Nigeria Is the Most Crypto-Aware Country in the World: Report


A recent report from blockchain firm Consensys has shown that Nigeria is the most crypto-aware country in the world. A survey conducted by the private blockchain software technology firm in partnership with YouGov shows that a whopping 99% of surveyed residents in the African country stated that they have heard about cryptocurrencies. 

However, the survey, which had 15,000 participants in 15 countries across the world, showed that Web3 was not as popular a concept as cryptocurrencies. Data deduced from the poll shows that only 8% of respondents globally knew anything about Web3 technology.

Crypto Nears Mainstream Adoption

The poll showed crypto adoption is nearing mainstream, as over 92% of respondents globally have heard about digital assets. About 50% of them also agree to fully understand what cryptocurrencies are all about.

African countries like Nigeria and South Africa lead the way, with 72% and 61% of respondents from the region admitting to fully understanding the workings of the blockchain-backed currency, respectively. Regions like Brazil, South Korea, and India also saw a fair share of their respondents stating that they were fully aware of how digital assets work.

Impressively, out of the 15 countries that participated in the survey—the US, Argentina, Mexico, Nigeria, South Africa, the UK, Indonesia, France, Germany, Japan, South Korea, the Philippines, India, Vietnam, and Brazil—only three of them had less than a 90% crypto awareness score. Japan, Vietnam, and Germany had 83%, 87%, and 89% of respondents say they had heard about cryptocurrencies, respectively.

Respondents Raise Issues on Privacy and Data Ownership

Despite very few respondents knowing about Web3, many support the concept that the buzzword presents. About 55% of respondents are dissatisfied with the current way that internet handlers handle their data. 70% of respondents also believe that they should have a share in the proceeds made by the companies from sharing their data.

Also, 79% of respondents believe they should have more control over their identity on the internet, a fundamental concept of Web3. Many believe that they should own what they create on the internet and receive more compensation for its usage by social media platforms.

Promising moves like the Aptos and Microsoft partnership, Beijing, and the Hong Kong development endeavors have ensured that Web3 adoption is on an upward trajectory. However, the report has shown that the sector is still miles away from the mainstream.

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