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(Kitco News) – A new survey conducted by Consensys, a leading web3 software technology company, and done in conjunction with YouGov, has shown that while awareness of cryptocurrency and blockchain is now prevalent worldwide, there is a stark difference in perception between countries with developed economies and those with emerging economies.

The first-of-its-kind global opinion survey on crypto and web3 polled a representative sample of 15,158 people aged 18-65 between April 26th and May 18th, 2023. Respondents included individuals from 15 countries across Africa, the Americas, Asia, and Europe. Topics covered included data privacy, the crypto carbon footprint, the recent news cycle, and digital ownership.

According to the results, 92% of participants demonstrated an awareness of crypto, and respondents worldwide believe that cryptocurrencies are making valuable contributions to the online ecosystem.

“This data indicates a shift in user behavior toward active participation, empowerment, and broader community ownership,” a press release announcing the results said.

While the awareness of cryptocurrencies is high, only 8% of respondents consider themselves to be very familiar with the concept of web3, which highlights a disconnect between public perceptions of web3 and its potential as a solution to issues around privacy, identity, and digital ownership on the internet today.

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 (25%) or scams (26%).

There is also a strong desire for more ownership, with 50% of respondents believing that cryptocurrencies add value to the internet. Respondents also see the current corporation-dominated profit models as unfair, with 67% saying that people should own the things that they make on the internet and 70% believing that they should have a share of the profits a company makes from their data.

Only 38% of respondents said they are adequately compensated for the value and creativity they add to the internet.

The biggest concern identified by the respondents was around privacy, with 83% saying that data privacy is important to them and 79% saying they would like to have more control over their identity on the Internet.

Overall, the results showed that internet users from around the world have a desire for more control over online identity, the data we share, and a more equitable sharing of profits with those who are helping build platforms for their contributions.

“In this new world, web3 and crypto enable a global peer-to-peer network that empowers individuals,” Conesnsys said. “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.”

“The survey confirms the emergence of a decentralized trust paradigm that empowers users and communities,” Joe Lubin, Founder and CEO of Consensys. “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.”

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Geographic differences

While the majority of respondents expressed an awareness of cryptocurrencies and a desire for more control of their online data, there were some differences in opinion on certain aspects depending on geographic location.

Due to the instability of their local currencies, respondents in Nigeria (65%) and Argentina (56%) showed the highest motivation to own cryptocurrencies as a means to store value. 67% of Nigerians strongly believe that cryptocurrencies add value to the internet, while only 5% of respondents from Japan feel the same.

Non-fungible tokens (NFTs) had the highest level of familiarity and adoption in Nigeria, South Africa and Vietnam. While 76% of respondents in the UK said they have never owned an NFT, it was the exact opposite in Vietnam, where 76% said they had owned an NFT at some point.

58% of Nigerians, 50% of South Africans, and 44% of Mexicans said the future of money is one of the main concepts they associate with cryptocurrencies, while only 15% of Brits and 17% of Germans said the same.

And there is also disagreement on the environmental impact of the crypto industry, with 57% of respondents in Brazil saying that crypto is an environmentally friendly technology, while only 25% in France think the same.

Overall, European nations, Japan and South Korea exhibited a greater degree of skepticism towards crypto, with many respondents associating the asset class with negative concepts such as scams and money laundering. In contrast, most countries in Southeast Asia, South America, and Africa exhibited a more open and enthusiastic attitude toward crypto and web3, and countries like Argentina and Nigeria see crypto as an important way to access global capital and protect against inflation.