Despite 99% of Nigerians being aware of cryptocurrencies, Consensys noticed less awareness and practical understanding of web3 technologies.
A recent survey by Consensys, a blockchain and software company Web3, revealed that Nigeria leads all continents in cryptocurrency awareness, with 99% having heard of the asset class and 91% ready to invest. The survey was completed online by 15,158 people in 15 countries, including the US, UK, Argentina, France, India, Japan, Mexico, South Korea, the Philippines and Nigeria between 04/26/2023 and 05/18/2023. Working with market research and data analytics firm YouGov, Consensys weighted the data collected by gender and region to ensure adequate representation of the country’s population.
A global leader in crypto awareness has emerged from Nigeria Consensys found that almost all Nigerians have heard of cryptocurrencies, with four out of five Nigerians understanding such assets. They see crypto as an alternative to traditional finance.
About 58% of 1,001 Nigerians aged 18-65 surveyed believe cryptocurrencies represent the future of money and 48% believe they represent the future of digital ownership. About 43% of respondents see crypto as an opportunity to participate in the global financial ecosystem, while 50% believe that the industry should be regulated and participation should be encouraged. Most Nigerians buy crypto portfolios for diversification. Others were drawn into the new industry by the volatility of the country’s local currency, the Nigerian naira. Previous buyers and respondents who currently hold crypto indicated that the most invested assets were bitcoin, ether, BNB, DOGE and Tether USDT.
The biggest barriers to entering the crypto ecosystem are the perception of an unstable market and fear of fraud, shared by 63% and 52% of respondents. About 42% of those surveyed said that another problem is not knowing how to start.
Less awareness of Web3 Despite 99% of Nigerians being aware of cryptocurrencies, Consensys found less awareness and practical understanding of Web3 technologies. Only 21% of the respondents stated that they know the concept of Web3 well. Incorrigible marks and metaverse are the most familiar concepts among the Nigerian population.
The lack of Web3 awareness was reflected in the global population, with 8% of all survey respondents feeling familiar with the idea, despite having 92 years of crypto awareness. Consensys said the split underscores public perceptions of Web3 and its potential solutions to issues of digital ownership, privacy and identity.