A recent global survey conducted by Consensys and YouGov explores public understanding and attitudes toward crypto and Web3 technologies. The study, which involved 15,158 respondents aged 18 to 65 across 15 countries, aims to gauge awareness, trust, and adoption barriers related to digital assets and decentralized systems.
Data Privacy, Value Creation, and the Current Financial System
Data Privacy Concerns
A significant majority of respondents—83% globally—consider data privacy highly important. However, in countries with strong data protection laws like Germany (58%), the UK (57%), and France (63%), respondents showed less urgency in further exploring data privacy issues, likely due to existing safeguards.
Only 45% of respondents fully trust current internet services—such as social media, email, and gaming platforms—to handle their personal data securely. Moreover, 79% desire greater control over their online identity, and 70% believe they should share in the profits companies generate from user data.
Notably, respondents in Nigeria and Indonesia reported higher trust levels in how their data is used. Still, they also expressed stronger desires for enhanced online identity control and profit-sharing from data.
Perceptions of Online Value Creation
Half of the respondents believe they add value to the internet, and 67% assert they should own what they create online. However, only 38% feel adequately compensated for their contributions. Respondents in France, Germany, and Japan reported lower levels of perceived value and ownership of their online creations and expressed stronger feelings of under-compensation.
Views on the Current Financial System
A majority believe the current financial system needs improvement, with this sentiment being especially strong in Nigeria. Many also agree that crypto technology can help reform or rebuild financial ecosystems. Countries such as Nigeria, South Africa, Brazil, Vietnam, the Philippines, India, and Indonesia showed higher levels of optimism toward this potential.
Global Crypto Adoption: Awareness, Ownership, and Barriers
Public Awareness of Crypto
Globally, 92% of respondents are aware of cryptocurrencies, and about 50% claim to understand what they are. Understanding is notably higher in Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%). In contrast, only one-third of respondents in Indonesia and Japan claimed to understand cryptocurrencies.
Younger males aged 25–34 demonstrated the highest familiarity with crypto, while women and older participants were less informed—a trend consistent across most surveyed countries.
Crypto Ownership Stats
Approximately 40% of respondents globally have owned or currently own crypto assets. Ownership rates are highest in the US, the Philippines, Vietnam, India, Nigeria, and South Africa. Conversely, Japan, Argentina, Mexico, and European nations like France, Germany, and the UK showed lower ownership rates. Nigeria stood out, with 70% of respondents confirming they have owned crypto.
Looking forward, respondents in Asian and African countries expressed greater willingness to invest in crypto in the next 12 months. Nigeria (90%), South Africa (78%), the Philippines (57%), Vietnam (57%), Indonesia (56%), and India (53%) lead in investment intent. European and Japanese respondents were significantly less likely to invest.
Barriers to Entry
Key barriers to crypto adoption include perceived volatility, risk, and concerns about fraud—especially in Brazil, the Philippines, and South Africa. Many interested users also reported not knowing where to start or how to stay safe, a concern particularly prominent in South America and parts of Asia.
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Recent Crypto Market Events: Impact of Centralized Exchange Failures
Awareness of Exchange Collapses
About two-thirds of respondents globally were aware of the 2022 collapses of major centralized exchanges like FTX and Celsius. Awareness was highest in the US, Vietnam, India, Nigeria, and South Africa, and lowest in Japan, where only 20% had heard about these events.
Misconceptions About Exchange Types
A majority of respondents incorrectly identified FTX and Celsius as decentralized exchanges (DEXs). This misunderstanding was most common in Nigeria (53%), South Africa (53%), and Vietnam (52%). Only 14% of respondents in the US and India correctly identified these platforms as centralized.
Trust and Rebuilding Measures
The collapse of these platforms affected trust in blockchain and crypto, though respondents in Germany, Vietnam, India, and South Africa were more likely to say it didn’t change their trust in the ecosystem.
To rebuild trust, respondents emphasized the need for better security, transparency, and regulatory oversight. Countries like South Korea and Vietnam want stronger government regulation, while Japan and Indonesia stress accountability. Nigeria and Argentina favor user education on risks and practices.
Web3 Opportunities: NFTs and the Metaverse
Understanding Key Concepts
Most respondents globally were unfamiliar with the difference between custodial and self-custody crypto wallets. Unfamiliarity was highest in the UK (72%) and Mexico (70%), while Nigeria (50%), South Africa (42%), Vietnam (40%), and India (39%) showed greater understanding.
The metaverse (36%) and NFTs (34%) were the most recognized Web3 concepts, while the term “Web3” itself was the least familiar—only 24% of respondents claimed awareness.
Regional Familiarity with Web3 Ideas
The US, India, South Korea, Nigeria, and South Africa showed the highest familiarity with the metaverse, while European, Latin American, and Japanese respondents were the least familiar.
Web3 awareness was highest in Nigeria and Vietnam, with one-quarter of Nigerian respondents claiming strong familiarity. European countries and Japan showed lower recognition levels.
NFT familiarity followed a similar pattern—highest in the US, India, South Africa, and Nigeria, and lowest in South American and European countries and Japan.
Participation in Web3 Activities
Sending and receiving transactions was the most common Web3 activity among familiar users, followed by using Web3 wallets and staking crypto assets. Using decentralized social platforms and playing blockchain-based games were also popular.
Vietnam, India, and South Africa reported the highest NFT ownership rates, while European countries reported the lowest.
Key Takeaways
- Strong crypto awareness does not translate to Web3 understanding
While 92% of respondents are aware of cryptocurrencies, only 8% are very familiar with Web3. This highlights a disconnect between crypto recognition and understanding of Web3’s potential to address internet privacy, identity, and ownership issues. - Demand for greater data control and ownership
Half of the respondents believe they add value to the internet, and 67% think they should own their online creations. Additionally, 83% prioritize data privacy, 79% want more control over their online identity, and 70% believe they should profit from data used by companies. - Regional differences in attitudes
European countries, Japan, and South Korea showed greater skepticism toward crypto, often associating it with negative use cases. In contrast, Southeast Asian, South American, and African respondents were more optimistic, viewing crypto as a tool for financial access and inflation hedging. - Shifting from users to builders
The survey reveals a growing desire for more control and fair compensation online. However, a significant gap remains between crypto awareness and practical Web3 understanding. This presents an opportunity for builders to create solutions that empower users in the digital economy.
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Frequently Asked Questions
What is Web3?
Web3 refers to a new iteration of the internet based on blockchain technology. It emphasizes decentralization, user ownership of data, and token-based economics.
How does Web3 improve data privacy?
Web3 platforms often allow users to control their own data through self-custodied wallets and decentralized identity solutions, reducing reliance on central intermediaries.
Which countries are most receptive to crypto?
Nigeria, Vietnam, India, South Africa, and the Philippines show high levels of crypto adoption and positive sentiment, often due to economic factors and younger populations.
What are the biggest barriers to crypto adoption?
Common barriers include lack of understanding, concerns about volatility and scams, and uncertainty about how to begin.
How can someone start using Web3 safely?
Beginners should educate themselves on self-custody wallets, secure private key management, and recognized platforms. Starting with small transactions is also recommended.
What’s the difference between CEX and DEX?
Centralized exchanges (CEXs) are operated by companies that control user funds, while decentralized exchanges (DEXs) allow peer-to-peer trading without intermediaries.