The adoption of cryptocurrencies and Web3 technologies is gaining momentum globally, with emerging markets taking the lead, according to the 2024 Global Survey on cryptocurrencies and Web3 technologies conducted by ConsenSys and YouGov. The report, which surveyed 18,652 people across 18 countries, provides fresh insights into the changing dynamics of public perception and engagement with blockchain technologies.
Emerging markets such as Nigeria, South Africa, and India showcase remarkable adoption rates. Nigeria, for example, leads with 84% of its respondents owning a crypto wallet, followed closely by South Africa (66%) and India (50%). Wallet adoption in developed regions, while growing, remains comparatively lower, with the United States at 43%.
Practical use cases for cryptocurrency in Africa, such as inflation hedging, business payments, and small retail transactions, are driving adoption on the continent. Despite Africa’s growing adoption of crypto, the continent yet accounts for only 2.7% of global transaction volumes, reflecting its smaller economic scale. Nevertheless, the region saw significant growth in cryptocurrency usage, receiving $125 billion in on-chain value between July 2023 and June 2024.
Crypto is increasingly viewed as the “future of money,” and 47% of global respondents believe the financial system needs improvement. Notably, 18% expressed that the system requires a complete overhaul, a 2% increase from last year.
While market volatility remains the most cited barrier to entry, its impact is diminishing. In 2023, 22% of respondents cited volatility as a top concern, but this figure dropped to 20% in 2024. Education remains a critical need, with half of respondents in high-adoption markets like Nigeria and South Africa citing a lack of knowledge as a hindrance.
Participation in Web3 activities, including decentralized finance (DeFi), NFT collecting, and blockchain-based gaming, has grown significantly. The survey reveals a 6% year-over-year increase in Web3 wallet usage, with Nigeria and Vietnam leading the charge.
The report also highlights growing concerns about data privacy and artificial intelligence (AI). More than 75% of respondents worry about AI-generated fake content, and 54% believe blockchain could mitigate such risks.
The data paints a picture of stark regional contrasts. African nations like Nigeria and South Africa exhibit the highest familiarity with decentralization, with 80% and 74% awareness, respectively. Asian countries such as India and the Philippines also display strong interest in crypto and Web3, with 58% of Indian respondents planning to invest in cryptocurrencies over the next year.
In contrast, skepticism remains high in Europe and East Asia. Despite this, both France and Germany reported significant increases in crypto understanding, signaling a potential shift in these markets.
The survey underscores the need for global efforts to educate and onboard users into the Web3 ecosystem. Respondents emphasized the importance of decentralization, citing its potential to enhance systems such as social media platforms and international banking.
As emerging markets continue to lead the way, the survey indicates that the broader adoption of cryptocurrencies and Web3 technologies hinges on overcoming barriers such as education, trust, and regulatory clarity.
The 2024 Global Survey on Crypto and Web3 highlights a pivotal moment for blockchain adoption. As barriers recede and interest grows, the future of digital ownership, privacy, and decentralized finance seems poised for a significant transformation.
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