Consensys Survey On Crypto, Web3 Shows Nigerians’ Strong Awareness, Ownership

Leading web3 software technology company, Consensys, has unveiled data gathered from a first-of-its-kind global survey on web3 and crypto.

The survey, conducted online by international online research data and analytics technology group, YouGov, polled a representative sample of over 15,000 people across countries including Nigeria between April and May.

The result of that survey is now available and will provide insights into how people understand web 3 and cryptocurrency and their level of integration across the globe.

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

The survey captured responses from a total of 15, 158 people aged 18-65 between April 26th and May 18th, 2023 in 15 countries across Africa, the Americas, Asia and Europe. Of that number of people in the survey, 1 ,000 are from Nigeria, representing over per cent.

The results offer captivating and unique insights into Nigerians’ overall understanding and views about the web3 and crypto ecosystem, beyond other surveys which just consider people’s perceptions around investing in crypto assets.

Another positive side to this survey explores topics such as digital ownership, the future of money, data privacy, and the recent news cycle, with results revealing that Nigerians, along with the rest of the globe, are motivated to build and believe they are making valuable contributions online.

The 15 countries in which fieldwork for the data-gathering exercise was conducted are Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, UK, the US, and Vietnam.

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

shows overwhelming crypto awareness, with 99 per cent of Nigerian respondents demonstrating awareness of crypto and over 70 per cent accurately guessing what a blockchain is which is the highest among all countries surveyed. The result also showed Nigerians believe in the future of crypto, as many Nigerian respondents familiar expressed belief in crypto’s potential as the future of money (58 per cent) and the future of digital ownership (48 per cent), surpassing those who see it as a form of speculation (nine per cent) or scam (six per cent). The desire for increased ownership was also demonstrated, with 90 per cent of Nigerian respondents believing they add value to the internet, while a notable 87 per cent believe they should own what they make on the internet. However, only 48 per cent of Nigerian respondents believe they are adequately compensated for the value and creativity they add to the internet. The positive tone by Nigerian respondents seems soured by concerns registered around data privacy issues in the country. 96 per cent said that data privacy is important to them while 88 per cent believe they should have a share of the profit a company makes from their data and 95 per cent would like to have more control over their identity on the Internet. Overall, Nigerians prove to be active builders, embracing Web3 technologies and the space and agency it affords them to thrive in ways that were not possible before and helping them build the future they want for themselves.