Consensys Study: The French Report to Web3 and Crypto-Actives

Conducted in 15 countries, this study aims to provide information on respondents’ relationship to web3, crypto-assets and the contemporary Internet.

• More than 2/3 (67%) of 15,158 respondents believe they should own what they produce online. Moreover, almost half of them (50%) are convinced that they add value to the Internet. Finally, only 38% of respondents feel that they are fairly compensated for their contribution.

• 9 out of 10 French people claim to have heard of crypto-assets before, in stark contrast to the fact that only 12% of them are familiar with the concept of web3. Finally, only 28% of them trust the current Internet.

• Consensys is redesigning its brand identity to inject more inclusiveness into the world of web3 builders.

Consensys, supplier of web3 technologies such as MetaMask or Infura, reveals the conclusions of an international opinion survey carried out among a representative sample of 15,158 respondents aged 18 to 65, including 1,007 in France, relating to the web3 and crypto-assets, in partnership with YouGov. The study offers a unique insight into what the public understands and thinks about the web3 ecosystem and crypto-assets, exploring topics such as data protection, the carbon footprint of crypto-assets, and property digital. The study reveals that in the countries studied, citizens are inspired by the emergence of web3. In France, the results testify to citizens’ distrust of the Internet in its current state and a desire for the evolution that web3 could capture.

From Users to Builders: Is the Transition Taking Place?

The trends highlighted by the study demonstrate a growing interest in crypto-assets, a strong desire to own them, and the vision of a future where crypto-assets occupy a major place. What about France?

• The French are becoming familiar with the concept of crypto-assets: 90% of French people surveyed say they have already heard of crypto-assets (versus 92% worldwide). This data confirms the anchoring of this concept in society, although nearly half of the respondents (48%) admit that they are not sure of understanding all the ins and outs. Finally, a third of respondents would not know where to start when embarking on this ecosystem.
• The use of crypto-assets is becoming more democratic: when asked about the main concepts associated with crypto-assets, the French are divided between positive terms such as “these digital assets constitute a positive alternative to the traditional financial ecosystem”; and more controversial terms such as “speculation”, or “scams and phishing”. These perceptions reflect the major obstacles to entering the crypto ecosystem, which are the perception of a volatile market (56%) followed by the fear of being ripped off (46%).

• Bitcoin and Ethereum remain the most popular crypto-assets in France: with 23% of respondents claiming to have already owned or currently own crypto-assets, the study reveals that Bitcoin (50%) and Ether (36%) are the crypto-assets most popular with the French. The main motivations for investing in crypto-assets are curiosity and the desire to diversify one’s investment portfolio.
• Data protection is a major concern in today’s Internet:globally, 80% of respondents say data privacy is essential (77% in France). In addition, 65% of French people believe that they should be paid by the companies that collect their data.

“With its decentralized architecture, web3 frees its users from intermediaries, thus giving everyone the power to manage their personal data as they see fit. In doing so, as opposed to the existing version of the web, web3 has the potential to put user experience and privacy back at the center. This is the beginning of a new era where we are more in control of our digital identity ”, commented Benjamin Lavergne, France Manager of Consensys.

This study reveals a fundamental trend towards an Internet that offers better control of data published online, and that shares profits more equitably with creators. In this new world, web3 and crypto-assets enable truly scalable peer-to-peer coordination. Anyone who engages in cryptos and the web3, from the developer, to the crypto-investor, to the creator of non-fungible tokens (NFT), is not just a simple “user”, they contribute to the ecosystem building. These builders perceive web3 as an environment in which they can retain ownership of their creations.

The term “builder” encompasses artists, community builders and collectors, and celebrates all those involved in building the web3. Find more information on the evolution of the Consensys brand.

” This study confirms the emergence of a decentralized trust model that gives power back to users and communities. The era of the builder is representative of the DNA of web3 where everyone can contribute to create. Consensys aims to position itself as a trusted and benchmark manager serving builders and developers, while supporting community empowerment. “, underline Joe LubinCEO and founder of Consensys.

Knowledge of Web3: Marked Disparities from One Country to Another

• The future of money: while 58% of Nigerians, 50% of South Africans and 44% of Mexicans say that “the future of money” is one of the main concepts they associate with crypto-assets, only 8% of French, 15% of the British and 17% of the Germans say the same thing;
• Vectors for buying crypto-assets: Nigeria (65%) and Argentina (56%) are the most motivated to own crypto-assets as a way to store value, given the instability of their local currencies, while in France only 1 in 5 French people say they are ready to invest in cryptocurrency over the next 12 months;
• Not all convinced of bringing added value to the Internet: while 45% of American respondents think that they bring added value to the Internet, only 28% of people questioned in France agree on this point;
• Ownership of NFTs: respondents in Nigeria, South Africa and Vietnam are the most familiar with the concept of NFT, compared to only 15% in France. Among the respondents who know the concept of NFT, the French are 71% to have never owned one, against only 24% of the respondents questioned in Vietnam;
• The fear of scams: when it comes to crypto-assets, Americans (19%) and the British (20%) are more concerned about scams than the French (13%);
• from Ethereum to Proof-of-Stake, 57% of respondents in Brazil believe that crypto-assets are an environmentally friendly technology, compared to only 1 in 4 French people.

The study in its full version as well as the summaries by country are available [ICI].

Consensys Hosts Global Virtual Hackathon for Web3 Builders

This new era of builders is representative of the evolution of the relationship between organizations and users: from antagonists, to a more inclusive and equitable model. Because every day individuals seize the power of web3 and crypto-assets to build a new chapter of the web, Consensys announces the launch of a virtual hackathon, which brings together web3 builders from around the world. The objective: to think about and build together better technological solutions for the future. Find more information about this hackathon and its programming.

“France is the best place to build web3 in Europe, thanks to its pool of tech and engineer profiles, and an entrepreneurial spirit that rejects the established order! “, noted GregohRy Jessnerco-founder of Narwhal (multi-player web3 wallet for businesses).

Methodology: The study conducted by Consensys in partnership with the YouGov polling institute, was carried out between April 26 and May 18, 2023, among 15,158 people aged 18 to 65, residing in 15 different countries: France , Germany, United Kingdom, United States, Mexico, Brazil, Argentina, Nigeria, South Africa, India, Indonesia, Japan, South Korea, Philippines, and Vietnam.

About Consensys

Consensys is the leader in blockchain and web3 software. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the Web3 ecosystem.

Through our suite of products, including the platform MetaMask, Infura, linea, truffle, Diligence and our NFT-platform, we’ve become the trusted collaborator for users, creators, and developers on their journey to build and belong in the world they want to see. Whether it’s building an app, an NFT collection, a wallet, or a better future, the building instinct is universal. Consensys inspires and champions everyone’s building instinct by making web3 universally easy to use and grow. To discover our products and solutions, go to https://consensys.io/.