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

The ConsenSys Web3 Survey gives us a closer look at how people around the world are getting involved with NFTs, blockchain, and other web3 technologies. This is the second global opinion survey by ConsenSys and YouGov, gathering extensive responses from more than 18,000 people across 18 countries, including nations in Africa, Asia, Europe, and the Americas.

The survey highlights that while more people are exploring Web3 activities like collecting NFTs, using crypto wallets, and playing blockchain-based games, many still don’t fully understand these technologies. It also shows that issues like data privacy and security remain big concerns.

ConsenSys Web3 Survey: More People Are Joining Web3 Activities

The survey found that 42% of people globally have bought or currently own cryptocurrencies, with some countries seeing a big jump compared to last year. Crypto ownership increased in the Philippines, Mexico, Germany, South Africa, and Japan.

NFTs are becoming more popular, too. People in Nigeria, South Africa, India, and Vietnam are the most familiar with NFTs. On the other hand, 76% of people in the UK said they’ve never owned an NFT. Still, interest in NFTs is growing, especially in Nigeria, where 94% of respondents plan to invest in them in the next year.

Participation in other Web3 activities has also gone up this year:

• Collecting NFTs: Up 3%.
• Using decentralized finance (DeFi): Up 4%.
• Playing blockchain-based games: Up 3%.
• Owning web3 wallets: Up 6%.
• Using staking services: Up 3%.

These trends show that more people are finding ways to use web3 in their daily lives. Web3 wallets, in particular, are becoming a key tool for activities like sending transactions and storing digital assets.

Learning About Decentralization and Blockchain

The survey also looked at how well people understand decentralization and blockchain. Over half of the respondents in places like the United States, Nigeria, South Africa, and India are familiar with the idea of decentralization.

When it comes to blockchain, awareness is improving. In Nigeria, 77% of people could correctly identify what blockchain is, and 52% in South Africa did as well. However, Web3 itself is still confusing for many people. Nigerian (61%) and South African (48%) respondents were the most familiar with Web3, while people in Japan, South Korea, and Europe were the least familiar, according to the survey.

NFT Awareness and Ownership

Compared to Web3, NFTs are slightly better understood. In Asia, about 36% of people know about NFTs, and in the US, awareness is around 45%. However, the UK showed a decline in NFT ownership compared to last year, which is an interesting exception to the trend.

Globally, more awareness usually means more ownership, but regional differences suggest local factors also play a role.

However, a global majority of people aware of NFTs (65%) say they plan to invest in or collect them over the next 12 months. This trend is particularly strong in 14 out of the 18 countries surveyed, where most respondents familiar with NFTs view crypto as part of their near future.

Challenges That Hold Web3 Back

Even though Web3 is growing, it still faces challenges:

• Security is the top concern for 77% of respondents, especially when choosing crypto wallets.
• Ease of use is also important, with 74% of people saying Web3 tools need to be simpler.
• People in Africa strongly prefer wallets they control themselves, with 93% favouring self-custody wallets.

Another major issue is data privacy. Most people (83%) believe privacy is important, but less than half trust their internet service providers to handle their personal data securely. Blockchain and decentralization could offer solutions by giving people more control and transparency over their data.

What’s Next for Web3 and NFTs?

The survey shows that Web3 and NFTs are becoming more popular, but there’s still a long way to go. Many people need more education about these technologies, and governments need to provide clearer regulations to address concerns.

As more people discover the benefits of Web3 wallets, NFTs, and blockchain, the findings from this ConsenSys survey help us understand how to build a better future for these technologies. Web3 could change how we use the internet, but for that to happen, it must become safer, easier to use, and better understood.

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