Global Survey on Web3! ConsenSys Report: 92% of People Have Heard of Cryptocurrency, 80% Value Data Privacy

The blockchain technology company Consensys has partnered with the market research firm YouGov to conduct a three-week global survey on Web3 awareness in May this year, surveying over 15,000 people aged 18 to 65 across the globe. The survey findings indicate that while some individuals have already engaged in the Web3 or crypto space, the majority are not fully familiar with the concepts.

Consensys: Heard of by Many, Understood by Few in the World of Cryptocurrency

With the rise of cryptocurrencies and NFTs in recent years, Consensys revealed that globally, 92% of respondents have heard of cryptocurrencies, but only 8% claim to have a good understanding of Web3. Despite varying attitudes worldwide, half of the respondents resonate with the idea, including the pursuit of more ownership and data privacy.

Furthermore, some internet users are increasingly becoming aware that they are creating value on the internet but not receiving the deserved rewards. At this time, their mindset is shifting from being "users" to "builders," giving them more opportunities to create and address issues like internet ownership and identity privacy.

Here are the key findings of the report:

Emphasis on Data Privacy

In summary, 83% of people believe data privacy is very important, with this awareness increasing with age.

However, only 45% of users trust current internet services with the collection and use of their data, such as email and social media.

Desire for Self-Identity Control

Current internet services scatter and complicate users' digital identities across various entities like governments, hospitals, e-commerce websites, and social media, with these entities usually having access to the information.

When asked if they would like more control over their online identity, 79% of users agreed, with this need growing stronger with age.

Awareness of Creating Value Online

About 70% of people believe that their internet skills are important to them and feel they should own what they create online. Nearly 50% feel they create value on the internet, but only a small portion believe they are compensated or rewarded for it.

First Impressions of Cryptocurrency

Surprisingly, when asked about their thoughts on cryptocurrency, respondents mostly associated it with "the future of currency" and "an alternative to traditional financial systems," with only 8% linking it to terms like crime or money laundering.

Those who associated it with "speculation and fraud" were typically aged between 55 and 65, with regions mainly in European countries like France and Germany.

Awareness of NFTs

The chart shows that the United States and India have a higher overall awareness of NFTs, while South American countries, European nations, and Japan are relatively less familiar.

Similarly, this awareness decreases with age.

Understanding of Web3

It is understood that most are more familiar with specific applications within Web3, such as the metaverse or NFTs, but less so with the concept and meaning of Web3 itself.

The survey shows that only 24% of the public understands the concept of Web3. However, in the United States and India, half of the respondents are familiar with the concept of Web3.

Most Users Believe that the Collapse of Cryptocurrency Companies Will Not Affect Public Trust in the Industry

Interestingly, despite the closure and bankruptcy of many cryptocurrency companies in 2022, it did not undermine the public's confidence in the blockchain and Web3 industry, although there are still cultural differences by region.

Data indicates that respondents in France and India generally believe the impact is minimal, while in South Korea and Japan, the impact is more significant.

Cross-Data Browser

Finally, more detailed data can be accessed and compared through Consensys' Cross-Data Browser, including the cryptocurrency purchasing behavior, investment reasons and engagement levels, regulatory perspectives in various countries, and more.

It is concerning that, according to the data, despite 42% of respondents having purchased cryptocurrencies, nearly 70% of users do not understand the difference between centralized exchanges (CEX) and decentralized exchanges (DEX); furthermore, over 60% of users do not use self-custody wallets.

It is evident that there is still a long way to go in terms of risk management and knowledge dissemination for the Web3 industry to be fully implemented.