Nigeria Ranks First Globally in Crypto Awareness

Among the 15 nations in the survey spanning all continents, an impressive 99% of respondents in Nigeria reported awareness of cryptocurrencies, with a remarkable 90% expressing their readiness to invest in them. Furthermore, 70% of Nigerians exhibited a proficient understanding of blockchain technology.

This comprehensive research endeavor assessed global sentiments regarding cryptocurrencies, NFTs, Web3, blockchain, and the metaverse. The findings unveiled that 92% of participants from around the world had knowledge of cryptocurrencies, with Nigeria, South Africa, and Brazil standing out as the most cryptocurrency-informed countries.

Despite this widespread recognition of cryptocurrencies, merely 8% of the survey participants considered themselves well-versed in Web3. This suggests a gap in comprehending its potential for addressing privacy, identity, and digital ownership on the internet.

Notably, the survey revealed that half of the respondents believed that Web3 contributed value to the internet, with 67% asserting their right to own the content they generate online. Additionally, concerns regarding data privacy were prominent, with 83% prioritizing data protection and 70% expressing the belief that they should share in the profits generated from their data.

This study also underscored regional disparities in attitudes towards cryptocurrencies. European nations, Japan, and South Korea, displayed more skepticism, associating cryptocurrencies with negative concepts like scams and money laundering. In contrast, countries in Southeast Asia, South America, and Africa exhibited more enthusiastic attitudes, perceiving cryptocurrencies as financial opportunities and hedges against unstable local currencies.

The survey emphasizes the necessity for increased education about Web3 and its capacity to empower users with greater control over their online identities, digital assets, and earnings from online activities. Furthermore, it highlights the potential for users to adopt a “builders” mindset to leverage Web3 tools and platforms for addressing internet-related challenges.