Studies Show People Don’t Know About Web3 but Want Privacy and Ownership

While only 8% said they were familiar with the concept of Web3, 83% think data privacy is important.

Creator: Olemedia Credit: Getty Images

Recent studies revealed that the concept of Web3 remains a mystery to many, while the hype around the metaverse has decreased gradually. In the meantime, a desire for ownership, identity control, and data privacy emerged.

Familiarity with Web3

A recent survey by YouGov and Consensys revealed that 92% of the respondents on a global scale said they have heard of crypto. While this may come out as an impressive percentage, the results also indicate that this knowledge lacks substantial foundation, as only 8% of the same group said they were familiar with the concept of Web3.

The hype around the metaverse is also decreasing. According to Google Search Volumes from mid-August, the search term “metaverse” has reduced more than 92% from its peak, recorded in February 2022.

Web3 Privacy and Ownership

The concepts of web3 privacy and data ownership came forward as strong themes in the survey. Of all participants, 83% said they thought that data privacy was important, while only 45% of them said they trusted how the current internet services used their data and personal information. In addition, another 79% said they would like to have more control over their identity on the internet.

It is also worth mentioning that the respondents between the ages of 55 and 65 were more likely to want control over their identity online, and thought the data privacy was important as opposed to other age groups.

When it comes to data ownership, 67% of the participants said they believed they should own the things they make on the internet. For the participants aged between 35 and 44, this percentage sits at 69%, while the percentage of the age group 55 and 65 came out as 62%