The second annual Global Survey on Crypto and Web3, conducted by Consensys in collaboration with YouGov, highlights an upward trajectory in global cryptocurrency and Web3 adoption. While awareness and ownership of digital assets have grown globally, the report sheds particular light on Nigeria and South Africa as emerging powerhouses in the space, with both nations demonstrating significant engagement in blockchain technologies and decentralization concepts.
Rising Crypto Adoption Across Africa
Nigeria and South Africa stand out among the surveyed nations, reflecting strong familiarity with cryptocurrency and Web3 technologies. An impressive 73% of Nigerians and 68% of South Africans own or have previously purchased cryptocurrencies, positioning these countries among the highest globally. This trend is driven by several factors, including financial system inefficiencies, inflation, and limited access to traditional banking services, which make crypto an attractive alternative for storing value and conducting transactions.
Familiarity with Decentralization
The survey underscores a growing understanding of decentralization in Africa, with 80% of Nigerians and 74% of South Africans familiar with the concept. Decentralization holds promise for reducing dependency on centralized systems, especially for international banking and social media platforms, which many respondents believe hold excessive power. This sentiment aligns with the survey’s global findings that 82% of respondents feel Web2 companies have disproportionate influence.
The Role of NFTs and Web3 Wallets
Participation in Web3 activities like owning NFTs, using crypto wallets, and staking has risen worldwide, with African countries leading the charge. In Nigeria, 93% of respondents expressed an interest in investing in NFTs within the next year—far surpassing interest levels in Europe and North America. Similarly, 61% of Nigerians and 48% of South Africans report familiarity with Web3 wallets, showcasing the continent’s readiness to adopt decentralized financial tools.
Blockchain as a Solution to AI Risks
Concerns about artificial intelligence (AI) generating fake news and fraudulent content are particularly high in Nigeria and South Africa, where over 75% of respondents shared these fears. However, 54% globally, including a significant portion of Africans, believe blockchain can mitigate these risks by enhancing transparency and accountability in data management and content verification.
Crypto as the Future of Money
When asked about the potential of cryptocurrencies, 58% of Nigerians and 47% of South Africans identified crypto as “the future of money.” This is far higher than in countries like Germany (17%) or the UK (19%), emphasizing Africa’s progressive stance toward digital currencies and their transformative potential.
Challenges and Opportunities
Despite the enthusiasm, challenges persist. Concerns about market volatility, scams, and limited education about crypto’s purpose hinder broader adoption. However, these barriers present opportunities for targeted education and policy reform, as Nigeria and South Africa continue to lead the continent in crypto and blockchain innovation.
Conclusion
The Consensys survey reaffirms Africa’s vital role in shaping the future of crypto and Web3. With Nigeria and South Africa at the forefront, the continent is not only embracing the benefits of decentralized technologies but also paving the way for a more inclusive and equitable digital economy. As these countries invest in education, infrastructure, and regulatory frameworks, their leadership in the global crypto ecosystem is poised to grow.
The full global report and country-level executive summaries are available here.
