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- Nigeria and South Korea have the highest percentage of respondents who know cryptocurrencies.
- But awareness of Web3 was lower among respondents from all continents.
Consensys has just published a report providing insight into the global perception and use of cryptocurrencies. The report also underscores the limited awareness of Web3 technology today. Given the awareness that exists around Web3, we might as well question the current state of our technology.
Consensys shows 92% cryptocurrency awareness
A recent joint report by Consensys and YouGov revealed some interesting insights into global crypto awareness and ownership. The survey covers 15 countries in North and South America, Europe, Africa and Asia. It was found that 92% of respondents knew about cryptocurrencies. Among this group, about half (50%) claim to have a basic understanding of cryptocurrencies.
Notably, countries such as Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%) have higher levels of cryptocurrency understanding among their populations. In contrast, Indonesia and Japan showed lower levels of understanding, with only one in three people showing familiarity with cryptocurrencies.
Source: Concession
Crypto ownership remains low globally despite awareness
The survey revealed that 40% of respondents worldwide own or have purchased cryptocurrency. The highest cryptocurrency or past ownership percentages were reported in the United States, the Philippines, Vietnam, India, Nigeria and South Africa.
However, Japan, Argentina, Mexico, and some European countries (France, Germany, and the United Kingdom) lag behind, with a higher probability that individuals will never obtain cryptocurrency. Standing out in terms of ownership levels is Nigeria, where 7 out of 10 respondents confirmed owning or having owned cryptocurrency.
The disconnect between cryptocurrency awareness and Web3 awareness
While crypto awareness shows variations between countries, awareness of Web3 is generally lower. The data collected shows that only 8% of respondents are familiar with Web3. Regarding familiarity with NFTs, the United States, India, South Africa, and especially Nigeria have the highest levels of awareness.
In contrast, South American and European countries as well as Japan have the highest proportion of respondents who are not familiar with NFTs. Globally, Web3 seems to be the least known concept. However, Nigerian and Vietnamese respondents were very familiar with Web3, and 1 in 4 Nigerian respondents said they were very familiar with the concept.
By contrast, European countries and Japan generally show lower levels of familiarity, with the UK being the only exception. Regarding Web3 activity on a global scale, the most common activities include sending and receiving transactions, followed by using Web3 wallets and staking cryptocurrency.
The least recognized aspects of Web3, according to the survey, are blockchain gaming and social media platforms.
Source: Concession
Given the relatively lower awareness of Web3 social media, it’s worth checking out the performance of friends.tech, one of the newest efforts in the Web3 social media space.
Analyzing friends.tech metrics
Latest update from Hilldobby highlighted that friends.tech has achieved a new milestone in terms of Total Value Locked (TVL) on its network. A look at friend.tech’s charts on Dune Analytics shows that the platform has experienced consistent growth since its inception.
At the time of this report, TVL was around $8 million. However, despite a clear upward trend in TVL, the number of active participants or subjects in the network appears to be lower.
Crypto and Web3 are still in their infancy
The Consensys report underscores an important point: Cryptocurrencies, although considered popular, are still in the early stages of development. Further, the report reveals that the Web3 space needs to catch up in popularity and widespread adoption.
This highlights the evolving nature of technology and the potential for significant growth and transformation in the future.
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