Consensys’ Global Survey: Nigerians Show Growing Interest In Web3, Blockchain And Cypto

Consensys, the blockchain and web3 software company behind MetaMask, the leading self-custodial digital wallet, has unveiled its second annual global opinion survey on web3 and crypto, conducted online by international online research data and analytics technology group,YouGov.

As a follow-up to the initial report published in 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65 in 18 countries across Africa, the Americas, Asia, and Europe.

It provides a global and regional view of perceptions around web3 and its various dimensions: blockchain technology, cryptocurrencies, NFTs, decentralization, the metaverse, and more. The survey captures people’s perceptions about the present state of the internet, data privacy, and current events including the rapid adoption of AI and crypto’s integration into the traditional finance sector via products like ETFs.

The first annual Global Survey on Crypto and Web3 was conducted in early 2023 amid a significant downturn in market conditions across the crypto and web3 ecosystem, however the follow-up effort achieved in this 2024 version comes as these conditions shift upwards. The 2024 survey reveals that while still present, barriers to invest in cryptocurrencies are lower than last year and market volatility is still the top barrier cited but is also significantly down from last year.

Two years of global data shows crypto, web3, and blockchain are all being rapidly embraced in key emerging markets like Nigeria, India, and South Africa.

Web3 is a new decentralized, transparent and blockchain-based internet that is not controlled by centralized entities. Web3’s fundamental tenet of decentralization to empower individuals with control over their own data and privacy, offers a solution for people’s frustrations with the current iteration of the internet and its inability to provide this.

Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of Consensys, said, “The critical role of blockchain and decentralization in enhancing privacy, trust and transparency for how our data is managed cannot be overstated. Our latest survey not only highlights the rising importance of data privacy, with 83% of respondents emphasizing its significance, but also sheds light on pervasive concerns about exploitation and misinformation, a pressing issue amid global elections and the mainstream adoption of AI.”

“Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3 — the re-decentralized web. 2024 has been a monumental year for crypto for a variety of reasons, which are rapidly converging to move society and the right direction espoused by the web3 ecosystem, towards far greater economic, social and political agency for all people and communities. The recent U.S. presidential election may lead to significant regulatory clarity, for example. As the world embraces the potential of decentralization and crypto, our industry stands ready to support and empower the next wave of users through education and innovation while solving some of our world’s most complex challenges” Lubin added.

The survey results present a compelling picture characterized by widespread awareness of crypto and a strong desire for ownership, coupled with confidence in a crypto-led future for Nigeria:

• Overwhelming crypto awareness: 99% have heard about cryptocurrencies in Nigeria, with the country further having the highest level of understanding of crypto across the countries surveyed, at 77%.
• A desire for more ownership: 84% of Nigerian respondents have at least one crypto wallet and94% of those aware of NFTs plan to acquire them in the next 12 months.
• Concerns over Data Privacy: Data privacy is important to 92% of Nigerians and 87% would like to have more control over their identity on the internet.
• In favour of Decentralization: Over half of respondents think that decentralization could improve traditional banking and social media platforms. At least 56% of those aware of web3 used a web3 wallet in the past year (up 16 points over 2023 data) and 34% played blockchain-based games (+7).

Crypto ownership in Nigeria and India continues to grow, significantly up from last year’s high levels. Furthermore, Nigerian respondents have the highest level of trust in internet services who use their data at 98%, but they are also likely to want more control over their online identity and to expect a share of the profits generated from their data compared to other countries. Nigerians also understand the concept of decentralization best, with 80% aware of it in Nigeria.

Decentralization refers to changes, processes or innovations that seek to reverse or guard against centralization. For example, the internet runs on a decentralized system of servers around the world, Bitcoin runs on a distributed, decentralized ledger and community gardens and microgrids are decentralized approaches to food and energy production, respectively.

Consensys is the leading blockchain and web3 software company. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through our product suite, including theMetaMask platform,Infura,Linea,Diligence, andPhosphor, our NFT toolkit; we have become the trusted collaborator for users, creators, and developers on their path to building and belonging in the digital world. Whether building a dapp, an NFT collection, a portfolio, or a better future, we believe that the instinct to build is universal. Consensys inspires and champions the builder instinct in everyone, by making web3 universally easy to use and develop. To explore our products and solutions, visithttps://consensys.io/.

YouGov is an international online research data and analytics technology group. Our mission is to offer unparalleled insight into what the world thinks. Our innovative solutions help the world’s most recognised brands, media owners and agencies to plan, activate and track their marketing activities better.

With operations in the UK, the Americas, Europe, the Middle East, India and Asia Pacific, we have one of the world’s largest research networks. At the core of our platform is an ever-growing source of connected consumer data that has developed daily over our 20 years of operation. We call it living data. All of our products and services draw upon this detailed understanding of our 24+ million registered panel members to deliver accurate, actionable consumer insights.  As innovators and pioneers of online market research, we have a strong reputation as a trusted source of accurate data and insights. Testament to this, YouGov data is regularly referenced by the global press, and we are the most quoted market research source in the world.  YouGov. Living Consumer Intelligence. For further information, visit business.yougov.com