Survey Highlights Gaps in Web3 Knowledge and Trust in Financial Systems
A recent global survey has revealed a significant increase in awareness of cryptocurrencies, yet a substantial knowledge gap remains, particularly regarding Web3 and blockchain technologies. The study, conducted by research firm YouGov in partnership with blockchain company Consensys, surveyed over 18,000 individuals across 18 countries, including the Philippines.
According to the findings, 96% of Filipino respondents are familiar with cryptocurrencies, but only 46% claim to have a full understanding of them. Awareness of Web3 and non-fungible tokens (NFTs) is even lower, with just 28% and 37% of respondents, respectively, indicating familiarity.
Global Trends in Crypto Adoption
On a global scale, 93% of participants reported awareness of cryptocurrencies, a slight increase from the previous year. However, only 51% said they understood them. The survey also showed that 42% of respondents have either purchased or previously owned cryptocurrencies, with notable increases in ownership in the Philippines (+7%), Mexico (+8%), Germany (+7%), South Africa (+7%), and Japan (+4%).
Participation in Web3-related activities has also grown year over year. Key areas of engagement include collecting NFTs (+3%), using decentralized finance (+4%), playing blockchain-based games (+3%), owning Web3 wallets (+6%), and interacting with staking services (+3%).
Calls for Financial System Reform
The survey underscores widespread dissatisfaction with the traditional financial system, with nearly half of respondents (47%) believing it requires improvement. An increasing number (18%, +2%) think a complete overhaul is necessary, particularly in Nigeria, Indonesia, and the Philippines. Interestingly, those familiar with cryptocurrency and decentralization tend to have a more favorable view of the financial system, with 28% of crypto investors believing it functions well compared to 20% of the general population.
Data Privacy and AI Concerns
Privacy and trust issues with Web2 companies remain a major concern. Around 80% of respondents believe large corporations have too much power over digital services, while over one-third think decentralization could benefit social media platforms and international banking systems. In the Philippines, 48% of respondents echoed these global concerns.
Artificial Intelligence (AI) is another growing area of concern. Over 75% of participants expressed fears about AI-generated fake news and fraudulent content. While opinions on blockchain’s role in mitigating these risks vary, more than half (54%) believe it could help address AI-related threats.
Barriers to Crypto Adoption
Despite increased interest in cryptocurrencies, several obstacles persist. Scams (50%), volatility (48%), and uncertainty about how to get started (42%) remain the primary deterrents. While over half (54%) of respondents have purchased cryptocurrencies, curiosity remains the primary driver for adoption.
As the digital landscape continues to evolve, the survey highlights the need for greater education and engagement in blockchain and Web3 technologies. With concerns over financial security, data privacy, and AI on the rise, the role of decentralization in shaping the future of digital interactions remains a key focus globally.
