Consensys reveal Nigerians lead in decentralisation knowledge as Crypto, Web3 adoption surges

Nigerians have emerged as global frontrunners in understanding and adopting decentralisation, according to Consensys’ newly released Global Survey on Crypto and Web3.

The blockchain and Web3 software company behind MetaMask, a leading self-custodial wallet, unveiled the survey conducted by YouGov, which examined perceptions of Web3, blockchain, and cryptocurrencies across 18 countries.

The 2024 report builds on the inaugural survey conducted in 2023, highlighting a year of significant upward momentum in the crypto and Web3 ecosystem, particularly in emerging markets like Nigeria, India, and South Africa.

The findings showcase Nigeria’s rapid embrace of decentralization and blockchain-driven technologies, with the nation topping key metrics of crypto awareness and adoption.

The survey key findings in Nigeria include, unparalleled crypto awareness, which showed an overwhelming 99 per cent of Nigerians have heard of cryptocurrencies, with the country also boasting the highest understanding of crypto among surveyed nations at 77 per cent.

Another finding included, strong ownership desire which states that among respondents, 84 per cent already own at least one crypto wallet, while 94 per cent of those aware of NFTs plan to acquire them within the next year.

Others are data privacy concerns, which is paramount for 92 per cent of Nigerians, with 87 per cent expressing a desire for greater control over their online identities as we as rising adoption of decentralisation.

The survey showed that over half of respondents believe decentralisation could revolutionise traditional banking and social media platforms.

More than 56 per cent of Web3-aware Nigerians used a Web3 wallet in the past year, up 16 points from 2023 and 34 per cent engaged with blockchain-based gaming, a 7-point increase from last year.

The Co-Founder of Ethereum and Chief Executive Officer of Consensys, Joseph Lubin, explained other findings that revealed Nigerian respondents exhibit the highest level of trust (98 per cent) in internet services that use their data, yet they demand more control over their online identity and expect a share of the profits generated from their data.

Speaking on global trends in decentralisation, Lubin explained that decentralisation, which is a cornerstone of Web3, refers to systems that distribute power and control, from blockchain-powered ledgers like Bitcoin to microgrids for energy production.

Lubin noted that the survey respondents globally are increasingly frustrated with centralized internet services and are turning to Web3 as a solution.

“The critical role of blockchain and decentralization in enhancing privacy, trust, and transparency for how our data is managed cannot be overstated. Our survey highlights rising concerns over data exploitation and misinformation, coupled with an increasing demand for economic, social, and political agency,” Lubin stated.

Lubin noted 2024 as a pivotal year for crypto adoption, citing the U.S. presidential election’s potential to bring regulatory clarity and the mainstreaming of crypto through traditional financial products like ETFs.

Lubin highlighted that Nigeria’s strong understanding of decentralisation, which is 80 per cent awareness, and widespread crypto adoption are reshaping its financial and digital landscape.

Lubin added that the country’s embrace of decentralised systems aligns with Web3’s ethos, which is empowering individuals with greater control over data, identity, and economic participation.