Crypto awareness soars to 92%, but Web3 lags behind: Consensys report

• Nigeria and South Korea have the highest percentage of respondents aware of cryptocurrencies.
• Web3 awareness was however lower across respondents from all continents.

Consensys just published a report that provided insights into the global perception and usage of cryptocurrencies. The report also underscored the limited awareness of Web3 technology at present. Given the existing awareness surrounding Web3, we might also question the current status of friend technology.

Consensys shows 92% cryptocurrency awareness

A recent joint report by Consensys and YouGov unveiled some intriguing insights into global crypto awareness and ownership. The survey spanned 15 countries across North and South America, Europe, Africa, and Asia. It found that a significant 92% of respondents were aware of cryptocurrencies. Among this group, approximately half (50%) claimed to have a fundamental understanding of cryptocurrencies.

Notably, countries such as Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%) boasted higher levels of cryptocurrency comprehension among their populations. Conversely, Indonesia and Japan exhibited lower levels of understanding, with only one in three individuals indicating familiarity with cryptocurrencies.

Source: Consensys

Crypto ownership is low globally despite the awareness

The survey revealed that 40% of respondents globally own or have previously purchased cryptocurrencies. The highest cryptocurrency or past ownership percentage was reported in the United States, the Philippines, Vietnam, India, Nigeria, and South Africa. 

However, Japan, Argentina, Mexico, and several European countries (France, Germany, and the UK) lagged, with a higher likelihood of individuals never acquiring cryptocurrencies. The standout in terms of ownership levels was Nigeria, where a remarkable 7 in 10 respondents confirmed owning or having owned cryptocurrencies.

The disconnect between cryptocurrency awareness and Web3 awareness

While crypto awareness showed variations between countries, awareness of Web3 was generally lower. The data collected indicated that only 8% of respondents were familiar with Web3. Regarding familiarity with NFTs, the United States, India, South Africa, and, notably, Nigeria had the highest levels of awareness.

Conversely, South American and European countries and Japan had the highest proportion of respondents unfamiliar with NFTs. Globally, Web3 appeared to be the least recognized concept. However, Nigerians and Vietnamese respondents were highly familiar with Web3, with 1 in 4 Nigerians claiming to be very familiar with the concept.

In contrast, European countries and Japan generally showed lower levels of familiarity, with the United Kingdom being the sole exception. Regarding Web3 activities on a global scale, the most common activities included sending and receiving transactions, followed by using a Web3 wallet and staking cryptocurrencies.

The least recognized aspects of Web3, according to the survey, were blockchain games and social media platforms.

Source: Consensys

Given the relatively lower awareness of Web3 social media, it’s worth examining the performance of friend.tech, one of the latest endeavors in the Web3 social media space.

Analyzing the friend.tech metrics

A recent update from Hilldobby highlights that friend.tech has achieved a new milestone in terms of Total Value Locked (TVL) on its network. Upon examining the friend.tech chart on Dune Analytics shows that the platform has been experiencing consistent growth since its inception.

At the time of this report, the TVL reached approximately $8 million. However, while there is a clear upward trend in TVL, the number of active participants or subjects on the network appears to be lower.

Crypto and Web3 are still in their early days

The Consensys report underscored a crucial point: Cryptocurrencies, despite their perceived popularity were still in their nascent stages of development. Furthermore, the report revealed that the Web3 space needs to catch up in popularity and widespread adoption.

This highlighted the evolving nature of these technologies and the potential for significant growth and transformation in the future.