Cryptocurrencies, blockchain and web3 are being rapidly adopted in emerging markets like Nigeria, India and South Africa as a source of investment in 2024, Consensys’ survey shows.
Consensys, a US-based web3 software technology company revealed in its second annual global opinion survey on Web3 and Cryptocurrencies that these sectors are rapidly embraced due to limited investment barriers.
The survey, conducted online by an international online research data and analytics technology group, YouGov, polled a representative sample of over 18,000 individuals aged 18-65 in 18 countries across Africa, the Americas, Asia, and Europe.
“The first annual Global Survey on Crypto and Web3 was conducted early 2023 amid a significant downturn in market conditions across the crypto and web3 ecosystem, however, the follow-up effort achieved in this 2024 version comes as these conditions shift upwards,” the survey revealed.
However, two years of global data shows crypto, web3, and blockchain are all being rapidly embraced in key emerging markets like Nigeria, India, and South Africa.
Cryptocurrencies are digital or virtual currencies that use cryptography for security such as Bitcoin, the first and most well-known cryptocurrency while others include Ethereum, Litecoin, and Dogecoin. Web3 leverages blockchain technology to create a more open, secure, and user-centric internet while Blockchain is the underlying technology that powers many cryptocurrencies.
“Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3; the re-decentralised web. 2024 has been a year for crypto for a variety of reasons, which are rapidly converging to move society and the right direction espoused by the web3 ecosystem, towards far greater economic, social and political agency for all people and communities,” Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of Consensys, said.
He added that about 99 percent have heard about cryptocurrencies in Nigeria, with the country further having the highest level of understanding of crypto across the countries surveyed, at 77 percent.
“84 percent of Nigerian respondents have at least one crypto wallet and 94 percent of those aware of NFTs plan to acquire them in the next 12 months,” he said.
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