It’s that time of the year again where the crypto results come in. Emerging markets like Nigeria, India, and South Africa are taking center stage, driving crypto adoption at an unprecedented rate. This transformative trend, highlighted in Consensys’ second annual global opinion survey, reveals a story of innovation, resilience, and opportunity.
What is the Consensys Survey about?
The Consensys survey, conducted by the international research group YouGov, polled over 18,000 individuals across 18 countries in Africa, the Americas, Asia, and Europe. The findings paint a compelling picture: limited barriers to entry and a hunger for economic empowerment fuel a rapid embrace of crypto and Web3 technologies in emerging economies.
Joseph Lubin, Co-Founder of Ethereum and CEO of Consensys, emphasized this shift, noting, “2024 has been a year for crypto for a variety of reasons, which are rapidly converging to move society in the right direction espoused by the Web3 ecosystem—towards far greater economic, social, and political agency for all people and communities.”
Nigeria Leads in Crypto Adoption Survey
Nowhere is this shift more evident than in Nigeria. The survey reveals staggering statistics:
- 99% Awareness: Nearly every Nigerian respondent has heard of cryptocurrencies.
- 77% Understanding: Nigeria boasts the highest level of crypto comprehension among surveyed nations.
- 84% Wallet Ownership: Many Nigerians hold at least one cryptocurrency wallet.
- NFT Enthusiasm: 94% of those aware of NFTs plan to acquire one in the next 12 months.
This widespread adoption stems from Nigeria’s unique economic environment. With a youthful population, limited access to traditional banking, and a growing tech ecosystem, cryptocurrencies and Web3 offer a lifeline to financial inclusion and global opportunities.
Why 2024 is a Turning Point
The Consensys survey underscores the shifting tides in the crypto and Web3 ecosystems. The initial study in early 2023 occurred amid a market downturn, casting doubt on the future of these technologies. However, the 2024 edition reflects an ecosystem on the rise, buoyed by increased adoption and positive sentiment in key markets.
This momentum is driven by several converging factors:
- Decentralized Innovation: The Web3 movement continues to champion decentralization, fostering trust and transparency.
- Economic Necessity: In regions with limited financial infrastructure, crypto provides an accessible alternative.
- Community-Led Growth: Grassroots adoption in emerging markets is fueling innovation and expanding use cases.
Nigeria’s crypto Adoption in 10 Years
The findings from Consensys paint an optimistic future for the global adoption of blockchain, cryptocurrencies, and Web3 technologies. With Nigeria leading the charge, showcasing how these technologies can empower individuals, redefine economies, and create a more inclusive digital future.
As Lubin aptly put it, the growth of crypto and Web3 is “a movement toward far greater economic, social, and political agency for all people and communities.” For the millions in emerging markets now embracing these technologies, the future is not just digital—it is decentralized, equitable, and full of promise.
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