Survey: More Nigerians Embracing Crypto-currency, Blockchain, Web3

Olawale Ajimotokan in Abuja

A global survey by Consensys has revealed that more people are rapidly embracing crypto-currency, blockchain, and web3 in key emerging markets like Nigeria, India, and South Africa.

The survey, which was conducted online by international online research data and analytics technology group, YouGov, presented a compelling picture characterized by widespread awareness of crypto and a strong desire for ownership, coupled with confidence in a crypto-led future for Nigeria.

It captured people’s perceptions about the internet, data privacy, and current events, including the rapid adoption of AI and crypto’s integration into the traditional finance sector via products like ETFs.

The founder and CEO of Consensys, Joseph Lubin, 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 per cent of respondents emphasising 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 result presented a compelling picture characterized by widespread awareness of crypto and a strong desire for ownership, coupled with confidence in a crypto-led future for Nigeria.

According to the survey, over 99 per cent of the respondents said they had heard about crypto currencies in Nigeria, with the country further having the highest level of understanding of crypto across the countries surveyed, at 77 per cent.

It also said 84 per cent of Nigerian respondents have at least one crypto wallet while 94 per cent of those aware of NFTs plan to acquire them in the next 12 months.

It added that 92 per cent of Nigerians said data privacy was of concern to them while 87 per cent noted they would like to have more control over their identity on the internet.

The survey equally stated that over half of respondents felt that decentralization could improve traditional banking and social media platforms, while at least 56 per cent of those aware of web3 used a web3 wallet in the past year (up 16 points over 2023 data) and 34 per cent played blockchain-based games (+7).

The survey also said that crypto ownership in Nigeria and India continues to grow significantly up from last year’s high levels.

Furthermore, it revealed that Nigerian respondents have the highest level of trust in internet services who use their data at 98 per cent, but they are also likely to want more control over their online identity and to expect a share of the profits generated from their data compared to other countries. Nigerians also understand the concept of decentralisation best, with 80 per cent aware of it in Nigeria.