In a global survey done by ConsenSys and YouGov, Nigeria was determined to have the greatest degree of market awareness in Africa.
The Times reported that the poll’s goal was to reveal how various countries see cryptocurrencies and the broader Web3 ecosystem.
The major results of the poll show that South Africa and Nigeria have the highest levels of Bitcoin awareness.
Comparing respondents from wealthy countries including the UK, US, Japan, and Germany to respondents from Nigeria and South Africa, it was found that both groups had a superior understanding of Web3.
There were 15,158 respondents, aged 18 to 65, from 15 countries. Nigerian respondents claimed to be familiar with the underlying concepts of blockchain technology to a score of 70%.
Given that 76% of the 1,001 Nigerian respondents said they currently hold or had previously owned digital assets, ownership rates show that the country has a high level of awareness of cryptocurrencies.
Bitcoin and Ethereum received the most interest from Nigerian citizens, followed by BNB and Dogecoin, both of which are more popular than Tether.
Additionally, 90% of Nigerian respondents said they were interested in investing in cryptocurrencies within the next year, and 65% of respondents considered crypto assets as a defense against hyperinflation and monetary depreciation.
Despite regulatory worries, 50% of respondents believe that regulators should develop regulations that encourage participation while protecting investors, particularly in light of the CBN’s February 2021 decision to cut relations between cryptocurrency exchanges and regional banks.
The poll revealed a gap between knowledge of cryptocurrencies and skill in this area, with only 8% of respondents having a Web3 education despite the fact that 92% of respondents were aware of cryptocurrencies.
According to survey respondents, Web3, which offers decentralization, privacy, and digital ownership, will be the next significant stage in Internet evolution.
A sizable portion also desired more control over their online personas and data security, with 70% of respondents agreeing that they should gain financial gain from the sale of their data. The need for stronger identity ownership and privacy solutions was underlined by the low levels of confidence in current online services, notably social media.
