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Digital Ownership and Privacy Are Top Priorities in Global Web3 Survey: ConsenSys

2 mins
Updated by Kyle Baird
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In Brief

  • ConsenSys' global web3 perception report reveals 92% crypto awareness but only 8% have a deep familiarity.
  • The survey shows a desire for digital ownership and privacy, with 79% wanting more control over their online identity.
  • Despite concerns over data privacy, crypto is seen globally as the future of money and a viable alternative to TradFi.
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Ethereum technology provider ConsenSys has just released a State of Global Web3 perception report, gauging crypto and data privacy awareness. The findings are generally positive despite the current lack of activity in digital asset markets. 

ConsenSys has just published a survey spanning 15 countries and over 15,000 people. It aims to provide a global and regional view of people’s perceptions of web3, crypto assets, NFTs, blockchain, and the metaverse.

Privacy is a Priority for Web3 Sector

The study revealed that 92% of respondents globally are aware of cryptocurrencies. However, only 8% are very familiar with web3, highlighting a disconnect between crypto awareness and understanding of web3.

Many consider web3 as the next evolutionary phase of the internet. It is morphing from web2, which is controlled by tech and scam-riddled social media giants, to a decentralized internet with greater privacy and digital ownership.

Read more: What Is Metadata Privacy And Why Does It Matter?

Half of the respondents said that web3 adds value, and two-thirds thought they should own what they create online. Moreover, 79% said they wanted more control over their online identity, showing a desire for more ownership and privacy.

Furthermore, concerns about data privacy are prominent, as 83% of respondents prioritize data privacy. Additionally, 70% believe they should share in the profits companies make from their data, it revealed. 

Data privacy responses. Source: ConsenSys
Data privacy responses. Source: ConsenSys

ConsenSys noted that the findings emphasize the importance of helping people understand how web3 can give them more ownership of their identity. It can also “empower users with greater privacy guarantees and a share in the profit that companies currently make,” it added.

Concern Over Social Media Giants

Just 45% of respondents trusted how the current internet services, such as search and social media platforms, use their data and personal information. 

Furthermore, the vast majority also wanted control over their own online identities. Under current web2 conditions, social media giants such as Meta control these things. 

Crypto projects such as Worldcoin are attempting to tackle the issue of online identities. However, it has also faced criticism over privacy issues. 

Read more: A Comprehensive Guide to Starting a Career in Web3

The survey was carried out in April and May in partnership with YouGov. 15,158 people were interviewed online across 15 countries. These were Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, the UK, the US, and Vietnam.

In a related report, it was revealed that more than half of the population in Turkey invests in crypto. 

Overall, cryptocurrency is seen globally as the future of money and an alternative to traditional finance, though some still associate it with speculation or scams.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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