A recent research effort by the blockchain and Web3 software company Consensys has recognized Nigeria tops as the global leader in cryptocurrency awareness. An astounding 99% were familiar with cryptocurrencies, with an impressive 91% expressing interest in investing.
The extensive survey included 15,158 participants from 15 countries, such as the United States, the United Kingdom, Argentina, France, India, Japan, Mexico, South Korea, the Philippines, and Nigeria. Data collection took place between April 26 and May 18, 2023, in partnership with the market research and data analytics company YouGov.
Nigeria Tops in Crypto Confidence: Key Findings from Consensys’ Research
Consensys balanced and adjusted the data to ensure fair representation across genders and regions, capturing each nation’s diversity.
Consensys’ research in Nigeria found that nearly 80% of the population has a strong grasp of cryptocurrencies. Many consider cryptocurrencies a viable substitute for traditional financial systems.
Among the 1001 respondents aged 18 to 65, a significant 58% believe cryptocurrencies are the future of monetary transactions. Additionally, 48% view them as crucial for the future of digital ownership. Roughly 43% see cryptocurrencies as a means to participate in the global financial landscape, with 50% supporting regulated involvement in this sector.
Cryptocurrency and Web3 Awareness and Challenges in Nigeria
For most Nigerians, investing in cryptocurrencies serves as a means to diversify their investment portfolios. Some have ventured into this novel arena due to concerns over the instability of the Nigerian naira, the local currency. Among those who have previously invested or currently hold cryptocurrencies, the most favored assets include bitcoin, ether, BNB, and USDT.
Despite the high level of awareness of cryptocurrencies in Nigeria, the study identified two significant obstacles to entering the crypto sphere. Sixty-three percent of respondents cited concerns about market volatility, while 52% expressed worries about potential scams. Furthermore, 42% of survey participants reported a lack of knowledge on how to begin their crypto journey.
Despite the impressive 99% awareness of cryptocurrencies in Nigeria, Consensys found a lower level of familiarity with Web3 technologies. Only 21% of respondents claimed to be very familiar with the concept of Web3. Interestingly, non-fungible tokens (NFTs) and the metaverse were the most recognized concepts among the Nigerian population.
The lack of Web3 awareness wasn’t limited to Nigeria alone; in fact, only 8% of all survey participants considered themselves very familiar with the concept. This low level of familiarity persisted despite a high 92% awareness of cryptocurrencies. Consensys emphasized a gap between public perceptions of Web3 and its potential to address digital ownership, privacy, and identity issues.
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