Web3 software technology company Consensys has unveiled what it claims to be a first-of-its-kind global opinion survey on crypto and web3, conducted online by international online research data and analytics technology group, YouGov.
The survey polled a representative sample of 15,158 people aged 18-65 between April 26th and May 18th, 2023 in 15 countries across Africa, the Americas, Asia and Europe. The results offer insights into the public’s overall understanding and views of the web3 and crypto ecosystem, and the internet more broadly.
Exploring topics such as data privacy, the crypto carbon footprint, the recent news cycle and digital ownership, results reveal that people worldwide believe they are making valuable contributions online, and that the drive to build for the future is a ubiquitous motivation both online and off. This data indicates a shift in user behaviour toward active participation, empowerment and broader community ownership.
From users to builders: a paradigm shift
The survey results present a picture characterised by widespread awareness of crypto and a strong desire for ownership, coupled with confidence in a crypto-led future:
- Overwhelming crypto awareness: 92% of participants demonstrated awareness of crypto
- Net positive beliefs in crypto’s future: When asked about the main concepts associated with crypto, more than one-third of those familiar with the industry expressed beliefs in its potential as the future of money (37%) and the future of digital ownership (31%), surpassing associations with speculation (25%) or scams (26%)
- A desire for more ownership: 50% of respondents believe they add value to the internet, while a notable 67% believe they should own the things that they make on the internet and 70% believe that they should have a share of the profit a company makes from their data. Only 38% of respondents believe they are adequately compensated for the value and creativity they add to the internet
- Concerns around data privacy: 83% of respondents said that data privacy is important to them, and 79% would like to have more control over their identity on the Internet
YouGov’s full global report as well as country-level executive summaries are available here.
Control and monetisation
The results of the survey reveal increasing mainstream desire for more control over online identity, the data we share, and the more equitable sharing of profits with those who are helping build platforms through their contributions. In this new world, web3 and crypto enable a global peer-to-peer network that empowers individuals.
Web3 helps to address these desires by shifting control of identity from third parties to the individual, and establishing new paradigms of value creation and community formation. People engaging with crypto and web3, whether developing software, staking crypto-assets or creating or purchasing NFTs are more than a ‘user’ as typically defined, but directly contributing to and helping build their communities and the ecosystem overall.
Consensys sees the empowerment of the builder as fundamental to its purpose, and is focused on supporting people everywhere to see the potential of web3, the role it can play in their lives and the tools they need to get started.
Joe Lubin, founder and CEO of Consensys said, “The survey confirms the emergence of a decentralised trust paradigm that empowers users and communities. The era of the builder aligns with the web3 ethos where everyone can contribute. Consensys aims to be a trusted steward for builders and developers, supporting community empowerment and positive global impact.”
Contrasts in web3 awareness between countries
The survey conducted across different regions of the world also highlights interesting contrasts between countries on various web3 and crypto-related topics:
- Motivations to own crypto: Nigeria (65%) and Argentina (56%) show the highest motivation to own cryptocurrencies as a means to store value, given the instability of their local currencies
- Beliefs that they add value to the internet: 67% of respondents in Nigeria strongly believe they add value to the internet, while only 5% of respondents in Japan do
- NFT ownership: Respondents in Nigeria, South Africa and Vietnam are the most familiar with the concept of an NFT. Among respondents familiar with the concept of NFTs, 76% of respondents in the UK have never owned an NFT, compared to only 24% of respondents in Vietnam
- Future of Money: 58% of Nigerians, 50% of South Africans and 44% of Mexicans say the future of money is one of the main concepts they associate with cryptocurrencies, while only 15% of Brits and 17% of Germans said the same
- Concerns around scams: People in the US (19%) and UK (20%) are more likely to be concerned about scams compared to Japan and Korea (12% each)
- Crypto carbon footprint: 57% of respondents in Brazil think that crypto is an environmentally friendly technology while only 25% in France think the same
Inspiring builders with a global virtual hackathon
Consensys has also launched a global virtual hackathon to help unite builders across the globe and empower them to build solutions for the future. The hackathon is open to all participants of all experience levels: whether joining a team and submitting a project, or just attending introductory sessions to learn more.