The recent study from blockchain and web3 software company Consensys and internet-based market research YouGov revealed that nearly half of Filipinos believe the financial system needs improvement, with growing awareness of web3 offering potential solutions to address systemic inefficiencies.
What’s the significance: The result noted the opportunity for web3 communities in the Philippines to leverage growing public dissatisfaction with the financial system and rising web3 awareness to drive adoption and innovation in decentralized technologies.
Key Details: The study, “A Global Survey on Crypto and Web3,” surveyed 1,010 Filipino residents aged 18 to 65 between February and May 2024.
- Recently, BitPinas made an article about the study’s key crypto findings in the Philippines.
- How it works: The study assessed the awareness, understanding, and attitudes of Filipinos toward cryptocurrencies and web3 technologies through 35 close-ended online questions, with the sample weighted by age, gender, and region.
Key Findings:
- Awareness of Web3:
- 28% of Filipinos are familiar with the concept of Web3.
- Of those familiar with Web3, 33% have used a Web3 wallet, and 31% have played blockchain games in the past year.
- Web3 Activities:
- Using a Web3 wallet (33%).
- Playing blockchain-based games (31%).
- Using decentralized social media platforms (28%).
- Purchasing/collecting NFTs (28%).
- Staking cryptocurrencies, sending/receiving transactions, and bridging between networks (28% to 25%).
- Privacy Concerns:
- Filipinos value data privacy and control of their identity on the internet.
- Only 58% trust current internet services with their data.
- Financial System Sentiment:
- 48% feel the financial system works but needs improvement.
- 23% believe it needs to be completely rebuilt, a significant increase from last year.
- Bank Account Ownership:
- 19% of Filipinos do not have a bank account.
- Among account holders, there’s an even split between those with one and those with multiple accounts.
- Decentralization Awareness:
- 54% are familiar with the concept of decentralization, but only 46% understand its application to cryptocurrency.
- Decentralization Potential:
- Areas Filipinos believe could improve with decentralization:
- Social media platforms (52%).
- International banking/payments systems (50%).
- Civic and political systems (34%).
- Artificial intelligence models (33%).
- Public infrastructure (32%).
- Areas Filipinos believe could improve with decentralization:
This article is published on BitPinas: Only 28% of Pinoys Familiar With Web3 – Consensys Report
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