92% of People Have Heard of Cryptocurrency
Consensys, the minds behind the famed Metamask crypto wallet, recently unveiled their report “The State of Web3 perception around the world”. This report provides insights into how well cryptocurrency is understood worldwide, the depth of Web3 comprehension, and the public’s stance on pivotal aspects like online data privacy and ownership.
On this page
1. Global Cryptocurrency Awareness and the Nuances of Web3 Understanding
An impressive 92% of participants globally recognize cryptocurrency. Nigeria, South Africa, and Brazil emerged as the top nations in this context.
Yet, a mere 8% have a deep familiarity with Web3, highlighting a notable disconnect between the widespread recognition of cryptocurrency and the more intricate understanding of Web3.
Web3 In The Spotlight Source: consensys.io
2. Digital Rights of Ownership and Privacy Concerns
Half of the respondents, or 50%, see Web3 as a valuable enhancement to the digital landscape.
A significant 67% express a desire to maintain ownership of their online creations. However, only a 38% minority feel they receive just compensation for their online efforts.
The Digital Ownership Imperative Source: consensys.io
Privacy remains a central issue. A substantial 83% rank it as a top concern. Additionally, 70% believe corporations should share the financial benefits they gain from harnessing users' personal data.
3. Regional Divergences in Cryptocurrency Perceptions
Countries like those in Europe, as well as Japan and South Korea, exhibit heightened skepticism about cryptocurrency. Often, they link it to negative undertones such as fraud and illicit financial activities.
Conversely, regions like Southeast Asia, South America, and Africa adopt a more optimistic view, aligning cryptocurrency with the promise of future monetary systems and the evolution of digital ownership.
In places where volatile local currencies, such as Argentina and Nigeria, pose challenges, cryptocurrencies are viewed as gateways to global financial opportunities and protective buffers against inflation.
4. From Users to Developers
The survey results highlight the need for a paradigm shift. As highlighted earlier, many participants feel that they generate value online but are not adequately rewarded for it. This data suggests an opportunity for users to adopt a “builder” mindset, using Web3 tools to address challenges related to digital ownership, identity, and privacy.
Methodology
The research was conducted in collaboration with YouGov, which carried out an online questionnaire consisting of 32 questions. The survey encompassed 15,158 respondents from 15 countries, including Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, the Philippines, the UK, the USA, and Vietnam.
Conclusion
The research by ConsenSys emphasizes the need to boost public awareness regarding Web3 technologies. Remarkably, 92% of those surveyed are already familiar with cryptocurrencies. This desire for increased control over personal data and digital assets drives interest and growth in Web3, setting the stage for it to play a significant role in the internet's future.
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