- Results reveal that people worldwide are motivated to build and believe they are making valuable contributions online. This evolution indicates a shift in user behavior toward active participation, empowerment, and broader community ownership, characterized by web3.
- A total of 15,158 individuals, ranging in age from 18 to 65, from 15 countries across the Americas, Europe, Africa, and Asia, participated in a first-of-its-kind survey commissioned by Consensys and conducted by the international online research data and analytics technology group YouGov. The survey’s purpose was to gather opinions and measure behaviors toward web3, crypto, and the current Internet.
- Of Indian resident survey respondents, 75% would like to have more control over their identity on the Internet. The Metaverse (53%) is more familiar to Indians than Web3 (41%) and NFTs (42%).
- In alignment with global trends, Consensys is launching an evolved brand with a core message that redefines the Builder as inclusive of everyone and encourages new perspectives on how the web3 paradigm shift can empower all of us.
MUMBAI: Leading web3 software technology company, Consensys, unveils a first-of-its-kind global opinion survey on crypto and web3, conducted online by international online research data and analytics technology group, YouGov. The survey polled a representative sample of 15,158 people aged 18-65 between April 26th and May 18th, 2023 in 15 countries across Africa, the Americas, Europe, and Asia, including 1013 people in India. The results offer captivating and unique insights into the public’s overall understanding and views of the web3 and crypto ecosystem. The survey conducted with participants from India explores topics such as data privacy, the current financial system, the recent news cycle, and digital ownership. Results reveal that 37% of Indian respondents see cryptocurrencies as the “future of money,” and 31% as the “future of digital ownership,” and as “a way to participate in a global financial ecosystem.” This evolution indicates a shift in user behavior toward active participation, empowerment, and broader community ownership, characterized by web3.
From “Users” to “Builders”: A Paradigm Shift – Indian market
The survey results present a compelling picture of the Indian market characterized by widespread awareness of crypto, coupled with confidence in a crypto-led future:
- Strong crypto awareness: 92% of participants demonstrated awareness of crypto;
- Firm beliefs in crypto’s future: When asked about the main concepts associated with crypto, more than one-third of those familiar with the industry expressed beliefs in its potential as the future of money (37%) and the future of digital ownership (31%), surpassing associations with speculation (17%) or scams (20%);
- Crypto ownership: A fifth of the population currently owns some cryptocurrency and a notable 57% of Indian respondents would consider investing in crypto in the next 12 months. Also, 57% of respondents believe crypto is an environmentally friendly technology.
- North-Central & Eastern regions dominate: The North, Central, Eastern, and Northeastern states of India (94%) show the highest traction for cryptocurrencies, followed by the West (92%) and South (89%) regions.
- Concerns around data privacy: 62% of participants consider data privacy to be important, while 53% expressed the desire to have more control over their identity on the internet. 39% of respondents believed that they should have a share of the profit a company makes from their data, whereas only 30% trusted the current internet services with their data and personal information.
- Barriers to entering the crypto ecosystem: The volatility of the market (48%) together with the fear of scams (44%) emerged as the most significant barriers to entry, followed by the complexity of the ecosystem (36%) and difficulties to understand its purpose.
YouGov’s full global report as well as country-level executive summaries are available Here.
The results of the survey reveal an increasing mainstream desire for more control over online identity, the data we share, and the more equitable sharing of profits with those who are helping build platforms through their contributions. In this new world, web3 and crypto enable a global peer-to-peer network that empowers individuals. Web3 helps to address these desires by shifting control of identity from third parties to the individual and establishing new paradigms of value creation and community formation. People engaging with crypto and web3, whether developing software, staking crypto-assets, or creating or purchasing NFTs, are more than a ‘user’ as typically defined, but directly contributing to and helping build their communities and the ecosystem overall.
Consensys sees the empowerment of the builder as fundamental to its purpose and is focused on supporting people everywhere to see the potential of web3, the role it can play in their lives, and the tools they need to get started. Today, Consensys reveals an evolved brand identity that encourages people to see themselves and the world differently: reframing “builder” to be more inclusive of artists, community creators, collectors—and ultimately, everyone.
Joe Lubin, Founder, and CEO of Consensys, said, “The survey confirms the emergence of a decentralized trust paradigm that empowers users and communities. The era of the builder aligns with the web3 ethos where everyone can contribute. Consensys aims to be a trusted steward for builders and developers, supporting community empowerment and positive global impact.”
Contrasts in Web3 Awareness Between Countries
A comparative analysis of different regions reveals interesting contrasts between countries on various web3 and crypto-related topics:
- Motivations to own crypto: Nigeria (65%) and Argentina (56%) show the highest motivation to own cryptocurrencies as a means to store value, given the instability of their local currencies; In India (43%) consider it as an investment for the future
- Beliefs that they add value to the internet: 67% of respondents in Nigeria, and 60% in India strongly believe they add value to the internet, while only 5% of respondents in Japan do;
- NFT ownership: Among respondents familiar with the concept of NFTs, 76% of respondents in the UK have never owned an NFT, compared to only 24% of respondents in Vietnam; In India 39% of respondents in India own NFTs
- Future of Money: 58% of Nigerians, 50% of South Africans, and 44% of Mexicans say the future of money is one of the main concepts associated with cryptocurrencies, while only 18% of Indians, 15% of Brits, and 17% of Germans said the same;
- Concerns around scams: People in India (44%), the US (19%), and the UK (20%) are more likely to be concerned about scams compared to Japan and Korea (12% each);
- Crypto carbon footprint: 57% of Indian and Brazilian respondents think that crypto is an environmentally friendly technology while only 25% in France think the same.
