Newscenter Media News Nigeria continues to dominate in cryptocurrency ownership and usage, according to a report released by Consensys, one of the top blockchain and Web3 software businesses.
The statement signed and issued on Tuesday by the co-founder of Ethereum and founder and chief executive officer of Consensys, Joseph Lubin, disclosed that crypto ownership in Nigeria and India continues to grow significantly up from last year.
According to Joseph Lubin’s statement, Nigerian respondents have the highest level of trust (98%) in internet businesses that use their personal information.
Widespread knowledge of cryptocurrency, a strong desire for ownership, and faith in a future driven by cryptocurrency are all characteristics of the compelling image painted by the report.
‘‘A desire for more ownership, 84 per cent of Nigerian respondents have at least one crypto wallet and 94 per cent of those aware of NFTs plan to acquire them in the next 12 months. In terms of data privacy, 92 per cent of Nigerians and 87 per cent would like to have more control over their identity on the internet while over half of respondents think that decentralisation could improve traditional banking and social media platforms.
“Nigerians are also likely to want more control over their online identity and to expect a share of the profits generated from their data compared to other countries. Nigerians also understand the concept of decentralisation best, with 80 percent aware of it in Nigeria.”
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“As a follow-up to the initial report published in 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65 in 18 countries across Africa, the Americas, Asia, and Europe.”
Amid a notable decline in market circumstances throughout the crypto and web3 ecosystem, Consensys also said that the first annual Global Survey on Crypto and Web3 was carried out in early 2023.
“However, the follow-up effort achieved in this 2024 version comes as these conditions shift upwards. The 2024 survey reveals that, while still present, barriers to investing in cryptocurrencies are lower than last year, and market volatility is still the top barrier cited but is also significantly down from last year.
“Two years of global data shows crypto, web3, and blockchain are all being rapidly embraced in key emerging markets like Nigeria, India, and South Africa.
“Web3 is a new decentralised, transparent and blockchain-based internet that is not controlled by centralized entities. Web3’s fundamental tenet of decentralisation to empower individuals with control over their data and privacy offers a solution for people’s frustrations with the current iteration of the internet and its inability to provide this,” the statement added.
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