Nigeria, known as Africa’s largest economy, has emerged as a global frontrunner in cryptocurrency awareness, as per the findings of an extensive survey conducted by ConsenSys and YouGov. This international survey aimed to shed light on how different countries perceive cryptocurrencies and the broader Web3 ecosystem.

The key takeaways from the survey underline Nigeria and South Africa as the top two nations with the highest cryptocurrency awareness levels. When juxtaposed with respondents from economic powerhouses like the UK, US, Japan, and Germany, an astounding 99% of Nigerians and 98% of South Africans exhibited a more profound grasp of Web3 concepts.

The comprehensive poll encompassed the perspectives of 15,158 individuals aged 18 to 65 from 15 diverse countries. Impressively, 70% of Nigerian respondents affirmed their comprehension of fundamental blockchain technology concepts.

The prevalence of cryptocurrency ownership underscores Nigeria’s remarkable cryptocurrency awareness, with a staggering 76% of the 1,001 Nigerian participants reporting current or past cryptocurrency holdings. Bitcoin and Ethereum emerged as the favored cryptocurrencies, closely trailed by BNB and Dogecoin, both of which outperformed Tether in popularity.

Moreover, a remarkable 90% of Nigerian respondents expressed a keen interest in investing in cryptocurrencies within the upcoming year, while 65% regarded cryptocurrencies as a safeguard against hyperinflation and currency devaluation.

Despite regulatory concerns, notably highlighted by the Central Bank of Nigeria’s decision to sever ties between cryptocurrency exchanges and local banks in February 2021, half of the respondents advocated for regulatory frameworks that promote participation while safeguarding investors.

The survey’s findings also illuminated a noteworthy disparity between cryptocurrency awareness and understanding. While 92% of respondents were aware of cryptocurrencies, only 8% demonstrated a strong comprehension of Web3, signalling a significant knowledge gap. Web3 was identified as the next evolutionary phase of the internet by survey participants, offering attributes such as decentralization, enhanced privacy, and digital ownership.

A considerable portion of respondents expressed a desire for increased control over their online identity and data privacy, with 70% asserting that they should partake in the profits generated from their data. Trust in existing internet services, particularly social media platforms, remained low, underscoring the pressing need for improved solutions pertaining to identity ownership and privacy.