• 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.
Today, 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 for 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 Indians 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% participants consider data privacy to be important, while 53% expressed the desire to have more control over their identity on the internet. 39% 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 enter the crypto ecosystem: The volatility of the market (48%) together with fear of scams (44%) emerged as the most significant barriers to entry, followed by 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 increasing mainstream desire for more control over online identity, the data shared, 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 which encourages people to see themselves and the world differently: reframing “builder” to be more inclusive of artists, community creators, collectors—and ultimately, everyone. Further details about Consensys’ brand evolution can be found here.
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 reveal 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% 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% Indians, 15% of Brits and 17% of Germans said the same;
• Concerns around scams: People the India (44%), US (19%) and 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.
About Consensys
Consensys is the leading blockchain and web3 software company. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through our product suite, including the MetaMask platform, Infura, Linea, Truffle, Diligence, and our NFT platform, we have become the trusted collaborator for users, creators, and developers on their path to build and belong in the world they want to see. Whether building a dapp, an NFT collection, a portfolio, or a better future, the instinct to build is universal. Consensys inspires and champions the builder instinct in everyone by making web3 universally easy to use and develop on. To explore our products and solutions, visit https://consensys.io/.
About YouGov
YouGov is an international online research data and analytics technology group. Our mission is to offer unparalleled insight into what the world thinks. Our innovative solutions help the world’s most recognised brands, media owners and agencies to plan, activate and track their marketing activities better. With operations in the UK, the Americas, Europe, the Middle East, India and Asia Pacific, we have one of the world’s largest research networks.
At the core of our platform is an ever-growing source of consumer data that has been amassed over our twenty years of operation. We call it Living Data. All of our products and services draw upon this detailed understanding of our 22 million registered panel members to deliver accurate, actionable consumer insights. As innovators and pioneers of online market research, we have a strong reputation as a trusted source of accurate data and insights. Testament to this, YouGov data is regularly referenced by the global press, and we are the most quoted market research source in the world.
YouGov. Living Consumer Intelligence.
