The recent study by blockchain and web3 software company Consensys and internet-based market research YouGov revealed that almost half of Filipinos believe the financial system needs improvement, and there is a growing awareness that web3 offers potential solutions to address systemic inefficiencies.
What is the meaning: The result pointed to the opportunity for web3 communities in the Philippines to leverage growing public dissatisfaction with the financial system and growing web3 awareness to drive adoption and innovation in decentralized technologies.
Key details: The study, “A Global Survey on Cryptocurrencies and Web3,” surveyed 1,010 Filipino residents aged 18 to 65 between February and May 2024.
- Recently, BitPinas published an article on the main crypto findings from the study in the Philippines.
- How it works: The study assessed Filipinos’ awareness, understanding, and attitudes towards cryptocurrencies and web3 technologies through 35 closed-ended online questions, with the sample weighted by age, gender, and region.
Key findings:
- Web3 Awareness:
- 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 last year.
- Web3 Activities:
- Using a Web3 wallet (33%).
- Play blockchain-based games (31%).
- Use decentralized social media platforms (28%).
- Buying/collecting NFTs (28%).
- Staking cryptocurrencies, sending/receiving transactions, and bridging networks (28% to 25%).
- Privacy Concerns:
- Filipinos value data privacy and control of their identity online.
- Only 58% trust their data to current Internet services.
- Financial system sentiment:
- 48% believe that 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 is an even split between those who have one account and those who have multiple accounts.
- Decentralization awareness:
- 54% are familiar with the concept of decentralization, but only 46% understand its application to cryptocurrencies.
- Decentralization potential:
- Areas Filipinos believe could improve with decentralization:
- Social media platforms (52%).
- International banking/payment 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 are familiar with Web3 – Consensys Report
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