Nigeria, renowned as Africa’s economic behemoth, has achieved yet another commendable feat. A recent survey conducted by blockchain tech company ConsenSys in conjunction with YouGov reveals Nigeria as the world’s most cryptocurrency-aware nation.

This survey, keen on shedding light on global perceptions of cryptocurrencies and the broader Web3 ecosystem, encompassed responses from 15,158 participants spanning 15 countries, all aged between 18 and 65.

Notably, Nigeria and its African counterpart, South Africa, spearhead the list of countries with a profound awareness of cryptocurrency. The data unveils that 99% of Nigerian respondents, juxtaposed with participants from economic giants like the UK, US, Japan, and Germany, exhibit a profound grasp of Web3.

Delving into the details, 70% of the Nigerian participants confessed to understanding the core tenets of blockchain technology. This deep-seated understanding translates to ownership as well; 76% of the Nigerian respondents acknowledged that they either currently possess or have once owned cryptocurrencies.

The popular choices for cryptocurrencies in Nigeria, as the survey indicates, are Bitcoin and Ethereum, with BNB and Dogecoin tailing closely, even surpassing Tether.

Intriguingly, despite facing regulatory challenges, the enthusiasm among Nigerians remains undeterred. 90% expressed eagerness to venture into cryptocurrency investments in the coming year. A significant 65% view cryptocurrencies as a cushion against the rampant hyperinflation and potential monetary devaluation.

While the Central Bank of Nigeria severed ties with cryptocurrency exchanges in early 2021, half of the surveyed participants opine that regulators should frame regulations that spur participation while simultaneously safeguarding investors.

However, the survey also highlighted areas for potential growth. Even though 92% of respondents recognized cryptocurrencies, a mere 8% are conversant with web3, signifying a disparity between mere crypto awareness and profound understanding. Among those surveyed, web3 emerged as the subsequent phase of internet evolution, championing ideals of decentralization, privacy, and digital ownership.

Reflecting a global sentiment, a hefty 70% expressed a desire for increased control over online identity and data privacy. There’s a prevailing belief that profits accrued from data should also benefit its original owners. Trust in existing online services, particularly social media platforms, remains at an ebb, underscoring the urgent need for enhanced identity ownership and data privacy solutions.

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