Report
Web3 perception and trends around the world
This is the second annual multi-country web3 perception survey conducted by Consensys and YouGov. It provides a global and regional view of perceptions around web3 and its various dimensions: blockchain technology, cryptocurrencies, NFTs, decentralization, the metaverse, and more. The survey captures people’s perceptions about the present state of the internet, data privacy, and current events including the rapid adoption of AI and the integration of crypto into the traditional finance sector via products like ETFs. The full report and country-specific summaries are available for download below.
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Table Of Contents
01
Executive Summary
Reading Time
6 min. read
Full Report
Barriers to invest in cryptocurrencies are lower than in 2023
The first annual Global Perception Survey on crypto and web3 was conducted in early 2023 amid a significant downturn in market conditions across the crypto and web3 ecosystem, however the follow-up effort achieved in the 2024 version comes as these conditions shift upwards. The 2024 survey reveals that while still present, barriers to investing in cryptocurrencies have reduced and market volatility is still the top barrier cited, but is significantly down from last year (down 2 percentage points).
Over half the population in Nigeria (84%), South Africa (66%), Vietnam (60%), the Philippines (54%) and India (50%) report owning a crypto wallet in 2024. Wallet ownership in the Americas is highest in the US at 43%; while Turkey leads European countries surveyed at 44%.
People continue to get involved in web3 in many ways
Survey results show the vast majority - approximately 93% - of people surveyed are aware of cryptocurrencies, up from 92% in 2023. Beyond awareness, participation in 10 out of 11 web3 activities surveyed are up over the past year, from collecting NFTs, (up 3 percentage points), to using decentralized finance (+4), blockchain-based games (+3), web3 wallets (+6), and staking services (+3).
People want more control and ownership over their privacy, data, and identity online
This trend is a continuation from 2023 survey data. 82 percent of people surveyed worry that Big Tech companies like Meta (sometimes referred to as “web2”) have too much power. New from this year is the widespread concern about fake content created by artificial intelligence. Over one in three people surveyed worldwide think that decentralization, a key feature of blockchain, crypto, and web3, could improve online social network and content platforms and believe it can help reduce the risks of AI-generated content.
Future of money remains the concept most frequently associated with crypto
This association holds true for a second year in a row. At the same time, many respondents think the current financial system could be improved (47%), and 18% (+2) think the financial system needs to be completely rebuilt. Crypto is also part of the near future in 14 out of the 18 countries surveyed, where majorities of those who said they are aware of NFTs plan to invest in or collect them over the next 12 months.
NOTE ON METHODOLOGY
YouGov interviewed 18,652 people aged 18 to 65 across Argentina, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Nigeria, South Africa, South Korea, Turkey, the Philippines, the UK, the US and Vietnam. The survey consisted of 35 questions posed to a representative sample of each country's population between February 23rd and May 2nd, 2024. The data collected was weighted on age, gender, and region to ensure representation of each local population. Trending changes relative to 2023 results are noted throughout the report and statistical testing of the results was conducted at a p<0.05 significance. Results were analyzed afterwards by YouGov.02
Growing Global Adoption
Two years of global data shows crypto, web3, and blockchain being rapidly embraced in key emerging markets like Nigeria, India, and South Africa. Adoption in Europe, North America, Japan and South Korea lags behind, however barriers such as concerns over volatility are decreasing.
Cryptocurrency ownership is up significantly in the Philippines (+7), Mexico (+8), Germany (+5), South Africa (+7) and Japan (+4), while intention to invest in cryptocurrencies is high in Africa (87%) and most Asian countries (51%). There is also a significant increase in plans to invest among those who have heard about cryptocurrencies in more crypto-skeptic countries like France (+6) and Germany (+10).
insight
Over half the population in Nigeria (84%), South Africa (66%), Vietnam (60%), the Philippines (54%) and India (50%) report owning a crypto wallet in 2024. Wallet ownership in the Americas is highest in the US at 43% while Turkey leads European countries surveyed at 44%.
Survey Question
How many crypto wallets do you have (MetaMask, Coinbase, Binance, Trust Wallet, etc.)?
Did you know
A global majority of 65% of people aware of NFTs say they plan to invest in or collect them over the next 12 months.
03
How We Use Web3
More people worldwide are experimenting with web3. Respondents were asked about 11 different web3 activities, and overall participation was up globally for 10 of the activities year over year, including collecting NFTs (+3), using decentralized finance (+4), blockchain-based games (+2), web3 wallets (+6), and staking services (+3). No decrease was seen in any activity and sending and receiving transactions saw no change.
insight
Use of stablecoins Tether (USDT) and USDC are up globally (USDT +1, USDC +2) and especially in Argentina (USDT +8, USDC +2), India (USDT +6, USDC +9), Nigeria (USDT +1, USDC +6), South Africa (USDT flat, USDC +4) and the UK (USDT +7, USDC +2).
Survey question
Which cryptocurrencies have you bought in the past or do you currently own?
did you know
Of those aware of web3, 33% have used a web3 wallet (+6).
04
Big Tech, Privacy, Data and Identity Online
For a second year, over 71 percent globally say data privacy is important and they want more control over their online identity, as well as a share of profits from their personal data.
insight
People say Big Tech companies like Meta (sometimes referred to as “web2”) do not adequately compensate them for the value they generate when using the internet. At the same time, less than half say they trust existing Big Tech platforms.
Survey question
To what extent do you agree with the following statements: % NET agree
did you know
82% of people surveyed think Big Tech platforms have too much power.
05
Artificial Intelligence
New from this year is the widespread concern about fake content created by artificial intelligence. Concern is highest in Nigeria (86%) and South Africa (85%) while respondents in Japan (58%), Vietnam (62%), and Argentina (64%) are the least concerned about AI’s potential for creating fraudulent content.
insight
Globally, 76% are concerned about AI-generated fake news, 60% of whom think blockchain could help mitigate such risks. People in countries more familiar with blockchain are more likely to think it may be able to help mitigate AI fraud and risk.
Survey Question
Do you think blockchain technology could help mitigate the risks related to AI (fake news, etc.)?
Did you know
Globally 28% think AI models could be improved through decentralization, a key feature of blockchain, crypto and web3.
06
The Global Financial System
Most people believe that the financial system needs change. Nearly half think the financial system can stand to be improved, with a significant increase this year in those who say it should be completely rebuilt at 18% (+2).
37% think international banking/money transfer systems would benefit from decentralization.
insight
In the United States, 60% think the traditional financial system could be improved, including 16% who say it needs to be completely rebuilt, 6 points higher than in 2023.
Survey question
How would you interpret this data from the World Bank: “21.5% of the world population (1.7 billion adults) remain unbanked–without an account at a financial institution or through a mobile money provider”
did you know
Belief that the financial system needs rebuilding is highest in Nigeria (25%), Indonesia (23%), and the Philippines (23%), lowest in South Korea (7%).
insight
The ability of respondents to correctly select a statement describing blockchain (“A secure, decentralized and transparent digital ledger that records and verifies transactions”) is generally increasing or consistent across most surveyed countries. Most respondents get it right more often in Nigeria, South Africa; 1 in 3 or more select the correct statement in the US, UK, the Philippines, Vietnam, and India.
Survey Question
% of people who guessed the definition of blockchain
Did you know
With the exception of Japan, roughly 1 in 3 or more in Asia are familiar with NFTs, and just under half of respondents in the US are aware of NFTs.
08
Concepts Associated with Crypto
Emerging markets lead the way in blockchain adoption, while many nations in Europe, East Asia and the Americas are more skeptical by comparison yet still view blockchain technology as the “future of digital ownership” or “the future of money.” In fact, future of money remains the concept most frequently associated with crypto for the second year in a row.
insight
The second most-cited association with crypto is “alternative to the traditional financial ecosystem.”
Survey question
What are the 3 main concepts that you associate with cryptocurrencies? Please rank the following options in order of importance
did you know
More than 1 in 4 (29%) of US respondents associate cryptocurrencies with an “alternative to the traditional financial system,” but more than a third (34%) also associate cryptocurrencies with “scams and phishing.”
09
Decentralization and Self-Custody
When choosing a crypto wallet, the third most important factor cited in making the choice was picking a self-custody wallet.
Interest in self-custody wallets is highest in Africa at 81%, the Philippines at 69%, India at 65%, Brazil at 61% and Mexico at 60%.
insight
In most countries, less than half of respondents say they are very or fairly familiar with decentralization. But when provided with a definition of the concept, well over a third think social media platforms and international banking/money transfer systems would benefit from decentralization.
Survey question
Which of the following do you think would be improved if they were more decentralized?
did you know
The concept of decentralization is best-known in Africa with 74% aware in South Africa and 80% aware in Nigeria, as well as in India at 66% and the US with a total of 58% familiar.
10
Conclusion
Crypto, web3 and blockchain adoption continues to grow as concerns decrease and crypto is increasingly seen as part of the future. Further, the public has concerns that many respondents believe blockchain may be able to address, like data privacy, value creation on the internet, confidence in the traditional financial system, and malicious content generated by artificial intelligence.
Overall, the 2024 data shows a populace concerned with the current financial system and the influence of big tech companies, including artificial intelligence. People in a number of countries are increasingly interested in cryptocurrency, both in terms of ownership and other web3 activities and uses that continue to mature, including web3 wallets and stablecoins.
Download Report
Download each country’s executive summaries
africa (2)
asia (6)
europe (5)
north and south america (5)
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