Will Web3 transform digital uses?

March 30, 2022

This is one of the concepts of the moment: the Web3. The new generation of the global Internet, based on a decentralized system. Proof of this trend, the Canadian Council of Web3 has just been born… Even if, for many, this notion is still very vague. A recent study shows the level of knowledge of the younger generations in this area.

The Heaven agency has indeed taken a closer look at what is behind the words that have been popular in online discussions lately: Crypto, DAO, metaverse, NFT, blockchain, etc. And interviewed more than 500 people aged 18 to 25 on March 8 and 9 to find out their level of knowledge and adoption of web3.

First observation: the different terms are known to varying degrees. Thus, a majority of them are familiar with cryptocurrencies and NFTs (non-fungible tokens), or even the metaverse. This is much less the case for the web3 itself or the DAO (decentralized autonomous organization).

Will Web3 transform digital uses

Another lesson: it seems that this universe is for the moment rather the prerogative of the male population. Thus, 87% of respondents claiming to know all the web3 concepts tested are men.

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Among the best-known platforms, Discord and Fortnite occupy the first places by far.

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A strong interest in cryptocurrencies

One of the surprising facts of the study: almost a third of respondents own cryptocurrencies! Whereas, within the population, this rate does not exceed 10%. Not to mention that another third of 18-25 year olds plan to buy them.

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When we look at the motivations of possession, we realize that the reasons are much more financial than ideological. Most indeed evoke the creation of savings or the attraction of performance. Even if they are well aware of the risks of price volatility, the first fear mentioned (43.59%), ahead of the fear of losing access to one’s portfolio (37.67%).

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The great trend of NFTs

NFTs (non-fungible tokens), these digital certificates that guarantee the authenticity and exclusive ownership of a digital object are also surprisingly popular with younger generations. Half of them are considering buying it.

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What exactly are we talking about? Digital artistic works, items related to a video game or virtual cards to collect for example, according to the most cited answers.

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It should also be borne in mind that almost half (48%) of 18-25 year olds admit to having already purchased virtual goods (such as the accessories that can be obtained on Fortnite… not to mention the micro-transactions that found on TikTok).

Metaverses still little frequented

Let’s now move on to the meta-universes, these new virtual universes of which Facebook (now Meta) is a future figurehead. Adoption is still piecemeal among the youngest: 22% have already attended and 56% potentially plan to do so. Yet they are ready: 53% have already purchased or created their own virtual avatar and are using it. (on Snapchat, iPhone…).

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For them, all these concepts will certainly transform their use of the Internet. In any case, this is what three quarters of respondents say.

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And, for this generation born with digital, the greatest promise of Web3 is the possibility of better controlling the use of their personal data (54%). Reducing dependence on major platforms such as Google, Facebook, Apple or Amazon is only cited by 15% of respondents.

The question that now arises, now that we have seen that uses tend to develop in Web3 in the future: how to position yourself as a brand? For the time being, attempts at incursion are more explorations than real long-term strategies. The future will in any case be there to tell us if these experiments will have been judicious or not.

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Will Web3 transform digital uses?

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