Original Title: "The State of Web3 perception around the world"
Original Authors: Consensys, YouGov
Translated by: Frank, Foresight News
Consensys and YouGov conducted a global survey on Web3 awareness in 15 countries across different continents. This multinational study aims to provide insights into people's perception of cryptocurrencies, NFTs, Web3, blockchain, and the metaverse. It also explores people's sentiments towards the current state of the internet and investigates whether the recent bankruptcies of centralized cryptocurrency financial companies have affected the awareness of the Web3 industry.
The survey was conducted from April 26th to May 18th, 2023. YouGov conducted online interviews with a total of 15,158 people from 15 countries, and surveyed them with 32 questions, representative of the population sample of each country. These countries include Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, the Philippines, the United Kingdom, the United States, and Vietnam.
In addition, the data collected from this global Web3 awareness survey has been weighted by gender and region to ensure representativeness of the national population in each surveyed country. The data has also been analyzed comprehensively by YouGov consultants.
Summary
While global awareness of cryptocurrencies is high, understanding of Web3 is much lower.
92% of the respondents worldwide claimed to have heard of cryptocurrencies. However, there are variations between countries, with Nigeria, South Africa, and Brazil leading the pack. Despite global awareness of cryptocurrencies, only 8% of the respondents consider themselves very familiar with the concept of Web3. This highlights a gap between public perceptions of Web3 and its potential as a solution to privacy, identity, and digital ownership issues on the current internet.
A Desire for More Ownership and Data Privacy
Despite limited knowledge of Web3 among many respondents, a significant number of people support the fundamental concepts of Web3. 50% of people believe that Web3 adds value to the internet, and 67% claim that they should own what they create on the internet.
Furthermore, only 38% of the global respondents believe that their contributions are adequately rewarded. Concerns about data privacy are also prominent, as 83% of the respondents prioritize data privacy, 70% believe they should have the right to share the profits obtained by centralized internet companies from their data, and 79% wish to have better control over their online identities. These survey results emphasize the importance of helping people understand how Web3 empowers them with greater control over their identity and digital ownership, while also providing enhanced privacy protection and sharing of profits derived from user online activities by companies.
Regional Differences
When discussing the behavioral patterns of different countries, one notable divergence is the more conservative and cautious attitude of European countries towards cryptocurrencies. This skepticism is widely seen in Europe as an effective precautionary measure against potential financial fraud, money laundering, and excessive speculation that could affect the public. This stance is also evident in certain Asian countries such as Japan and South Korea. In these countries, cryptocurrencies are largely seen as closely associated with negative concepts such as fraud, money laundering, and speculation.
However, if we observe other regions globally such as Southeast Asia, South America, and most countries in Africa, the situation is entirely different. These places exhibit a more positive and open attitude towards cryptocurrencies and the wider Web3 ecosystem. In these countries, cryptocurrencies are viewed as a more likely driver of future currency development, strengthening digital asset ownership, and a potential tool to replace traditional financial ecosystems. Particularly in some countries like Argentina and Nigeria, which are regions with long-term currency instability, cryptocurrencies are seen as important means to access global capital and hedge against inflation, thus providing more economic security and development opportunities for their citizens.
Therefore, we can see that although cryptocurrencies are being promoted and accepted by an increasing number of people worldwide, there are significant differences in understanding, positioning, and attitudes towards cryptocurrencies among different countries. These divergences not only reflect varying economic conditions and financial environments but also indicate the inconsistent development stages and maturity of the global financial market. At the same time, they provide diversified possibilities and challenges for the further development of cryptocurrencies on a global scale.
From "users" to "builders": A paradigm shift
The survey results indicate a gap in understanding whether the internet can better control data and identity, fairly share profits with creators, and whether Web3 can be a potential solution. Many respondents believe that they are creating value online but are not receiving fair rewards. We see that internet users have the opportunity to adopt a "builder" mindset, using Web3 products to address issues related to online ownership, identity, privacy, and monetization for creators.
Data privacy
Are people concerned about their data privacy? In this survey, 83% of respondents consider data privacy to be important. Interestingly, countries with strong data protection laws like Germany (58%), the UK (57%), and France (63%) do not strongly prioritize data privacy. Although data privacy is important to most respondents, only 45% trust current internet services (social media, email, games, etc.) to use their data and personal information.
Online identity
Every aspect of life involves some form of identity recognition - from housing to employment, to education, and even medical history. Today, digital identity on the internet requires you to prove that you are who you claim to be. Our digital identities are owned and controlled by the services and social media platforms we use online, and are typically not stored in one place and owned by individuals themselves. The majority of respondents hope to have better control over their identities on the internet.
The Current State of the Internet
In the current era, the "creator economy" represents individuals who have their own brand and audience, amounting to a $250 billion market. Many predict that this industry will continue to grow, especially with the emergence of new Web3 business models. Currently, only 38% of global respondents feel adequately rewarded for the value and creativity they contribute to the internet. 67% of respondents from Nigeria believe they add value to the internet, while only 5% of respondents in Japan feel the same way.
Awareness of Cryptocurrency
Although cryptocurrencies are frequently mentioned in the media and public domain, do people really understand what they are? Overall, there is a high level of awareness about cryptocurrency: 92% of global respondents have heard of them, and 50% of respondents claim to understand what cryptocurrency is. The proportion of respondents who believe they understand cryptocurrency is higher in Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%), while it is much lower in Indonesia and Japan, with only one-third of the population claiming to know what cryptocurrency is.
Concepts Related to Cryptocurrency
What concepts are associated with cryptocurrency? Globally, cryptocurrency is seen as the "future of money" and an "alternative to traditional financial ecosystems." While only 8% of respondents worldwide selected "crime and money laundering" as the primary association with cryptocurrency, European countries are more likely to associate it with speculation (especially in France and Germany) or negative aspects such as fraud/phishing.
Awareness of NFTs
As for the familiarity with NFT, more respondents globally indicated that they are not familiar with NFT. The United States, India, South Africa, and particularly Nigeria are the countries most familiar with NFT. In contrast, respondents from South America, Europe, and Japan have the highest percentage of unfamiliarity with NFT.
Web3 Awareness
Overall, across the globe (when all countries are combined), the majority of respondents are more familiar with all the Web3 concepts tested in the survey. However, there are also some differences: the most popular concepts are the metaverse (36%) and NFTs (34%), while Web3 is the least known concept, with only 24% of respondents familiar with it.
Impact of Recent News
2022 was a year in which many cryptocurrency companies filed for bankruptcy. But did the public take notice? Did it impact their trust in the industry? Two-thirds of respondents globally have heard about recent bankruptcies of centralized cryptocurrency companies, with significant variations among countries. This series of bankruptcies of cryptocurrency financial companies has had an impact on respondents' overall trust in blockchain, cryptocurrency, and Web3. The impact was highest in South Korea and Nigeria (with 94% and 89% respectively claiming a significant impact). Respondents from Germany, Vietnam, India, and South Africa were more likely to claim that it had no impact on their trust in the ecosystem.
Conclusion
The survey results show a hopeful shift in people's general attitudes towards the internet vision, which empowers individuals with greater control over their shared online data and ensures a fairer distribution of profits among creators. However, despite this positive trend, there still exists a significant gap between the understanding of cryptocurrency and the practical understanding and utilization of Web3 technology. This gap presents a valuable opportunity for mainstream Web3 applications to bridge the existing agency gap in today's internet environment, characterized by limited privacy, control, and ownership.
We view the transition to Web3 as an opportunity for internet users to regain control: finding ways to guide them with incentives to build, own, and shape their worlds in ways that add value to them. We can leverage the power of Web3 to address issues related to internet ownership, identity, privacy, and monetization for creators.
