While Web3 narratives have yet to gain widespread appeal, there appears to be a robust foundation for future acceptance.
The results of an online survey of 1,500 customers in the United States reflect people’s significant concerns about privacy and the dominance of tech platforms, while also indicating that Web3 has yet to become a household name.
National Research Group (NRG), a multinational insights and strategy consultancy, conducted the research in January 2022. 54 percent of respondents stated they were concerned that technology was threatening their rights and freedoms, with 44 percent citing online privacy concerns, 38 percent dissatisfied with online marketing, and 35 percent claiming a lack of control over their data. Almost half of respondents feel internet companies have amassed too much influence and should be broken up.
Despite this, just 13% of respondents knew what Web3 meant, and 54% had never heard the word before. 83 percent of those who have said they believe the new version of the internet will improve their lives. When asked about the potential drawbacks of the new Web, 33% expressed concern about an increase in criminality and frauds once the decentralised internet is fully operational.
Notably, consumers in the United States do not believe that regulators bear the primary responsibility for ensuring that the future internet has a beneficial social impact: only 32% believe that politicians and regulatory bodies play a leadership role in this regard. More over half (51%) say it is primarily the duty of tech corporations, while 50% believe it is the responsibility of developers and engineers.
On the subject of crypto adoption, 57 percent of respondents said they had purchased or were considering purchasing cryptocurrency. Cryptocurrencies, according to 39% of respondents, are most akin to stocks and shares, rather than fiat currency (18%) or commodities like gold (15 percent ).
NRG’s senior vice president and worldwide head of insights, Marlon Cumberbatch:
“The most surprising conclusion from this study, in my opinion, was how many customers had a strong sense of lack of agency in online places.” It’s becoming increasingly difficult to discover something that unifies us all in our increasingly polarised world. However, it appears that all Americans, regardless of income, politics, or ethnicity, believe they lack sufficient control over how they interact with internet information and how firms exploit their personal data.”
Cumberbatch went on to say that the findings show “a clear desire among consumers for a new era of the internet,” one that gives them more agency and control over their online experiences. At this stage, the main hurdle appears to be a lack of knowledge and a lack of public awareness of Web3-related ideas.
Participants in the study were chosen based on quotas calibrated to U.S. census data for age (between 18 and 64), gender, race, area, income, and education level. While this method does not produce a sample that is representative of the general population in the strict sense, it does allow for reliable generalisations about how people’s ideas are dispersed.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
