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

The ConsenSys Web3 Questionnaire offers us a better take a look at how individuals all over the world are getting concerned with NFTs, blockchain, and different web3 applied sciences. That is ConsenSys’ second world opinion survey YouGovaccumulating intensive responses from greater than 18,000 individuals in 18 international locations, together with international locations in Africa, Asia, Europe and the Americas.

The analysis highlights that whereas increasingly persons are exploring Web3 actions corresponding to accumulating NFTs, utilizing crypto wallets and enjoying blockchain-based video games, many nonetheless don’t absolutely perceive these applied sciences. It additionally exhibits that points of knowledge privateness and safety stay main issues.

ConsenSys Web3 Survey: Extra persons are taking part in Web3 actions

The survey discovered that 42% of individuals worldwide have bought or presently personal cryptocurrencies, with some international locations seeing an enormous soar in comparison with final yr. Cryptocurrency possession elevated within the Philippines, Mexico, Germany, South Africa and Japan.

NFTs are additionally turning into more and more well-liked. Individuals in Nigeria, South Africa, India and Vietnam are most conversant in NFTs. Alternatively, 76% of individuals in Britain stated they’ve by no means owned an NFT. But curiosity in NFTs is rising, particularly in Nigeria, the place 94% of respondents plan to spend money on them within the subsequent yr.

Participation in different Web3 actions has additionally elevated this yr:

• Amassing NFTs: 3% enhance.
• Utilizing decentralized finance (DeFi): A rise of 4%.
• Blockchain-based recreation play: 3% enhance.
• Web3 pockets possession: 6% enhance.
• Use of strike companies: 3% enhance.

These developments present that increasingly persons are discovering methods to make use of web3 of their every day lives. Web3 wallets particularly have gotten an necessary software for actions corresponding to sending transactions and storing digital property.

Studying about decentralization and Blockchain

The survey additionally checked out how effectively individuals perceive decentralization and blockchain. Greater than half of respondents in international locations corresponding to the USA, Nigeria, South Africa and India are conversant in the thought of ​​decentralization.

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

NFT consciousness and possession

In comparison with Web3, NFTs are barely higher understood. In Asia, about 36% of persons are conscious of NFTs, and within the US, consciousness is about 45%. Nevertheless, the UK confirmed a decline in NFT possession in comparison with final yr, which is an fascinating exception to the development.

Globally, extra consciousness normally means extra possession, however regional variations point out that native elements additionally play a job.

Nevertheless, a worldwide majority of individuals conscious of NFTs (65%) say they plan to spend money on or accumulate them within the subsequent twelve months. This development is particularly sturdy in 14 of the 18 international locations surveyed, the place most respondents conversant in NFTs see crypto as a part of their close to future.

Challenges holding Web3 again

At the same time as Web3 grows, 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: 74% of individuals say Web3 instruments must be easier.
• Individuals in Africa strongly choose wallets they’ll handle themselves, with 93% in favor of wallets they’ll handle themselves.

One other main challenge is information privateness. Most individuals (83%) think about privateness necessary, however lower than half belief their web suppliers to deal with their private information securely. Blockchain and decentralization can present options by giving individuals extra management and transparency over their information.

What’s subsequent for Web3 and NFTs?

The analysis exhibits that Web3 and NFTs have gotten more and more well-liked, however there may be nonetheless an extended technique to go. Many individuals want extra schooling about these applied sciences, and governments want to supply clearer rules to deal with issues.

As extra individuals uncover the advantages of Web3 wallets, NFTs and blockchain, the findings of this ConsenSys examine assist us perceive how we will construct a greater future for these applied sciences. Web3 may change the best way we use the Web, however to try this it must be safer, simpler to make use of and higher understood.

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