Research by the National Research Group (NRG) reveals that while many consumers are dissatisfied with the current, Web 2.0 internet, most lack a clear understanding of Web 3.0.
When consumers were asked how the web has changed over the past five years, large majorities said it has become more commercialised (80%), more addictive (79%), and has encouraged harsher behaviour between people (69%).
Seven in ten Americans now say they no longer feel in control of how their data is used online, and 53% fear that technology could undermine their rights and freedoms over the next decade. These concerns are a primary driver behind interest in Web 3.0.
Web 3.0 aims to move away from centralised, monopolistic services toward decentralised, user-focused models that restore control and privacy to individuals.
(Credit: NRG)
Despite clear consumer appetite for a different internet, awareness of Web 3.0 is limited: only 13% of consumers say they understand what Web 3.0 is, and 54% have never heard the term.
Among those familiar with the concept, 81% believe Web 3.0 could have a positive effect on their overall happiness and wellbeing.
The role of cryptocurrencies and NFTs in building Web 3.0
Cryptocurrencies are central to many Web 3.0 decentralisation projects. As reflected by recent mainstream advertising, Americans are increasingly open to buying and trading digital assets.
Fifty-seven percent of consumers said they have bought or would consider buying cryptocurrencies. Bitcoin is the most widely recognised cryptocurrency—57% of consumers have heard of it.
Interestingly, Dogecoin has the second-highest awareness at 39%, slightly ahead of Ethereum at 33%, even though Ethereum is the second-largest cryptocurrency by market capitalisation.
Bitcoin is primarily positioned as a digital currency or store of value, while Ethereum and other platforms support decentralised applications and the creation of non-fungible tokens (NFTs), which play a growing role in Web 3.0 ecosystems.
When asked how they view cryptocurrencies, 39% of consumers see them as a type of security similar to stocks, 18% view them as a currency, and 15% consider them a commodity. Thirty-seven percent said they bought crypto because they believe it will have a positive societal impact.
On NFTs specifically, 40% of consumers said they have bought or would consider buying them.
While many current NFTs are speculative, the technology has potential long-term utility: NFTs can serve as verifiable proof of ownership for virtual items, metaverse assets, and potentially even real-world items such as property deeds, if systems and legal frameworks evolve to support that use.
Marlon Cumberbatch, Senior Vice President and Global Head of Insights at NRG, commented:
“There is clearly a lot of competition in the NFT space. If brands want to stand out, they need to offer consumers something with real long-term, intrinsic value. NFTs need to become more than just another asset in a diversified portfolio.
Brands should focus on identifying the unique and compelling experiences that NFTs can enable—whether by exploring partnerships in virtual worlds, creating loyalty programs with exclusive perks or content, or by building engaged communities around their collections.”
Last year’s headlines highlighted cryptocurrencies and NFTs alongside celebrity endorsements from figures such as Tom Brady, Snoop Dogg, Matt Damon, Paris Hilton, KSI, Mike Tyson, Jamie Foxx, and Kim Kardashian, which helped raise awareness. As a result, 71% of consumers now report hearing about NFTs, and only 28% believe crypto is in a bubble.
Despite growing visibility, wider adoption of Web 3.0 technologies depends on better consumer education about their benefits, risks, and practical uses.
“There’s a real and measurable desire out there for a new version of the internet that pushes the pendulum the other way, putting power back in the hands of consumers,” NRG wrote in the report. “However, the average consumer has, at best, only a cursory understanding of how Web 3.0 technologies can help achieve this goal.”
You can find a full copy of the NRG’s report here.
(Photo by Sergey Zolkin on Unsplash)
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