92% of people worldwide aware of crypto, only 8% familiar with Web3: Report

The crypto report included participation from more than 15,000 respondents across the Americas, Europe, Africa, and Asia. It featured a sample of 1,013 people from India.

92% of people worldwide aware of crypto, only 8% familiar with Web3: Report

Tuesday June 27, 2023,

3 min Read

A joint report by blockchain software firm ConsenSys and market research firm YouGov revealed 92% of over 15,000 people surveyed across 15 countries are aware of cryptocurrencies, while only 8% of them claimed to be very familiar with Web3.

The survey included participation from respondents across the Americas, Europe, Africa, and Asia. It featured a sample of 1,013 people from India.

About 53% of these Indian respondents said they are familiar with the concept of the Metaverse, slightly more than those familiar with Web3 (41%) and NFTs (42%). Data privacy emerged as a significant concern for participants across India as well as the other countries that were surveyed.

Further, the majority of global respondents expressed the desire for more control over their online identity and considered data privacy to be important.

"The survey confirms the emergence of a decentralised trust paradigm that empowers users and communities. The era of the builder aligns with the Web3 ethos where everyone can contribute," Joe Lubin, Founder and CEO, ConSensys, said.

Crypto in India

An emerging economy like India, with its widespread Internet penetration and large, English-speaking section of the population, is typically seen as a big potential market for crypto.

The report found that in India, 92% of participants had heard of cryptocurrencies, and 56% claimed to have a good understanding of them.

Among those familiar with the crypto industry, more than one-third believed in its potential as the future of money (37%) and digital ownership (31%). These positive perceptions outweighed the associations of crypto with speculation (17%) or scams (20%).

The volatility of the market (48%) and fear of scams (44%) were identified as the top two barriers for potential crypto investors in India. The complexity of the ecosystem and difficulties in understanding its purpose were also cited as deterrents.

Further, regulation emerged as a crucial aspect in the Indian context. 45% of respondents believed that cryptocurrency should be heavily regulated to protect investors and prevent destabilisation of traditional financial markets, while 34% favored regulations that encourage responsible participation.

In contrast, only 8% of participants believed that regulators should avoid interfering with the industry and let it self-regulate.

FTX bankruptcy and future of crypto

Several crypto firms and crypto funds, such as FTX, Terra Labs, Celsius, Voyager, and more, collapsed in 2022. These crashes not only dropped crypto market prices, but also fuelled the narrative that crypto funds may not be safe in the custody of centralised institutions.

These crashes in 2022 garnered significant attention among Indians, as per the report, with 50% of the surveyed population being aware of these incidents.

Rebuilding trust in the sector was seen as essential, with increasing transparency, accountability, security, and improved regulation identified as key measures.

The survey's country-specific findings provided further insights. In India, 43% of respondents viewed cryptocurrencies as an investment for the future, while countries like Nigeria (65%) and Argentina (56%) had higher motivations to own crypto due to local currency instability.

Notably, respondents from Nigeria (67%) and India (60%) strongly believed that cryptocurrencies add value to the internet. In contrast, only 5% of Japanese respondents shared the same sentiment.

Interestingly, despite the fluctuations in local currency prices and large unbanked populations, the crypto markets in emerging economies are not easy to crack.

Just earlier this week, Accel-backed DeFi app Pillow, which was popular in Nigeria, decided to wind down its services and its app "as a result of regulatory climate and its impact on associated financial infrastructure."

Edited by Affirunisa Kankudti