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Nigeri as a nation known for its vibrant culture and diverse economy, has surprisingly emerged as the global leader in Cryptocurrency awareness. This is predominantly coming from the youthful population that has shown an impressive adoption rate of crypto over the years. But beyond this strong bandwagon for crypt, how poised is Nigeria to make similar strides in Web 3 awareness?
Understanding Crypto in Nigeria
Without missing words, Nigeria is a force to reckon with in the crypto space. Data from a recent Global Consumer Survey undertaken by ConsensysConsensys, a global Data research organization, shows that 99% the respondents from Nigeria are well-versed in, or own crypto, while around 8% only have knowledge about web3. This vibrant Africa's populous country, is home to a large number of young, tech-savvy individuals whose innovative spirit fuels purposeful drive towards the future of finance.
With rampant inflation, foreign exchange management woes, bank restrictions and the continuos free fall of the Nigeria Naira, many Nigerians have sought refuge in crypto as a medium of income and hedge against economic uncertainties.
The Nigerian government continuos skepticism about crypto, has made Nigerians find ways to circumvent the banking restrictions on crypto. While the government continue to place bans on crypto transactions in the country in a bit to stop its adoption, these bans has in turn helps to create more awareness about crypto, giving many Nigerians the opportunity to escape the nation's unstable economic conditions. However, this awareness can not be said for web3 for Nigerians!
Web3 and Nigeria: The New Frontier yet to be hannessed
While the crypto craze continues unabated in Nigeria, the same cannot be said for Web3. Web3, being an advanced version of the internet that promises more user interaction and control, powered by blockchain technology, is still a new conversation among many Nigerians even though they have a readiness to tap into any potentially lucrative technology.
There are several reasons for that- Firstly, Nigerians have been so accustomed to we2 platforms and their features, that allows for easy navigation and usage. Anything that do not follow the web2 standard is something difficult for most Nigerians to get around. A lot of Nigerians do not know anything about decentralization and the strong security measures that Web3 represent. If they cannot sign up easily and do whatever they want to do with just one or two clicks, they loose interest for such application.
Majority of Nigerians in the crypto space are only there to make money. whether it's an investment or not, they want to make the money as soon as possible. Many has no interest in tokenomics or the so called hold to the moon that dominate crypto forums. Hence, they prefer to invest their money where they can easily be cashing out than to use a free to earn Web3 applications. For many Nigerians, crypto is about making more Fiat, a potent reason why you see a lot of Nigerians on Binance and similar crypto platforms.
Furthermore, the most Nigerians in crypto do not care about project's road maps. They want to make money and cash it out as soon as possible. If Zuckerberg can allow Facebook users to cash out without prejudice, and Elon Musk is doing the same thing with Twitter now 'X', anything that would put them under surveillance when attempting to cash out their money which they rightfully earned seems counter productive to many. For them, the platform that will allow users to earn and cash it out without any restrictions will get the most users in Nigeria.
Nonetheless, in a country like Nigeria, where internet freedom and privacy have often been stifled, the adoption of Web3 could prove transformative. However, based on reasons stated above, awareness about Web3 is still quite limited compared to the knowledge of crypto in the country.
If Web3 awareness could experience the same growth that crypto has seen, Nigeria might well establish itself as a global trailblazer in Web3 technology and applications.
With a well designed and marketed Web 3 application that has a semblance of web2 features, Nigeria presents an environment ripe for the growth of Web3. The country has a young, dynamic population eager to leverage technological advancements to escape economic hardship. All these justify the potential of Nigeria as a ready market for Web3
Conclusion
The ranking of Nigeria being number one in crypto global awareness has shed light on the country's ability to be at the forefront of digital revolutions. However, for Web3, the journey might be just beginning. But as the country has shown with crypto, Nigeria is no stranger to embracing novel technology and making the most out of it - a fact that resonates across the global tech and financial landscapes.
As the world continues to shift towards decentralization and a more equitable digital ecosystem, Nigeria’s lead in crypto awareness and potential in Web3 adoption in the near future.
The information in this article, is the author's opinion, which are mostly based on personal experiences.