3 Takeaways From Consensys' Global Crypto & Web3 Report
Ben Simpson
Navigating the world of crypto with confidence & expertise | Founder & CEO of Collective Shift | Helped 1000+ investors maximise their returns & create a winning portfolio strategy
Hey LinkedIn,?
Last month, crypto powerhouse Consensys revealed a new survey looking into perspectives of crypto and web3.
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I dive into my 3 key takeaways from the report. ??
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A truly global survey
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With the help of YouGov, Consensys surveyed over 15,000 people aged 16–65 from over 15 countries in what’s one of our best insights into how people perceive cryptocurrency.
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The goal is to understand how people use cryptocurrency, and the value and attitudes of these people.
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The report has many incredible takeaways; I highly suggest viewing the interactive website below!
If you don't have time, I have you covered. Below are?3 takeaways?from Consensys' survey.
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1. Crypto awareness is high, but understanding lags
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Over 92% of participants were aware of cryptocurrencies, such as Bitcoin, but only half claimed to understand what they are.
It's crystal clear there's still too much assumed knowledge and jargon.
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Working in the industry, 'DEX', 'non-custodial wallets', or 'web3' are part of my daily language, but these words are foreign to most people.
2. People want to own what they create and don't feel adequately compensated
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67% believe they should own what they create online. Over half said they provided value to the internet, with only 38% believing they’re adequately compensated.?
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Creator monetisation remains one of the NFT use cases with potential. While it's early, several startups are working in this area.
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3. Users in emerging markets view crypto differently
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Nigeria (65%) and Argentina (56%) were motivated to own crypto “to store value because my local currency is too unstable.”
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These countries have traditionally struggled with inflation (Argentinian inflation was 90% in April) or, in the case of Nigeria, a need for sound financial infrastructure.
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Additionally, there’s a strong willingness for Asian and African citizens to invest in cryptocurrencies, with 90% of Nigerians likely to invest, followed by South Africa, The Philippines, Vietnam, Indonesia and India.
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The survey aligns with what Chainalysis found in its?2022 Global Adoption Index, in which emerging market countries had the most crypto users.
Limitations of the survey
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We must consider the potential bias of the survey. Attitudes vary widely between countries, genders and age groups. So, as always, take this with a grain of salt.?See the report?for a complete list of countries and the methodology.
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We've come far, but there's still more to go
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Despite the growing awareness of cryptocurrency, it’s alarming 50% do not understand what they are, and many struggle to understand basic terms.
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It’s a core reason for what we’re building at Collective Shift, and we can do better at abstracting away or explaining the jargon.
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Most of all, people in emerging countries look to cryptocurrency the most, likely because of past failures of their local currencies or relatively simple financial infrastructure.
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The survey shows that while we've come a long way, understanding and confusion remain. It's clear that the issues people face are real and that cryptocurrencies and NFTs can play a role in solving them.
We're excited to hold our 2nd "Crypto Cycle" masterclass next week!
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If you missed out on the first and want to join the next, don't miss our sessions with Ben and Matt running?Tuesday, July 18?and?August 1.
Listen on the go with our weekly wrap-up! ??
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What happened??Crypto exchange Gemini is suing Digital Currency Group (DCG) and its founder over alleged fraud—the lawsuit aims to recover $640M Gemini claims are owed to its Earn clients. DCG dismissed the lawsuit as a “publicity stunt” and said it is engaging with the mediation process.
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Why does it matter to you??DCG remains a top 15 crypto company with many portfolio companies, trusts and counterparties. Along with Binance, DCG remains another source of market uncertainty. It's unclear whether more silent counterparties are affected and how priced in further turmoil is.
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What happened??The company will allow developers to let users buy, sell or earn digital assets in apps if they adhere to guidelines. Google Play’s Group Product Manager said the move will help reimagine “traditional games with user-owned content” and boost “user loyalty through unique NFT rewards.”
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Why does it matter to you??The policy change is an enormous step that clarifies rules for mobile developers and cryptocurrency projects. Mobile is the most used platform to consume games or content, with the new rules a big boom for mainstream adoption. The move may cause Apple to rethink its harsh policies restricting apps offering crypto or NFTs.
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What happened??Electric Capital’s mid-year developer report showed monthly active developers fell by 22% year over year to 21.3K. Most of the decline came from developers who entered the industry less than 12 months ago. The ecosystems with notable developer growth were TON, Sui, Aptos, Aztec, Celestia and Optimism. (In many cases, this growth was off a very low base.)
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Why does it matter to you??Tracking developer activity can indicate which blockchains have a greater chance of gaining sustainable usage. While the report's findings are another reminder of the difficult bear market, it's pleasing to see long-term growth. There are 90% more developers now than?before?the crypto-market highs of November 2021.
Thanks for reading the Weekly Shift. We hope you've enjoyed it, and look forward to seeing you next week!
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