Nigeria and South Africa are at the forefront of Africa’s rapid adoption of cryptocurrency and Web3 technologies, according to the second annual Global Survey on Crypto and Web3 by Consensys and YouGov. The survey highlights the rising global engagement with digital assets, with Nigeria and South Africa emerging as key players in blockchain innovation and decentralization.
In Nigeria, 73% of respondents have owned or purchased cryptocurrency, while South Africa follows closely at 68%. These figures reflect growing adoption fueled by challenges such as inflation, limited banking access, and financial inefficiencies. Additionally, 80% of Nigerians and 74% of South Africans express familiarity with decentralization, underscoring the appeal of reduced reliance on centralized systems like traditional banking and social media platforms.
Participation in Web3 activities is also surging, with 93% of Nigerians showing interest in NFTs and 61% familiar with Web3 wallets. South Africa is not far behind, highlighting the continent’s readiness for decentralized financial tools. Despite enthusiasm, barriers like market volatility, scams, and knowledge gaps remain, presenting opportunities for education and policy innovation.
With both nations embracing blockchain to tackle financial and systemic challenges, they are setting the stage for Africa’s leadership in the global crypto and Web3 landscape.
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