A recent comprehensive survey conducted by Consensys in partnership with YouGov provides valuable insights into global perceptions of cryptocurrency and Web3 technologies. The study engaged 15,158 individuals aged 18 to 65 across 15 countries, exploring attitudes toward data privacy, digital ownership, financial systems, and the evolving crypto landscape.
Data Privacy, Value Creation, and the Current Financial System
Data Privacy Concerns
A significant majority of respondents (83%) expressed that data privacy is important to them. However, in countries with robust data protection laws like Germany (58%), the UK (57%), and France (63%), respondents showed less urgency about further exploring data privacy issues.
While data privacy remains a priority, only 45% fully trust current internet services (social media, email, gaming platforms) to handle their data and personal information securely. Additionally, 79% desire greater control over their online identities, and 70% believe they should share in the profits companies generate from their data.
Notably, respondents in Nigeria and Indonesia demonstrated higher trust levels regarding how their data is used, yet they also showed stronger desires for improved control over their online identities and greater profit-sharing from data utilization.
Perspectives on Value Creation Online
The survey revealed strong sentiments about value and ownership in digital spaces. Fifty percent of respondents believe they contribute value to the internet, while 67% assert they should own what they create online. Despite this, only 38% feel adequately compensated for their creative contributions. Respondents from France, Germany, and Japan reported lower feelings of value and ownership regarding their online creations and expressed stronger sentiments about inadequate compensation.
Views on Current Financial Systems
Most respondents believe the current financial system requires improvement, with this perspective being particularly strong in Nigeria. Additionally, a majority agreed that crypto technology could help transform or rebuild financial ecosystems. Countries showing higher levels of agreement included Nigeria, South Africa, Brazil, Vietnam, the Philippines, India, and Indonesia.
Global Adoption of Crypto Applications: Awareness, Ownership, and Barriers
Public Awareness
Globally, approximately 92% of respondents have heard of cryptocurrencies, with 50% claiming to understand what they are. Understanding levels were notably higher in Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%). In contrast, only about one-third of respondents in Indonesia and Japan claimed to understand cryptocurrencies.
Demographic analysis revealed significant gaps in understanding consistent with global digital divide patterns. Males aged 25-34 demonstrated the highest familiarity with crypto technology, while women and older respondents showed lower understanding levels. This trend appeared across most surveyed countries with varying intensity.
Crypto Asset Ownership
Forty percent of global respondents reported currently owning or having purchased crypto assets. The highest rates of past or present ownership appeared in the United States, Philippines, Vietnam, India, Nigeria, and South Africa. Conversely, Japan, Argentina, Mexico, and European countries (France, Germany, UK) showed higher percentages of respondents who had never purchased any crypto assets. Nigeria demonstrated particularly high ownership levels, with seven out of ten respondents confirming they have owned or currently own crypto assets.
Looking toward future ownership, Asian and African respondents showed greater willingness to invest in crypto assets: Nigeria (90% definitely or likely to invest), South Africa (78%), Philippines (57%), Vietnam (57%), Indonesia (56%), and India (53%). This contrasts sharply with European and Japanese respondents, who showed significantly lower investment intentions with higher percentages confirming they definitely would not invest.
Barriers to Entry
The crypto ecosystem faces adoption challenges as respondents frequently cited market volatility, perceived risk, and concerns about potential fraud as significant barriers. These concerns were particularly prominent in Brazil, the Philippines, and South Africa.
Educational initiatives on safely accessing Web3 platforms could benefit adoption in countries like Nigeria and South Africa, where investment意愿 remains high despite perceived risks. Many willing participants reported uncertainty about where to begin or how to protect themselves, particularly in South America (Brazil 18%, Argentina 19%, Mexico 20%), the Philippines (17%), and India (21%).
Recent Crypto Market Events: Impact of Centralized Exchange Bankruptcies
Awareness of Exchange Collapses
Approximately two-thirds of global respondents had heard about the 2022 collapses of centralized exchanges like FTX and Celsius, with significant variations between countries. Awareness was higher in the United States, Vietnam, India, Nigeria, and South Africa, where over half of respondents were informed about these events. In contrast, only one-fifth of Japanese respondents had heard about these developments.
Misconceptions About Exchange Types
Most respondents incorrectly identified FTX and Celsius as decentralized exchanges (DEXs). This misunderstanding was particularly prevalent in Nigeria (53%), South Africa (53%), and Vietnam (52%). Respondents from the United States and India were more likely to correctly identify that these were not DEXs, though this number barely reached 14% in both countries.
Impact on Trust
The series of CEX bankruptcies affected respondents' trust in blockchain, crypto, and Web3 overall. However, respondents from Germany, Vietnam, India, and South Africa were more likely to claim these events had no impact on their trust in the ecosystem.
Regarding trust rebuilding, respondents across all countries agreed that improved security measures and transparency should be the primary actions. South Korea and Vietnam expressed desire for better regulatory intervention from government agencies. Accountability was considered crucial in Asia, particularly in Japan and Indonesia, while Nigeria and Argentina favored education and communication about risks and practices for users.
Opportunities in Web3: NFTs and the Metaverse
Understanding Key Concepts
Most global respondents were unfamiliar with the difference between custodial and self-custody crypto wallets. This unfamiliarity was particularly prominent in the UK (72% not very or not at all familiar) and Mexico (70%). However, familiarity was higher in Nigeria (50% very or somewhat familiar), South Africa (42%), Vietnam (40%), and India (39%).
Regarding broader Web3 concepts, most respondents showed familiarity with the tested ideas, but with relevant differences: the most recognized concepts were the metaverse (36%) and NFTs (34%), while Web3 was the least known concept, with only 24% of respondents familiar with it.
Regional Variations in Concept Familiarity
Significant regional variations emerged in concept familiarity. Respondents from the United States, India, South Korea, Nigeria, and South Africa showed the highest familiarity with the metaverse, while European, Latin American, and Japanese respondents were least familiar.
Web3 appeared as the least familiar concept globally. However, Nigerian and Vietnamese respondents demonstrated notably higher familiarity with this concept, with one-quarter of Nigerians claiming to be very familiar. European countries and Japan generally showed lower familiarity levels, with the exception of UK respondents who demonstrated somewhat higher understanding, particularly among males.
Regarding NFT familiarity, the United States, India, South Africa, and especially Nigeria showed the highest familiarity levels. Conversely, South American and European countries along with Japan showed the highest percentages of respondents unfamiliar with NFTs.
Web3 Participation
Globally, the most common Web3 activity was sending and receiving transactions, with one-third of respondents familiar with Web3 concepts participating in this activity. The next most common activities included using Web3 wallets and staking crypto assets, both at 27%. Rounding out the top five activities were using decentralized social media platforms and playing blockchain-based games.
Vietnam, India, and South Africa had the highest percentages of respondents owning NFTs, while European countries showed the lowest ownership rates. These numbers are constrained by limited awareness levels in most countries.
Frequently Asked Questions
What percentage of people are familiar with cryptocurrencies globally?
Approximately 92% of global respondents have heard of cryptocurrencies, with about 50% claiming to understand what they are. Awareness levels vary significantly by region, with higher understanding in countries like Nigeria, South Korea, and South Africa.
Which countries show the highest crypto ownership rates?
Nigeria demonstrates particularly high ownership levels, with 70% of respondents confirming they have owned or currently own crypto assets. Other countries with high ownership rates include the United States, Philippines, Vietnam, India, and South Africa.
What are the main barriers to crypto adoption?
The primary barriers include perceived market volatility, risk concerns, and fears about potential fraud. Many potential users also report uncertainty about where to begin and how to protect themselves when entering the crypto ecosystem. Explore more strategies for safe entry into digital asset markets.
How did the FTX collapse affect trust in crypto?
About two-thirds of global respondents were aware of the 2022 exchange collapses, and these events generally affected trust in blockchain and crypto technologies. However, respondents from Germany, Vietnam, India, and South Africa were more likely to claim these events didn't affect their trust in the ecosystem.
Which Web3 concepts are people most familiar with?
The metaverse (36% familiarity) and NFTs (34% familiarity) are the most recognized Web3 concepts globally. Web3 itself is the least familiar concept, with only 24% of respondents claiming familiarity.
What do people want regarding data privacy and online ownership?
Eighty-three percent of respondents prioritize data privacy, 79% want more control over their online identities, and 70% believe they should share profits companies generate from their data. Additionally, 67% believe they should own what they create online.
Conclusion
The survey reveals a strong global awareness of cryptocurrencies but significantly lower familiarity with Web3 concepts. While approximately 92% of respondents know about crypto assets, only 8% consider themselves very familiar with Web3, highlighting a disconnect between public awareness and Web3's potential as a solution for internet privacy, identity, and digital ownership issues.
The findings demonstrate a strong desire for greater ownership and data privacy among internet users worldwide. Despite limited Web3 knowledge, many respondents support the potential promises of crypto technology and ecosystems. Regional differences are evident, with European countries showing greater skepticism toward crypto while Southeast Asian, South American, and African nations demonstrate more enthusiastic attitudes.
The survey results suggest an encouraging shift in mainstream attitudes, with growing desire for an internet that provides more control over shared data and fairer profit-sharing for creators. However, a significant gap remains between crypto awareness and practical understanding of Web3 technologies. This disconnect presents valuable opportunities for mainstream Web3 applications to address current gaps in online agency and ownership.
We're seeing opportunities for internet users to begin adopting a "builder" mindset, recognizing that Web3 products can address issues related to online ownership, identity, privacy, and creator tokenization. This underscores why Web3 builders should focus on rebuilding connections with the public around crypto technology, working to establish trust and understanding of Web3's potential through appropriate awareness of public perceptions and attitudes.