ConsenSys Releases Global Web3 Perception Report: Crypto Awareness High, Web3 Understanding Lags

ConsenSys Releases Global Web3 Perception Report: Crypto Awareness High, Web3 Understanding Lags

ConsenSys, a leading Ethereum technology provider, has recently unveiled its ‘State of Global Web3 Perception Report,’ which assesses the level of awareness regarding cryptocurrencies and data privacy. The report presents largely positive findings, despite the current relative quietude in the digital asset markets.

ConsenSys conducted an extensive survey encompassing 15 countries and involving more than 15,000 respondents. The objective was to gain a comprehensive, worldwide perspective on people’s perceptions of web3, crypto assets, NFTs (Non-Fungible Tokens), blockchain technology, and the metaverse.

The survey uncovered that a remarkable 92% of respondents worldwide are aware of cryptocurrencies. However, only 8% exhibit a high level of familiarity with web3, revealing a significant gap between cryptocurrency awareness and a nuanced understanding of web3.

Many envision web3 as the next evolutionary step for the internet. It represents a shift away from the control exerted by technology giants and social media platforms, often plagued by fraudulent activities, towards a decentralized internet that prioritizes privacy and individual digital ownership.

Approximately half of the respondents expressed the belief that web3 contributes value, while two-thirds felt that they should possess ownership rights over their digital creations. Moreover, a staggering 79% expressed a strong desire for more control over their online identities, indicating a growing demand for enhanced ownership and privacy.

Additionally, the survey highlighted the significance of data privacy, with 83% of respondents ranking it as a top priority. Furthermore, 70% of respondents believed that they should have a stake in the profits generated by companies through their data.

ConsenSys underlined that these findings underscore the need to educate individuals about how web3 can empower them with greater control over their identities and provide enhanced privacy guarantees, along with a share in the profits currently reaped by companies.

There were also notable concerns regarding the practices of current internet services, with only 45% of respondents expressing trust in how platforms like search engines and social media networks handle their personal data. Under the prevailing web2 conditions, social media giants such as Meta exert significant control over these aspects.

Efforts to address online identity issues are emerging within the crypto space, including projects like Worldcoin. However, these initiatives have not been without their privacy-related criticisms.

The survey was conducted in partnership with YouGov during April and May, with 15,158 participants interviewed online across 15 countries. These countries included Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, the UK, the US, and Vietnam.

In a related report, it was disclosed that over half of Turkey’s population is actively engaged in cryptocurrency investments.

Overall, cryptocurrency is perceived globally as the future of money and an alternative to traditional finance, although some individuals still associate it with speculative activities and potential scams.