A report by Consensys, one of the leading blockchain and Web3 software companies, on Tuesday, revealed that Nigeria has continued to lead in crypto ownership and adoption.
In a statement signed by the Co-Founder of Ethereum and Founder, chief executive officer of Consensys, Joseph Lubin on Tuesday siad crypto ownership in Nigeria and India continues to grow, significantly up from last year’s high levels.
The firm maintained that Nigerian respondents have the highest level of trust in internet services who use their data at 98 per cent.
The report presents a compelling picture characterised by widespread awareness of crypto and a strong desire for ownership, coupled with confidence in a crypto-led future for Nigeria.
The statement read,” A desire for more ownership, 84 per cent of Nigerian respondents have at least one crypto wallet and 94 per cent of those aware of NFTs plan to acquire them in the next 12 months. In terms of data privacy, 92 per cent of Nigerians and 87 per cent would like to have more control over their identity on the internet while over half of respondents think that decentralisation could improve traditional banking and social media platforms.
“Nigerians are also likely to want more control over their online identity and to expect a share of the profits generated from their data compared to other countries. Nigerians also understand the concept of decentralisation best, with 80 per cent aware of it in Nigeria.”
“As a follow-up to the initial report published in 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65 in 18 countries across Africa, the Americas, Asia, and Europe.”
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The report presents a compelling picture characterised by widespread awareness of crypto and a strong desire for ownership, coupled with confidence in a crypto-led future for Nigeria.
Consensys also stated that the first annual Global Survey on Crypto and Web3 was conducted in 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 2024 survey reveals that while still present, barriers to investing in cryptocurrencies are lower than last year and market volatility is still the top barrier cited but is also significantly down from last year.
“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.
“Web3 is a new decentralised, transparent and blockchain-based internet that is not controlled by centralized entities. Web3’s fundamental tenet of decentralisation to empower individuals with control over their data and privacy offers a solution for people’s frustrations with the current iteration of the internet and its inability to provide this,” the statement added.
Lubin, said the critical role of blockchain and decentralisation in enhancing privacy, trust and transparency for how data is managed cannot be overstated, pointing out that its latest survey not only highlights the rising importance of data privacy, with 83 per cent of respondents emphasising its significance, but also sheds light on pervasive concerns about exploitation and misinformation, a pressing issue amid global elections and the mainstream adoption of AI.
“Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3. 2024 has been a monumental 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.
“The recent U.S. presidential election may lead to significant regulatory clarity, for example. As the world embraces the potential of decentralization and crypto, our industry stands ready to support and empower the next wave of users through education and innovation while solving some of our world’s most complex challenges,” Lubin added.
