Of those who know what Web 3.0 is, only 1% report they have a good understanding

WHAT: Consumer insights provider Toluna conducted a large-scale survey across 19 global markets with over 10,500 respondents to understand how consumers perceive and interact with the Web 3.0, NFTs, the Metaverse and blockchain technology.

The research covered 4 regions (North America, LATAM, EMEA and APAC) and the following countries: United States, Brazil, Germany, Spain, France, Italy, United Kingdom, United Arab Emirates, Saudi Arabia, Singapore, Indonesia, Philippines, India, Thailand, Hong Kong, Australia, Vietnam, Malaysia and China.

Emerging markets are Brazil, India, Philippines, Indonesia, Thailand, Malaysia and Vietnam.

Developed markets are Singapore, Hong Kong, China, Australia, Germany, Spain, France, Italy, United Kingdom, United Arab Emirates, Saudi Arabia, and United States.

KEY FINDINGS

People aren’t too familiar with Web 3.0…

• The concept of Web 3.0 continues to elude much of the general public, as only 24% of respondents know what Web 3.0 means
• Out of those who know what Web 3.0 means, only 1% demonstrated a good understanding of the concept, while 71% displayed partial understanding and 27% showed poor understanding

… but this is changing

• 51% of people want Web 3.0 to become mainstream within the next year and a similar proportion (50%) expect it to become mainstream
• When it comes to Web 3.0, people are most excited about the blockchain providing more security from hackers (48%), choosing which personal data to share or keep private (48%), and monetizing their personal data and contents (35%)
• Consumer sentiments are also becoming more positive towards the Metaverse, with 36% stating they are excited, 29% feeling optimistic, and over a quarter (26%) are intrigued.

• Nearly half (44%) of crypto investors plan to invest more of their assets into cryptocurrencies in the next six months
• A quarter of respondents (24%) have a favourable view of NFTs, as opposed to only 16% with an unfavourable view. Nearly four in ten (38%) feel neutral towards NFTs, while 21% have not heard of them altogether.

A universe inside of our own

• Nearly six in ten respondents (58%) want to experience the Metaverse. Of those who want to experience the Metaverse, 65% would like to experience it within the next year, and an additional quarter of respondents (25%) would like to try it in the next 2-3 years.
• The top two feelings respondents have towards the Metaverse are curiosity (40%) and excitement (36%)
• The activity that respondents are most interested in experiencing through the Metaverse is shopping (45%), followed by watching TV/movies (44%), gaming (44%), tourism/traveling (43%) and learning (40%)
• Despite the positivity surrounding the Metaverse, 87% of respondents reported at least one concern about it.  Their biggest concerns include lack of human connection (31%) and lack of privacy (31%), followed by other issues such as identity theft (30%), addiction (24%), and harmful content (22%).

The new age of socialisation

Although 58% of respondents said they prefer in-person interactions, 42% believe that you can also have meaningful interactions virtually

• Over half of respondents (54%) felt that you can succeed when work or school are virtual
• Of those interested in purchasing NFTs, 24% say they want to use it in a virtual social experience
• Respondents showed interest in social activities such as tourism/ travelling (43%), attending live performances, (30%) as well as attending social gatherings (25%) within the Metaverse

Toluna’s Christine Tan, Senior Director, SEA, said: “Although there is a degree of uncertainty and distrust surrounding the Metaverse, especially from the perspectives of security and personal connection, it’s clear that people are excited and curious about all that it entails. They’re looking forward to trying better, more personalised virtual experiences and are enthusiastic about how the Metaverse will change their lives.”

“In planning ahead, brands must recognise the influence of Web 3.0 on how they market their products and services to people and ensure that they are listening to what their consumers want and providing the right messaging, at the right time. As Metaverse experiences become more mainstream, brands must adapt to evolving consumer sentiment and ensure they’re keeping their finger on the pulse of changing behaviours through on-demand, agile, and scalable research.”