Consensys, the leading blockchain and web3 software company behind MetaMask, announced the findings of its second global opinion survey on crypto and web3 conducted online by international online research data and analytics technology group YouGov.
As a follow-up to the initial report published in 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65 in 18 countries, including the Philippines.
With a mix of identical questions from the previous survey designed to gain an understanding of changing sentiment, and new questions aimed at addressing current themes and trends, the survey explores topics such as data privacy, awareness, ownership and web3 activity, decentralization, timely news events like the approval of spot crypto ETFs, and the intersection of artificial intelligence (AI) and blockchain. The results, broken down to showcase geographic trends, offer valuable insights into the public’s understanding and perceptions of web3, crypto, and decentralization while revealing ongoing challenges and opportunities for education and adoption.
The full global report as well as country-level executive summaries are available here.
Key Findings from the 2024 Survey:
Perceptions on data privacy, concerns about AI, value creation, and the current financial system
Nearly half (48%) of Filipino respondents share similar sentiments as the majority (83%) of the total respondents, with data privacy and online identity control cited as top concerns. Globally, less than half (46%) trust how their Internet Service Providers handle their data and sensitive information. Additionally, over 75 percent of people surveyed say they want more control over their online identity and a share of profits from their data— with only 39% of those surveyed feeling they are adequately compensated for the value they add to the internet. Concerns about AI’s potential for generating malicious content are also widespread, highlighting an emerging phenomenon. More than 75% are concerned about AI generating fake news and fraudulent content, with the highest concerns in Nigeria and South Africa.
Views on blockchain’s ability to mitigate these risks vary by country, but more than half of people globally (54%) think it could mitigate risks posed by AI. Concurrently, almost half of respondents (47%, -2) believe the traditional financial system could use improvement, suggesting a continued lack of confidence in existing financial infrastructure. In addition, 18% (+2) think the system needs a complete overhaul, particularly in Nigeria, Indonesia, and the Philippines. Interestingly, however, cryptocurrency owners and those familiar with decentralization tend to view the traditional financial system more favorably. Similarly, those willing to invest in cryptocurrencies strongly believe that the financial system works well (28% vs 20%).
Crypto adoption across the globe: Awareness, ownership, and barriers to entry
Over half (54%) of respondents have purchased cryptocurrencies, driven by curiosity, but barriers such as scams (50%), volatility (48%), and uncertainty about where to start (42%) persist.
Globally, 93% (+1) of people are aware of cryptocurrencies, with 52% of those respondents claiming to understand what they are. Cryptocurrency awareness is exceptionally high in the Philippines, with 96% of respondents having heard of it. However, only 46% understand how it works. Filipinos largely associate crypto with the “future of money” (45%) and an alternative to traditional financial systems (36%), though concerns about misuse are increasing, with 20% linking it to crime and money laundering.
Ownership is highest in Nigeria (73%), South Africa (68%), the Philippines (54%), Vietnam (54%), and India (52%). More respondents in Asia and Africa plan to invest in crypto assets in the next 12 months.
Web3, crypto wallets, blockchain, and NFTs: Awareness, intention, and participation in blockchain and web3 activities.
Global participation in Web3 activities, such as minting NFTs, owning tokens, and using wallets, has increased this year, with one-third of those familiar with Web3 now using wallets—a 6% rise from last year. However, understanding of Web3 remains limited globally. Nigeria (61%) and South Africa (48%) lead in familiarity, showing significant growth, while awareness is lowest in Japan, South Korea, and Europe. In the Philippines, Web3 (28%) and NFT (37%) awareness also remain limited.
Blockchain, though generally better understood than Web3 or NFTs, is still a challenging concept for many. Across surveyed countries, the ability to accurately define blockchain is improving, with a majority of respondents in Nigeria (77%) and South Africa (52%) demonstrating correct understanding.
Familiarity with decentralization and its impact and perception of Web2 systems
A significant 80% of respondents globally believe that web2 companies have too much power, with Nigeria (11%) and Japan (8%) being notable exceptions. Despite this, familiarity with the concept of decentralization remains low worldwide. In the US, however, more than half of respondents (58%) are very familiar with decentralization, and other countries that report high levels of understanding include the Philippines (53%), India (66%), Indonesia (51%), Nigeria (80%) and South Africa (74%).
When asked how decentralization relates to cryptocurrencies, blockchain, and web3, only Nigeria, South Africa, and Indonesia showed notable familiarity. Nonetheless, over one-third of respondents globally believe that social media platforms and international banking could benefit from decentralization. This shows a unique disparity between a desire to integrate blockchain into modern traditional systems, despite a perceived lack of understanding, and suggests that the education gap persists.
Crypto’s ecosystem moving from “users” to “owners”
Consensys sees these trends as indicative of a continued shift towards a more equitable online landscape facilitated by crypto, blockchain, and web3. Individuals engaging with web3, whether through app development, crypto asset staking, or involvement with NFTs, are not merely users but active contributors, builders, and owners of the ecosystem. This ownership mentality is also signified through respondents’ growing desire to have an ownership stake in their online presence and a distrust in social media regarding their data privacy and contributions to the internet.
Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of Consensys, said, “The critical role of blockchain and decentralization in enhancing privacy, trust and transparency for how our data is managed cannot be overstated. Our latest survey not only highlights the rising importance of data privacy, with 83% of respondents emphasizing its significance, but also sheds light on pervasive concerns about exploitation and misinformation, a pressing issue amid global elections and the mainstream adoption of AI.”
“Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3 — the re-decentralized web. 2024 has been a monumental year for crypto for a variety of reasons, which are rapidly converging to move society and the right direction espoused by the web3 ecosystem, towards far greater economic, social and political agency for all people and communities. The recent U.S. presidential election may lead to significant regulatory clarity, for example. As the world embraces the potential of decentralization and crypto, our industry stands ready to support and empower the next wave of users through education and innovation while solving some of our world’s most complex challenges,” Lubin added.
