Consensys’ “Global Survey on Crypto and Web3” reveals Nigeria leads the way in knowledge of crypto globally

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Today, a leading web3 software technology company, Consensys, unveils a first-of-its-kind global opinion survey on web3 and crypto, conducted online by the 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, including 1000 from Nigeria. The results offer captivating and unique insights into the Nigerians’ overall understanding and views of the web3 and crypto ecosystem, beyond other surveys which just consider people’s perceptions around investing in crypto assets.

The survey explores topics such as digital ownership, the future of money, data privacy, and the recent news cycle. Results reveal that Nigerians, alongside global counterparts, are motivated to build and believe they are making valuable contributions online. This evolution indicates a shift in user behaviour toward active participation, empowerment, and broader community ownership, characterized by web3.

Fieldwork was conducted in 15 countries: Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, UK, the US, and Vietnam. 

Consensys’ “Global Survey on Crypto and Web3” reveals Nigeria leads the way in knowledge of crypto globally

From “users” to “builders”: A paradigm shift

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% of Nigerian respondents demonstrated awareness of crypto; and over 70% of Nigerian respondents accurately guessed what a blockchain is, the highest in all the countries surveyed.
  • Firm beliefs in crypto’s future: When asked about the main concepts associated with crypto, most of the Nigerian respondents are familiar with the industry expressed beliefs in its potential as the future of money (58%) and the future of digital ownership (48%), surpassing associations with speculation (9%) or scams (6%); 
  • A desire for more ownership: 90% of Nigerian respondents believe they add value to the internet, while a notable 87% believe they should own the things that they make on the internet. Only 48% of Nigerian respondents believe they are adequately compensated for the value and creativity they add to the internet;
  • Concerns around data privacy: 96% of Nigerian respondents said that data privacy is important to them, 88% believe that they should have a share of the profit a company makes from their data, and 95% 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].

The results of the survey reveal that globally, we are currently witnessing increasingly mainstream attitudes toward an internet that provides more control over the data we share online, and more equitably shares profits with creators. In this new world, web3 and crypto enable truly scalable peer-to-peer coordination.

Read also: Why the CBN may need to revisit ban on crypto to remedy Nigeria’s forex crisis

Consensys’ “Global Survey on Crypto and Web3” reveals Nigeria leads the way in knowledge of crypto globally

The Nigerian engaging with crypto and web3, whether developing software, staking crypto-assets, or creating or purchasing a Non-Fungible Token (NFT), is not simply a  ‘user’, but rather contributing and building the ecosystem, signalling the “new age of the builder”. In web3, builders have agency and ownership and are rewarded for their contributions to the internet. 

Consensys sees this pivot from “user” to “builder,” as fundamental to its purpose, and is focused on supporting a revitalized sense of community and collaboration between builders. In line with this shift in perspective, Consensys reveals its evolved brand identity which encourages people to see themselves and the world differently. Consensys reframes “builder” to be more inclusive artists, community creators, and collectors, and seeks to celebrate everyone participating in web3 as a builder.

Further details about Consensys’ brand evolution can be found [HERE].

Joe Lubin, Founder and CEO of Consensys, said,  “The survey confirms the emergence of a decentralized 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.

Web3 Awareness: How Nigerians fare with the rest of the World

The survey conducted across different regions of the world also highlights interesting contrasts between Nigeria and the rest of the world 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;

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.

Consensys’ “Global Survey on Crypto and Web3” reveals Nigeria leads the way in knowledge of crypto globally
Inspiring the Builder in Everyone with a Global Virtual Hackathon

Every day, everywhere, people are embracing the power of web3 and crypto to become builders of the new internet. Consensys is announcing the launch of a global virtual hackathon in order to unite builders across the globe and empower them to build solutions for the future. More information regarding the hackathon is available [HERE].

This paradigm shift empowers individuals, placing power back in their hands and enabling them to contribute actively to making the world a better place. In this user-powered and community-centric environment, decentralized trust and finance serve as the foundational layers, allowing for a democratized global decentralized system. This new era of builders represents a shift away from the adversarial and extractive relationship between organizations and customers, toward a more inclusive and equitable model. 

Consensys met a few of them to share their unique perspective with the world: 

  • Yinkore Digital Artist (Nigeria): “As an artist, web 3 has been a game-changer for me. It has allowed me to showcase my art and represent the experiences of black women, and also to build a safe space for them. Through web 3, I have discovered multiple opportunities that support my creative vision and allow me to thrive.
  • Harshit & Nitish – Musician and DJ (India): “Web3 communities understand where an artist is coming from. The music industry has been structured with centralized authorities controlling its growth. Web3 changes this by enabling fans to directly contribute to an artist’s success. Musicians now have the power to create unique experiences and connect with fans directly. The values, determination, and boldness of the people in this community inspire us. We see ourselves in them, trying to make a positive impact and improve lives. That’s what keeps us glued to this new community.
  • Mika BlackAnuuWay (USA): “Web3 removes the boundaries and inspires people to go seek out their tribe and grow together. It allows them to create the world that they want to see. It’s empowering to the world-changers.

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