seen as an important way to access global capital and protect against inflation.

• From "User" to "Builder": A Paradigm Shift

The findings point to an encouraging shift in prevailing attitudes** with people wanting the internet to offer more control over the data we share online and share profits more equitably with creators. **However, there is a huge gap between awareness of encryption and actual understanding and utilization of web3 technologies. This disconnect presents a valuable opportunity for mainstream web3 applications to address the proxy gap in today's Internet landscape.

We see an opportunity for Internet users to start adopting a "builder" mindset, recognizing that web3 products can be leveraged to address issues around network ownership, identity, privacy, and tokenization of creators.

*Thus, this is why the builders of web3 are focusing on re-architecting around Tech Crypto to connect with the public, the industry needs to build trust and understanding of web3's potential by properly understanding public perception and attitudes towards Tech Crypto *.

**Original title:**The State of Web3 perception around the world

Full report access link: