A recent study by blockchain and Web3 software company Consensys has found Nigeria to be leading in cryptocurrency awareness across all continents, with 99% having heard of the asset class and 91% willing to invest.
The survey was taken by 15,158 people online across 15 countries, including the U.S., the U.K., Argentina, France, India, Japan, Mexico, South Korea, the Philippines, and Nigeria, from April 26 to May 18, 2023. Together with market research and data analytics firm YouGov, Consensys weighted the data collected based on gender and region to ensure appropriate representation of the national populations.
Nigeria Emerges as Global Leader for Crypto Awareness
Consensys found that almost everyone in Nigeria has heard of cryptocurrencies, and four in every five Nigerians understand such assets. They see crypto as an alternative to traditional finance.
Out of the 1001 surveyees aged between 18 and 65, roughly 58% of Nigerians believe cryptocurrencies represent the future of money, and 48% believe they represent the future of digital ownership. Approximately 43% of the respondents see crypto as a means to engage in the global financial ecosystem, while 50% believe the sector should be regulated and participation should be encouraged.
Most Nigerians buy crypto to diversify their portfolio. Others have dabbled in the novel sector because of the instability of the country’s local currency, the Nigerian naira. Those who have purchased in the past and respondents who currently own crypto disclosed that bitcoin, ether, BNB, DOGE, and Tether USDT were the top-invested assets.
The biggest barriers hindering entry into the crypto ecosystem are the perception of a volatile market and the fear of scams, as shared by 63% and 52% of the respondents. Around 42% of the surveyees testified that not knowing how to get started was another issue.
Less Awareness of Web3
Despite 99% of Nigerians being aware of cryptocurrencies, Consensys noticed less awareness and practical understanding of Web3 technologies. Only 21% of the respondents said they were very familiar with the concept of Web3. Non-fungible tokens and the metaverse are the most familiar concepts among the Nigerian population.
The lack of Web3 awareness was evident in the global population as 8% of all surveyees consider themselves very familiar with the idea behind it despite 92% being aware of crypto. Consensys said the disparity underscores a disconnect between public perceptions of Web3 and its potential solution to issues around digital ownership, privacy, and identity.