Survey: U.S. consumers dissatisfied with Web2, have limited understanding of Web3

Several online surveys of 1,500 consumers in the US revealed deep concerns about privacy and the enormous power of tech platforms, while also suggesting that Web3 has yet to become a household word.

The study was conducted in January 2022 by the global insights and strategy firm National Research Group (NRG). 54% of respondents said they were concerned about their rights and freedoms being threatened by technology, 44% said they were concerned about online privacy, 38% were dissatisfied with online advertising, and 35% said they felt a lack of confidence in their data control. Nearly half believe tech companies have amassed too much power and must be broken up.

However, only 13% said they knew what Web3 was, and 54% had never heard of the term. Among those aware of Web3, 83% believe the new version of the Internet will improve their lives. When it comes to the potential downsides of the new web, 33% said they fear an increase in cybercrime and scams when the decentralized internet is realized.

Notably, U.S. consumers do not believe that the burden of ensuring the positive social impact of the Internet in the future rests primarily with regulators: only 32% believe that politicians and regulators play a leading role on this issue. More than half (51%) believe this is primarily the responsibility of tech companies, with 50% saying it is the job of developers and engineers.

In the report on cryptocurrency adoption, 57% of respondents said they had or considered purchasing cryptocurrencies. 39% believe that cryptocurrencies are more similar to stocks and shares than fiat currencies and commodities such as gold.

Marlon Cumberbatch, senior vice president and head of global insights at NRG, told Cointelegraph in an interview:

"To me, the most unexpected finding of this study was that so many consumers feel strongly about the lack of dominance in online space. In an increasingly polarized world, it can be difficult to find a brand that brings us all together. things together. But it seems like Americans, regardless of income, politics or race, feel strongly that they don’t have enough control over what’s done with online content and how businesses use their personal data.”

Cumberbatch added that the findings showed that "consumers are genuinely hungry for a new internet age" where they want greater ownership and control over their online experience. At this point, the main hurdle seems to be a lack of information and a still insufficient public understanding of Web3-related concepts.

Respondents were selected to participate in the study based on quotas based on U.S. Census data on age (range 18 to 64), gender, race, region, income, and education level. While this approach does not yield a sample that is strictly representative of the general population, it does allow us to make strong generalizations about the distribution of opinions.

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