Business News Report
June 27, 2023

Consensys’ Global Survey on Crypto and Web3 Unveils Paradigm Shift Towards Ownership in Web3

Consensys' Global Survey on Crypto and Web3 Unveils Paradigm Shift Towards Ownership in Web3

Blockchain company ConsenSys has unveiled the findings of its new global survey on crypto and web3 today. The survey, which Consensys commissioned, was conducted by the international online research data and analytics technology group YouGov.

The survey involved participants from 15 countries across the Americas, Europe, Africa, and Asia and encompassed a diverse group of 15,158 individuals between the ages of 18 and 65. Its objective was to gather insights into opinions and behaviors related to web3, crypto, and the current state of the Internet.

From users to builders

Exploring topics such as data privacy, the crypto carbon footprint, the recent news cycle, and digital ownership, survey results reveal that 92% of participants around the world have some level of awareness of crypto. More than a third of those expressed the belief that crypto has the potential to be the future of money and digital ownership.

Half of the respondents believe they’re making valuable contributions online, and two in three people believe they should have ownership of what they create on the internet. While a significant 70% of respondents believe that they should receive a portion of the profits generated by companies from their data, only 38% of participants feel adequately compensated for the value and creativity they contribute to the internet. Most of the respondents would also like to have more control over their data privacy and digital identity.

The survey results shed light on the growing mainstream aspiration for enhanced control over online identity, shared data, and a fairer distribution of profits among those actively involved in platform building. ConsenSys believes that web3 and crypto enable a global peer-to-peer network that addresses these aspirations by transferring identity control from intermediaries to individuals and establishing novel models for value creation and community formation. 

Users engaging with crypto and web3, whether through software development, crypto asset staking, or NFT creation and acquisition, transcend the conventional notion of being mere ‘users’ and play direct roles in community building and overall ecosystem development.

Web3 Awareness Between Countries

The survey also revealed interesting contrasts in web3 and crypto knowledge amongst respondents from different regions. Nigeria (65%) and Argentina (56%) show the highest motivation to own cryptocurrencies as storage of value, given the instability of their local currencies.

When it comes to NFTs, respondents in Nigeria, South Africa, and Vietnam are the most familiar with the concept. Among those familiar with NFTs, 76% of UK-based respondents have never owned an NFT, compared to only 24% of respondents in Vietnam.

Respondents from developing nations like Nigeria (58%), South Africa (50%), and Mexico (44%) see cryptocurrency as the future of money, whereas only 15% of Brits and 17% of Germans said the same. Interestingly, 19% of respondents from the US and 20% from the UK are more likely to be concerned about crypto-related scams than Japan and Korea (12% each).

“Money crypto” vs. “tech crypto”

Elaborating on the differences between these contrasts in awareness between regions, ConsenSys creative director Nick Nelson told Metaverse Post in an interview:

“It’s fair to assume that public discourse, regulatory environment and economic factors impact people’s perception of crypto, particularly “money crypto”. The ongoing focus of the public discourse on “money crypto” rather than “tech crypto” has an outsized impact on public perception of the underlying technology.”

Nelson explained that “Money crypto” topics of focus include fluctuations in cryptocurrency prices, speculation, meme coins, and the regulatory and legal troubles of centralized exchanges, the most notorious being FTX. On the other hand, “Tech crypto” describes the innovative industry built on decentralized, open peer-to-peer blockchain networks, focused on the underlying technology and the growing ecosystem of developers, services, and software, not token price fluctuations.

“Our core takeaway from the survey is that across geographies, there is a strong desire for a fairer internet, one that respects people’s privacy, gives them more control over their identity, more ownership over their data, and compensates them for the value they bring to the internet. These are problems that tech crypto and web3 are tackling.”

ConsenSys’ new identity and HQ in the metaverse

In addition to sharing the survey findings, Consensys is introducing a reimagined brand identity that broadens the definition of “builder” to encompass artists, community creators, and collectors. To celebrate this, Consensys is unveiling a new headquarters in Decentraland.

“Consensys has one of the largest plots in Decentraland: 100 parcels. We’re turning the majority of our space—over 80% of it—over to people so that visitors can build a piece of the Metaverse all their own,” Nelson told Metaverse Post. “The redesigned HQ will serve as an immersive representation of Consensys’ new brand identity, signaling the idea that everyone is a builder by providing space for visitors to create their own structures, with the message that the future will be built by all of us, together.”

The HQ in Decentraland will also be a public event space, emphasizing the company’s commitment to openness, partnerships, collaborations, and community involvement.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

More articles
Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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