GWI data: the confusions and convictions surrounding web3

Web3 retains significant interest, even if people continue to be confused by the myriad terms that abound – new GWI data explores some of the consumer perceptions in the space.

Why it matters

The tech-loving advertising industry became quite caught up with the idea of a crypto-based virtual world. While a lot of terms still need to be disentangled among professionals, the confusions among normal people remain a barrier.

With Ethereum’s long-delayed transition to a proof-of-stake (rather than the environmentally costly proof of work) blockchain set to happen next month, a cheaper, less energy intensive blockchain has the potential to unlock new use cases aside from dangerously speculative financial instruments.

What’s going on

Some of the headline stats in GWI’s Making Virtual a Reality report outline some of the landscape.

• Most consumers don’t really know what an NFT is – just 20% of UK consumers can define one, suggesting any marketing uses still require significant educational efforts.
• Over a quarter (27%) think NFTs are a kind of cryptocurrency, which in light of recent volatility may be quite useful.

Gaming will be very important to the broader idea of virtual worlds (more metaverse than web3), even among older consumers. However, privacy and safety remain key concerns.

Sourced from GWI, WARC, The Verge