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40% of South Africans Familiar With the 'Concept of Web3' — Study

Some 40% of South African survey participants are familiar with the concept of Web3 and a further 80% believe the technology backing cryptocurrencies can “transform or fully rebuild the financial system,” according to the findings of a Consensys survey. However, as much as 59% believe scams are among the main barriers stopping many from dabbling with cryptos. Just under half of the respondents (48%) named the crypto market’s volatility as one of the most significant barriers to entry.

Respondents See Financial Trading as a Requisite Skill

According to the findings of Consensys’ survey on crypto and Web3, about 40% of South Africans are “familiar with the concept of Web3.” Overall, the survey found that “there are high levels of awareness of all Web3 concepts” among interviewed South Africans. Metaverse is the term that most of the respondents are familiar with and this is followed by non-fungible tokens (NFTs) and Web3.

However, when asked about the set of skills that one needs to participate in Web3, 43% of the respondents named financial trading as the most important prerequisite. Some 24% of the surveyed South Africans thought software engineering is the most important skill, while 17% identified marketing.

Scams Said to Be a Barrier to Adoption of Crypto

Meanwhile, the survey findings also suggested that half of South Africa’s population believes the financial system could be improved. An even larger proportion of the respondents said the technology to improve the financial system already exists.

“80% Of the population of South Africa agrees that we currently have the technology required to transform or fully rebuild the financial system. Only 4% disagree with that,” the survey report said.

Concerning cryptocurrencies, the survey found that 98% of the respondents have heard about cryptocurrencies. However, as much as 59% believe scams are one of the biggest barriers stopping many from dabbling with cryptos. Just under half of the respondents (48%) named the crypto market’s volatility as a significant barrier, while 40% thought the financial technology backing cryptocurrencies is too complex and only for the tech-savvy. Just 13% of the respondents said the “technology is not innovative or different from what exists now.”

On the regulation of cryptocurrencies or the lack thereof, 46% of the respondents said these must be “heavily regulated to ensure that traditional financial markets are not destabilized and that investors are protected.” Only 7% felt regulators need to let the industry self-regulate.

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