Between April and May, a group of researchers conducted a survey that involved gathering opinions from more than 15,000 individuals in various countries, including Nigeria. The participants were carefully selected to ensure they represented a diverse and representative sample.
A recent report has positioned Nigeria as the leading country in terms of crypto knowledge, surpassing Brazil and France, despite initial concerns about online trading within the country.
According to the survey conducted by Consensys, a prominent web3 software technology company, Nigerians exhibited an impressive level of awareness and understanding of cryptocurrencies. The research, carried out online by YouGov, an international online research data and analytics technology group, involved gathering insights from a representative sample of over 15,000 individuals across multiple countries, including Nigeria, between April and May.
The study encompassed 15 countries: Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, the UK, the US, and Vietnam.
Consensys presented the findings from this extensive global survey on web3 and crypto, unveiling remarkable statistics for Nigeria.
Out of the Nigerian respondents, 99 percent demonstrated awareness of cryptocurrencies, and more than 70 percent accurately identified the concept of blockchain, surpassing all other countries surveyed.
“The result also showed Nigerians believe in the future of crypto, as many Nigerian respondents familiar expressed belief in crypto’s potential as the future of money (58%) and the future of digital ownership (48%), surpassing those who see it as a form of speculation (9%) or scam (6%).
“The desire for increased ownership was also demonstrated, with 90% of Nigerian respondents believing they add value to the Internet, while 87% believe they should own what they make on the Internet. However, only 48% of Nigerian respondents believe they are adequately compensated for the value and creativity they add to the Internet,” the report reads.
The report highlights that while Nigerian respondents generally expressed a positive outlook, there were notable concerns raised regarding data privacy within the country.
The report reveals that an overwhelming 96 percent of Nigerian participants emphasized the importance of data privacy to them. In addition, 88 percent expressed the belief that they should receive a portion of the profits earned by companies from their personal data.
Furthermore, 95 percent expressed a desire for greater control over their online identity. These findings underscore the significance Nigerians place on data privacy and their desire for increased autonomy over their personal information on the Internet, as outlined in the report.
“Overall, Nigerians prove to be active builders, embracing Web3 technologies and the space and agency it affords them to thrive in ways that were not possible before and helping them build the future they want for themselves,” the report reads.
The recently released survey outcomes provide valuable information on the global understanding and integration of Web 3 and cryptocurrency.
Web3 refers to a decentralized version of the Internet that empowers users to have ownership over their data.
The survey gathered responses from a diverse group of 15,158 individuals aged between 18 and 65. Spanning across Africa, the Americas, Asia, and Europe, the survey included 1,000 participants from Nigeria, representing a significant portion of the overall sample size.
These findings offer intriguing and distinct insights into the Nigerian perspective on the web3 and cryptocurrency ecosystem. Unlike other surveys that primarily focus on individuals’ perceptions of investing in crypto assets, this survey delves deeper into Nigerians’ broader comprehension and viewpoints regarding web3 and crypto.