Majority Have Heard of Crypto but Not of Web3: ConsenSys Survey

ConsenSys’ survey asked 15,000 people from 15 countries multiple questions about crypto.

A girl in a blue hat and glasses looking very confused about something, breaking out of a digital mess.
Created by Gabor Kovacs from DailyCoin
  • ConsenSys surveyed 15,000 people from 15 countries.
  • Most people said they’re aware of crypto but not of web3.
  • There were interesting discrepancies between different regions of the world.

Crypto is one of the most promising technologies to emerge in the past decade. 

However, while most people seem to have heard of the term “crypto,” a recent survey by ConsenSys revealed that just a handful are aware of terms such as “Web3” and “NFT.”

Most People Have Heard of Crypto

ConsenSys, one of the oldest crypto companies in the industry, published the results of its most recent survey in which the firm asked 15,000 people from 15 countries various questions about crypto.

Surprisingly, 92% of the respondents said they have heard of crypto, with Nigeria, South Africa, and Brazil leading in awareness. However, even more surprisingly, just 8% said they are familiar with the concept of “Web3.”

This might highlight that most people know crypto only as an investment asset. However, while most aren’t aware of the term “Web3”, most said they know the underlying concepts like identity, privacy, and digital ownership.

Majority Are Aware of Underlying Web3 Concepts

People value ownership and privacy, as seen in ConsenSys’ survey.

For example, 50% agree that ownership and data privacy add value to the internet, and 67% said they should own the content and things they create. 

Furthermore, 83% of respondents said that they prioritize data privacy, 70% think they should share the profits the companies make off their data, and 79% believe they should have better control over their online identities.

“These findings emphasize the importance of helping people understand how web3 can give them more ownership of their identity and ownership on the internet, as well as empower users with greater privacy guarantees and a share in the profit that companies currently make through users’ web activities.”

On top of that, ConsenSys’ survey revealed regional discrepancies. For example, crypto in Western Europe and countries like Japan and South Korea is seen more as a scam, money laundering, or speculation.

In contrast, most countries in Southeast Asia, South America, and Africa see crypto as an enthusiastic emerging technology.

On the Flipside

  • Web3 is generally seen as a novel term to describe crypto. Some people are categorically against using “web3” to refer to crypto.

Why This Matters

Most of the world knowing what crypto and the underlying concepts are is an encouraging result that could contribute to greater crypto adoption in the near future.

Read more about zkSync Era’s recent performance:

zkSync Era Closes in on Ethereum in Transactions Per Second as TVL Hits Record

Read more about why Optimism changed its name:

Why Ethereum Layer-2 Optimism Has Changed Its Name

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.