Web3, The Next Frontier of Digital Currency Favored By Millennials and the Affluent

March 15, 2022 Author: Mario X. Carrasco

Mobile apps like Apple Pay have made online and offline purchases more convenient for consumers, liberating them from having to pull out their wallets, credit cards, and wads of dollar bills and loose change. But the innovations of Web 2.0 are in the rearview, as consumers explore Web 3.0 where digital currency is just a fraction of what the virtual experience has to offer.

For enthusiasts, Web 3.0, or Web3, is a way of democratizing the internet, shifting power away from the behemoths dominating search, sales, and social and giving it back to consumers. The blockchain has made bitcoin, non-fungible tokens (NFTs), and other forms of cryptocurrency ubiquitous among devotees, and the metaverse has become a virtual utopia for consumers and brands.

In our second look at cryptocurrency, ThinkNow conducted a nationwide online survey of adults ages 18 to 64 to understand their familiarity, usage, and interest in cryptocurrency and other Web3 technologies.

Download the report here.

Here’s a sneak peek at what we found:

Cryptocurrency Most Popular With Asians and White Men

Most adults have heard of cryptocurrency. Those most likely to be familiar are Non-Hispanic White men, Millennials, and individuals, in general, living in higher income households.

Of all cohorts, Asian Americans are more likely to use or own cryptocurrency, and Hispanics are more likely to own a cryptocurrency wallet.

Women lag men in usage of these forms of digital currency.

Non-fungible tokens are used most by individuals with a total household income of $80,000 and above.

Bitcoin is by far the most utilized form of cryptocurrency, followed by Ethereum.

Nearly everyone who uses a cryptocurrency wallet has the online/app version, as opposed to the thumb drive, likely to mitigate the risks associated with losing it.

Privacy and Ease of Use Concerns

But not everyone is sold on Web3. The technology is still evolving, and privacy concerns linger. And there’s a certain level of disbelief surrounding the metaverse. Are these concerns enough to slow the rate of adoption?

Download the ThinkNow Web 3.0 Cryptocurrency report today.