• Results reveal that people worldwide are motivated to build and believe they are making valuable contributions online. This evolution indicates a shift in user behavior toward active participation, empowerment, and broader community ownership, characterized by web3.
  • Philippines is one of the highest markets who is familiar with cryptocurrencies (96%) globally.
  • Only 52% trust current internet services in the Philippines, while maintaining data privacy (77%) being important to Filipino users and share their desire to have more control over their internet identities (84%).
  • Filipinos are among the most optimistic on cryptocurrency compared to the global average and its APAC neighbors, even considering it as the future of money and a potential alternative to the traditional financial system as well as the future of digital ownership. 
  • In alignment with these global trends, Consensys is launching an evolved brand with a core message that redefines the Builder as inclusive of everyone and encourages new perspectives on how the web3 paradigm shift can empower all of us.

Manila, Philippines, June 27th, 2023 — Today, leading web3 software technology company, Consensys, unveils a first-of-its-kind global opinion survey on web3 and crypto, conducted online by international online research data and analytics technology group, YouGov. The survey polled a representative sample of 15,158 people aged 18-65 between April 26th and May 18th, 2023 in 15 countries across Africa, the Americas, Asia (including the Philippines) and Europe. 

The results offer captivating and unique insights into the public’s overall understanding and views of the web3 and crypto ecosystem, beyond other surveys which just consider people’s perceptions around investing in crypto assets. The survey explores topics such as data privacy, the crypto carbon footprint, the recent news cycle, and digital ownership. Results reveal that people worldwide are motivated to build and believe they are making valuable contributions online. This evolution indicates a shift in user behavior toward active participation, empowerment, and broader community ownership, characterized by web3.

Fieldwork was conducted in 15 countries: Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, UK, the US, and Vietnam. 

From “Users” to “Builders”: A Paradigm Shift

The global survey results present a compelling picture characterized by widespread awareness of crypto and a strong desire for ownership, coupled with confidence in a crypto-led future:

  • Overwhelming crypto awareness: 92% of participants demonstrated awareness of crypto; 
  • Net positive beliefs in crypto’s future: When asked about the main concepts associated with crypto, more than one-third of those familiar with the industry expressed beliefs in its potential as the future of money (37%) and the future of digital ownership (31%), surpassing associations with speculation (25%) or scams (26%); 
  • A desire for more ownership: 50% of respondents believe they add value to the internet, while a notable 67% believe they should own the things that they make on the internet and 70% believe that they should have a share of the profit a company makes from their data. Only 38% of respondents believe they are adequately compensated for the value and creativity they add to the internet;
  • Concerns around data privacy: 83% of respondents said that data privacy is important to them, and 79% would like to have more control over their identity on the Internet.

YouGov’s full global report as well as country-level executive summaries are available here. 

The results of the survey reveal increasing mainstream desire for more control over online identity, the data we share, and the more equitable sharing of profits with those who are helping build platforms through their contributions. In this new world, web3 and crypto enable a global peer-to-peer network that empowers individuals. Web3 helps to address these desires by shifting control of identity from third parties to the individual, and establishing new paradigms of value creation and community formation. People engaging with crypto and web3, whether developing software, staking crypto-assets, or creating or purchasing NFTs, are more than a  ‘user’ as typically defined, but directly contributing to and helping build their communities and the ecosystem overall. 

Consensys sees the empowerment of the builder as fundamental to its purpose, and is focused on supporting people everywhere to see the potential of web3, the role it can play in their lives, and the tools they need to get started. Today, Consensys reveals an evolved brand identity which encourages people to see themselves and the world differently: reframing “builder” to be more inclusive of artists, community creators, collectors—and ultimately, everyone. Further details about Consensys’ brand evolution can be found here http://consensys.io/blog/consensys-brand.  

Joe Lubin, Founder and CEO of Consensys, said, “The survey confirms the emergence of a decentralized trust paradigm that empowers users and communities. The era of the builder aligns with the web3 ethos where everyone can contribute. Consensys aims to be a trusted steward for builders and developers, supporting community empowerment and positive global impact.”

Web3 and Crypto Survey Highlights in the Philippines

In the Philippines, the survey shows that Filipinos belong to the highest markets with the most awareness of cryptocurrencies (96%) compared to the global average (92%) and the highest among the markets in the Asia-Pacific region.

  • Familiarity with web3 concepts: Despite still limited understanding with the “web3” concept (25%), Filipinos still show quite familiarity with the Metaverse (38%) and NFTs (35%).
  • Data privacy: Aligned with global sentiments, most Filipinos value data privacy (77%) and desire more control over their internet/ online identity (84%). However, only 52% trust current internet services.
  • Value compensation: Furthermore, following global sentiments, Filipinos share the belief that should have a share of the profit a company makes from their data (69%), but also share that they adequately more compensated for the value and creativity they add to the Internet (53%) compared to the rest of the global markets (38%). 
  • Barriers to enter the crypto ecosystem: The global and Asian average results show that the perception of volatility (53%) poses a barrier of entry to participate in cryptocurrencies followed by fear of scams (47%); however, the Philippine results deviates by reflecting that the fear of scams (53%) being the highest barrier of entry to the crypto ecosystem in the country. Other major reasons shared by the Filipinos include market volatility (50%) and “not knowing where to start” (45%).
  • Crypto ownership: Almost half of the PH respondents have owned cryptocurrencies at some point and are one of the top markets in Asia showing continued optimism with crypto with 58% expressing the intent to invest in the next 12 months, with 39% indicating a probability and 19% confirming definite plans. 
  • Reasons for investing in cryptocurrencies: Filipino respondents follow the global trend (57%) of “curiosity in crypto” (65%) as the top reason to invest, and show to be the most curious among its Asian neighbors. Furthermore, the Philippines also view participating in crypto as a way “to build a more inclusive financial ecosystem” (52%).
  • Overall, more than half of Filipino respondents believe that the Philippine financial banking can be improved, and are among the most optimistic on cryptocurrency considering it as the future of money (47%) compared to the rest of the global markets (37%) as well as in the Asia Pacific region. Furthermore, Filipinos acknowledge it as a potential alternative to the traditional financial system and the future of digital ownership. 

With people embracing the power of web3 and crypto to become builders of the new internet every day, everywhere, Consensys is announcing the launch of a global virtual hackathon in order to unite builders across the globe and empower them to build solutions for the future. More information regarding the hackathon is available here http://consensys.io/blog/consensys-launches-global-hackathon-to-empower-web3-builders-worldwide.  

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