The blockchain and web3 landscape continues to evolve at a rapid pace, as evidenced by the second annual Global Survey on Crypto and Web3 conducted by Consensys. With insights drawn from over 18,000 respondents across 18 countries, the report highlights a growing global awareness of cryptocurrency, increased participation in web3 activities, and a rising demand for decentralized systems—especially in key emerging markets.
Despite widespread recognition of crypto, understanding of core web3 concepts like decentralization and blockchain remains limited, underscoring a critical need for education and user-friendly onboarding tools. As the digital economy shifts, these findings offer valuable guidance for developers, policymakers, and innovators aiming to build a more inclusive and transparent online future.
Rising Global Awareness and Ownership of Cryptocurrencies
Cryptocurrency awareness has reached near-saturation levels worldwide, with 93% of respondents acknowledging knowledge of digital assets—an increase from the previous year. Of those aware, 51% claim to understand what cryptocurrencies are, signaling progress in public comprehension but also revealing a knowledge gap that must be bridged for broader adoption.
Ownership rates reflect strong momentum, particularly in emerging economies. 42% of respondents have either currently owned or previously purchased crypto, with significant year-over-year growth in the Philippines (+7%), Mexico (+8%), Germany (+7%), South Africa (+7%), and Japan (+4%). Nigeria leads the pack with 73% crypto ownership, followed by South Africa (68%) and India (52%).
This surge is fueled by real-world utility—especially in regions facing economic instability. In Nigeria and Argentina, 65% and 52% of respondents, respectively, view crypto primarily as a store of value, a reflection of local currency volatility and inflation concerns.
Web3 Engagement on the Rise Across Key Activities
Participation in web3 ecosystems is expanding rapidly. Ten out of eleven tracked web3 activities saw year-over-year growth globally:
- Collecting NFTs (+3%)
- Using decentralized finance (DeFi) (+4%)
- Playing blockchain-based games (+3%)
- Owning web3 wallets (+6%)
- Interacting with staking services (+3%)
Wallet ownership is a key indicator of deeper engagement. While still under 50% globally, usage is growing—especially among those familiar with web3. One-third (33%) of web3-aware individuals now use a wallet, up 6% from last year. Security (77%) and ease of use (74%) are top priorities when selecting a wallet, with self-custody solutions preferred by 93% of African users, highlighting regional trust in personal control over assets.
NFT awareness varies significantly by region. In the U.S., 45% of respondents are aware of NFTs, while in Asia, the figure stands at 36%. Nigeria shows exceptional future intent: 93% of respondents say they’re likely to invest in NFTs within the next 12 months, far outpacing other nations.
Data Privacy, AI Risks, and the Call for Decentralization
Public concern over data privacy remains high. 83% of respondents rank data privacy as a top issue, yet only 46% trust their Internet Service Providers to handle personal information responsibly. More than three-quarters (78%) want greater control over their online identity and a fair share of profits generated from their data—only 39% feel adequately compensated for their digital contributions.
These concerns are amplified by the rise of artificial intelligence. Over 75% of respondents worry about AI-generated fake news and fraudulent content, with Nigeria and South Africa expressing the highest levels of concern. However, there’s cautious optimism: 54% believe blockchain technology can help mitigate AI-related risks, thanks to its potential for verifiable data provenance and tamper-resistant records.
A powerful sentiment emerges: 80% of respondents believe web2 companies hold too much power, with calls for decentralization growing louder. Over one-third think social media platforms and international banking systems would benefit from decentralized models—despite limited understanding of how decentralization works in practice.
Regional Differences Shape Crypto Perceptions and Behavior
The survey reveals stark contrasts between regions:
- Motivations to own crypto: Nigerians (65%) and Argentinians (52%) prioritize value storage due to local economic conditions.
- Value recognition: 93% of Nigerians believe they add value to the internet; only 22% in Japan agree.
- NFT familiarity: High in Nigeria, South Africa, India, and Vietnam; ownership in the UK has declined sharply.
- Future of money: 58% of Nigerians associate crypto with the future of money, compared to just 19% in the UK and 17% in Germany.
- Scam concerns: Higher in the U.S. (17%) and UK (21%) than in Japan (14%) or South Korea (11%).
- Environmental perceptions: 56% of Brazilians see crypto as environmentally friendly; only 27% in France share this view.
Europe shows mixed signals—while overall interest lags, Germany’s crypto investment intent jumped to 33% (+10%), and France rose to 27% (+3%). Meanwhile, Japan and South Korea remain less engaged, with lower familiarity across web3 concepts.
Barriers to Adoption: Volatility, Scams, and Knowledge Gaps
Despite growing interest, barriers remain. The top obstacles to crypto adoption include:
- Market volatility (20%)
- Prevalence of scams (17%)
- Not knowing where to start (14%)
- Lack of understanding about crypto’s purpose (11%)
While perceptions of volatility have slightly improved, concerns persist in Japan, South Korea, and Turkey. Education is key: those who understand decentralization or already own crypto are more likely to view the traditional financial system favorably—28% of investors say it works well, compared to 20% of non-investors.
Frequently Asked Questions
Q: What is web3?
A: Web3 refers to a decentralized version of the internet built on blockchain technology, where users have greater control over their data, identity, and digital assets.
Q: How many people own cryptocurrency globally?
A: Approximately 42% of surveyed individuals have owned or previously bought cryptocurrency, with ownership exceeding 70% in countries like Nigeria and South Africa.
Q: Why do people distrust web2 companies?
A: Many believe big tech firms hold excessive power over data and content. Globally, 80% think web2 companies have too much control, fueling interest in decentralized alternatives.
Q: Can blockchain help combat AI misinformation?
A: Yes—54% of respondents believe blockchain can reduce AI-generated fraud by enabling verifiable content origins and immutable records.
Q: What are the main uses of web3 wallets?
A: Web3 wallets are primarily used to send and receive digital assets, interact with dApps, manage NFTs, and participate in DeFi or staking protocols.
Q: Which countries show the highest interest in NFTs?
A: Nigeria leads with 93% of respondents likely to invest in NFTs soon. Other high-interest regions include South Africa, India, and Vietnam.
The Shift from Users to Owners
Consensys interprets these trends as evidence of a fundamental shift—from passive internet users to active digital owners. Whether through staking, NFT collecting, or dApp development, individuals are increasingly seeking ownership stakes in the platforms they use. This “builder mentality” reflects a deeper desire for agency, transparency, and fair value distribution in the digital economy.
As Joseph Lubin, Co-Founder of Ethereum and CEO of Consensys, noted: “The recent U.S. presidential election may lead to significant regulatory clarity… As the world embraces decentralization, our industry stands ready to support the next wave of users through education and innovation.”
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Core Keywords
Cryptocurrency adoption, web3 engagement, decentralization, blockchain technology, NFT ownership, crypto wallets, AI and blockchain, data privacy