The ConsenSys Web3 Questionnaire gives us a closer look at how people around the world are getting involved with NFTs, blockchain, and other web3 technologies. This is ConsenSys’ second global opinion survey YouGovcollecting extensive responses from more than 18,000 people in 18 countries, including countries in Africa, Asia, Europe and the Americas.
The research highlights that while more and more people are exploring Web3 activities such as collecting NFTs, using crypto wallets and playing blockchain-based games, many still do not fully understand these technologies. It also shows that issues of data privacy and security remain major concerns.
ConsenSys Web3 Survey: More people are participating in Web3 activities
The survey found that 42% of people worldwide have purchased or currently own cryptocurrencies, with some countries seeing a big jump compared to last year. Cryptocurrency ownership increased in the Philippines, Mexico, Germany, South Africa and Japan.
NFTs are also becoming increasingly popular. People in Nigeria, South Africa, India and Vietnam are most familiar with NFTs. On the other hand, 76% of people in Britain said they have never owned an NFT. Yet interest in NFTs is growing, especially in Nigeria, where 94% of respondents plan to invest in them in the next year.
Participation in other Web3 activities has also increased this year:
- Collecting NFTs: 3% increase.
- Using decentralized finance (DeFi): An increase of 4%.
- Blockchain-based game play: 3% increase.
- Web3 wallet ownership: 6% increase.
- Use of strike services: 3% increase.
These trends show that more and more people are finding ways to use web3 in their daily lives. Web3 wallets in particular are becoming an important tool for activities such as sending transactions and storing digital assets.
Learning about decentralization and Blockchain
The survey also looked at how well people understand decentralization and blockchain. More than half of respondents in countries such as the United States, Nigeria, South Africa and India are familiar with the idea of decentralization.
When it comes to blockchain, awareness is improving. In Nigeria, 77% of people could correctly identify what blockchain is, and 52% in South Africa did so as well. However, Web3 itself is still confusing for many people. According to the survey, Nigerian (61%) and South African (48%) respondents were the most familiar with Web3, while people in Japan, South Korea and Europe were the least familiar.
NFT awareness and ownership
Compared to Web3, NFTs are slightly better understood. In Asia, about 36% of people are aware of NFTs, and in the US, awareness is about 45%. However, the UK showed a decline in NFT ownership compared to last year, which is an interesting exception to the trend.
Globally, more awareness usually means more ownership, but regional differences indicate that local factors also play a role.
However, a global majority of people aware of NFTs (65%) say they plan to invest in or collect them in the next twelve months. This trend is especially strong in 14 of the 18 countries surveyed, where most respondents familiar with NFTs see crypto as part of their near future.
Challenges holding Web3 back
Even as Web3 grows, it still faces challenges:
- Security is the top concern for 77% of respondents, especially when choosing crypto wallets.
- Ease of use is also important: 74% of people say Web3 tools should be simpler.
- People in Africa strongly prefer wallets they can manage themselves, with 93% in favor of wallets they can manage themselves.
Another major issue is data privacy. Most people (83%) consider privacy important, but less than half trust their internet providers to handle their personal data securely. Blockchain and decentralization can provide solutions by giving people more control and transparency over their data.
What’s next for Web3 and NFTs?
The research shows that Web3 and NFTs are becoming increasingly popular, but there is still a long way to go. Many people need more education about these technologies, and governments need to provide clearer regulations to address concerns.
As more people discover the benefits of Web3 wallets, NFTs and blockchain, the findings of this ConsenSys study help us understand how we can build a better future for these technologies. Web3 could change the way we use the Internet, but to do that it needs to be more secure, easier to use and better understood.
Editor’s Note: Written with the help of AI – Edited and fact-checked by Jason Newey.
