Consensys shared the findings of its opinion survey on crypto and web3, conducted online by online research data and analytics technology group YouGov.
As a follow-up to the report from 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65.
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 insights into the public’s understanding and “perceptions of web3, crypto, and decentralization, and reveal ongoing challenges and opportunities for education and adoption.”
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.”
The recent U.S. presidential election may lead “to significant regulatory clarity, for example.”
Globally, 83% of respondents say data privacy is “a top concern, but less than half (46%) trust how their Internet Service Providers handle their data and sensitive information.”
Additionally, 3 out of 4 people (78%) 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.”
Views on blockchain’s ability to mitigate these risks vary by country, but 3 out of 5 people globally (54%) think it could “mitigate the risks posed by AI.”
Concurrently, less than half of respondents (47%, –2) believe the “traditional financial system works well, suggesting a continued lack of confidence in existing financial infrastructure.”
Cryptocurrency owners and those familiar with decentralization “tend to view the traditional financial system more favorably.”
Similarly, those who are willing to invest in cryptocurrencies also “have a stronger opinion that the financial system works well (28% vs 20%).”
Globally, 93% (+1) of people are “aware of cryptocurrencies, with 52% of those respondents claiming to understand what they are.”
Significant demographic differences in understanding “reflect the global digital divide, particularly across age and gender.”
Men aged 25-44 state they have the deepest “understanding of crypto technology, a trend seen with varying intensity across most countries and consistent with last year’s demographics.”
Around 42% of respondents currently own or have “previously bought cryptocurrencies.”
Although overall interest in Europe is lower compared to other major world regions, it has “grown significantly in France (27%, \+3) and Germany (33%, \+10).”
Top barriers to entering the crypto ecosystem include “perceived market volatility (20%) and the prevalence of scams (17%).”
Although the perception of market volatility has reportedly decreased this year, “concerns persist in countries like Japan, South Korea, and Turkey.”
Other common barriers include not knowing “where to start (14%) and a lack of understanding about the purpose of crypto technology (11%).”
Despite this, the main concepts associated with cryptocurrencies are largely positive with the top three concepts being: “future of money” (14%, \-2), “alternative to the traditional financial ecosystem” (10%, \-1), and “the future of digital ownership” (9%, \-2), tied with “speculation” (9%, \+1).
Global participation in almost all web3 activities—such as minting NFTs, owning tokens and using wallets—are up this year, with “one-third of those familiar with web3 (33%) now using a wallet, a 6% increase on last year.”
Globally, using a web3 wallet to send and receive transactions is the most common activity, though wallet ownership “remains below 50%.”
Security (77%) and ease of use (74%) are the most “important factors when choosing a crypto wallet, followed by the preference for self-custody wallets.”
NFTs are somewhat better understood than web3, with about one in three people in Asia (36%) familiar with them, and “just under half of respondents in the US (45%) aware of NFTs.”
Greater awareness generally leads to higher NFT ownership, but the UK is an exception in this regard, with “ownership significantly down from last year.”
Further, “blockchain” is another concept that is not well-understood, though it is generally “better understood than web3 or NFTs.”
The ability of respondents to correctly define blockchain is “generally increasing” across the surveyed countries.
A significant 82% of respondents globally believe that web2 companies “have too much power,” with Japan (58%) being “a notable exception.”
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 who report high levels of understanding include: the Philippines (53%), India (66%).”