NEWSROOM

Many new concepts have emerged since 2008, when Bitcoin was developed, which paved the way for the widespread use of blockchain technology. A new global survey has revealed global awareness of blockchain-based concepts such as Web3, NFT, and crypto. 

TURKEY— Since Bitcoin was developed in 2008, many new concepts have been added to digital and internet terminology in the 15-year period. Research company YouGov and blockchain software technology company Consensys conducted a study to measure global awareness of these concepts. In the research conducted in 15 countries, including the USA, Brazil, Argentina, France, the United Kingdom, Vietnam, India and Nigeria, participants from different demographics were asked how familiar they were with concepts such as Web3, crypto and NFT. According to the report, 9 out of 10 people (92%) said they had heard of the concept of "crypto" before.

Sharing his evaluations on the subject, Gate.io Turkey Research Manager Sevcan Dedeoğlu said, “As we enter the last quarter of the year, research on crypto adoption and crypto awareness is published one after the other. These studies are important in understanding global crypto awareness and related technologies.”

Only 1 in 4 people have heard of the concept "Web3" before

The report also investigated awareness of Web3, which works based on blockchain and defines the new form of the internet, and the concepts of NFT and metaverse that develop around this concept. Questions asked to different age groups in 15 countries revealed that 36% of participants were familiar with the metaverse, 34% with NFT, and 24% with Web3. In other words, it was determined that only one in four people was aware of Web3, which is expected to bring a new internet experience and change social and commercial relations.

Stating that Web3 is a newer and relatively more complex concept compared to words such as Bitcoin, cryptocurrency, NFT and metaverse, Sevcan Dedeoğlu said, “It is possible to say that it is difficult to define even the current version of the Internet, Web 2.0. In this respect, it is understandable that awareness of a concept whose standards, protocols and promises have not yet been fully determined and is in the development stage is lower than others. Cryptocurrency exchanges that offer Web3, such as Gate.io, have an important role in increasing awareness of Web3,”

Cryptocurrencies are known as the “future of money”

Stating that one of the striking results of the research conducted in four continents, Africa, Asia, Europe, and North and South America, is the definitions associated with crypto, Gate.io Turkey Research Manager Sevcan Dedeoğlu said, "Within the scope of the research, the participants were asked which of the three basic concepts they associate with cryptocurrencies. The prominent answers are the future of money (16%), the alternative to the traditional financial system (11%) and the future of digital ownership (11%). On the other hand, only 8% of the global survey participants equate cryptocurrencies with 'crime and money laundering'. Geographic differences are also noteworthy here; for example, it seems that most participants who equate cryptocurrencies with negative definitions such as speculation and fraud are from Europe. "Regulations can explain this situation, the attitudes of the authorities and welfare," he commented.

“NFTs are the future of loyalty programs” 

Reminding that 95% of existing NFT projects were defined as “worthless” in another study, Sevcan Dedeoğlu concluded her evaluations with the following statements, “This news, which finds a lot of headlines, is misleading in a sense. We see that global awareness of NFT is 34%. Even though the investment trend towards NFTs has weakened and NFT values have fallen, the value promised by NFT remains. The real promise of concepts in new ecosystems such as Blockchain and Web3 emerges when these concepts lose their buzzword qualities.”

“For example, NFTs stand out as one of the most powerful tools of digital ownership. A world-famous coffee chain recently announced that it built its new loyalty program on NFTs. One of the leading airline companies announced its NFT-based loyalty program. This value that global brands attach to NFTs indicates that NFTs may be the future of loyalty programs and many related issues. As Gate.io celebrates its tenth anniversary globally and its first year in Turkey, we continue to work to convey all these concepts and future scenarios to the public.”