How NFTs and Web3 Are Growing Globally: Insights from ConsenSys Survey

The ConsenSys Web3 Survey provides us a better take a look at how individuals world wide are getting concerned with NFTs, blockchain, and different web3 applied sciences. That is the second international opinion survey by ConsenSys and YouGov, gathering in depth responses from greater than 18,000 individuals throughout 18 international locations, together with nations in Africa, Asia, Europe, and the Americas.

The survey highlights that whereas extra persons are exploring Web3 actions like gathering NFTs, utilizing crypto wallets, and taking part in blockchain-based video games, many nonetheless don’t absolutely perceive these applied sciences. It additionally exhibits that points like knowledge privateness and safety stay large issues.

ConsenSys Web3 Survey: Extra Folks Are Becoming a member of Web3 Actions

The survey discovered that 42% of individuals globally have purchased or at the moment personal cryptocurrencies, with some international locations seeing an enormous leap in comparison with final yr. Crypto possession elevated within the Philippines, Mexico, Germany, South Africa, and Japan.

NFTs are rising in popularity, too. Folks in Nigeria, South Africa, India, and Vietnam are essentially the most accustomed to NFTs. However, 76% of individuals within the UK mentioned they’ve by no means owned an NFT. Nonetheless, curiosity in NFTs is rising, particularly in Nigeria, the place 94% of respondents plan to put money into them within the subsequent yr.

Participation in different Web3 actions has additionally gone up this yr:

• Accumulating NFTs: Up 3%.
• Utilizing decentralized finance (DeFi): Up 4%.
• Taking part in blockchain-based video games: Up 3%.
• Proudly owning web3 wallets: Up 6%.
• Utilizing staking companies: Up 3%.

These developments present that extra persons are discovering methods to make use of web3 of their day by day lives. Web3 wallets, particularly, have gotten a key software for actions like sending transactions and storing digital belongings.

Studying About Decentralization and Blockchain

The survey additionally checked out how effectively individuals perceive decentralization and blockchain. Over half of the respondents in locations like america, Nigeria, South Africa, and India are accustomed to the concept of decentralization.

In relation to blockchain, consciousness is enhancing. In Nigeria, 77% of individuals may accurately determine what blockchain is, and 52% in South Africa did as effectively. Nevertheless, Web3 itself remains to be complicated for many individuals. Nigerian (61%) and South African (48%) respondents have been essentially the most accustomed to Web3, whereas individuals in Japan, South Korea, and Europe have been the least acquainted, based on the survey.

NFT Consciousness and Possession

In comparison with Web3, NFTs are barely higher understood. In Asia, about 36% of individuals find out about NFTs, and within the US, consciousness is round 45%. Nevertheless, the UK confirmed a decline in NFT possession in comparison with final yr, which is an attention-grabbing exception to the pattern.

Globally, extra consciousness often means extra possession, however regional variations recommend native components additionally play a task.

Nevertheless, a world majority of individuals conscious of NFTs (65%) say they plan to put money into or accumulate them over the subsequent 12 months. This pattern is especially sturdy in 14 out of the 18 international locations surveyed, the place most respondents accustomed to NFTs view crypto as a part of their close to future.

Challenges That Maintain Web3 Again

Regardless that Web3 is rising, it nonetheless faces challenges:

• Safety is the highest concern for 77% of respondents, particularly when selecting crypto wallets.
• Ease of use can also be necessary, with 74% of individuals saying Web3 instruments should be easier.
• Folks in Africa strongly favor wallets they management themselves, with 93% favouring self-custody wallets.

One other main concern is knowledge privateness. Most individuals (83%) imagine privateness is necessary, however lower than half belief their web service suppliers to deal with their private knowledge securely. Blockchain and decentralization may provide options by giving individuals extra management and transparency over their knowledge.

What’s Subsequent for Web3 and NFTs?

The survey exhibits that Web3 and NFTs are rising in popularity, however there’s nonetheless a protracted option to go. Many individuals want extra training about these applied sciences, and governments want to offer clearer laws to handle issues.

As extra individuals uncover the advantages of Web3 wallets, NFTs, and blockchain, the findings from this ConsenSys survey assist us perceive methods to construct a greater future for these applied sciences. Web3 may change how we use the web, however for that to occur, it should change into safer, simpler to make use of, and higher understood.

Editor’s word: Written with the help of AI – Edited and fact-checked by Jason Newey.