WalletConnect Uncovers Major Crypto-Consumer Findings in Inaugural “Pulse” Report

The global consumer survey report reveals consumers are increasingly optimistic and bullish about the potential of crypto and web3

Today, WalletConnect, a leading web3 communications protocol, unveiled the findings of its inaugural global crypto consumer survey and analysis. The report, “WalletConnect Pulse: Crypto Consumer Sentiment & Usage,” offers captivating insights on the attitudes, behaviors, and preferences of today’s crypto consumer, and examines how developers can meet this demand.

Among its key findings, the study exposes a critical paradox in the web3 state: optimism and bullish sentiment towards crypto and web3 persists, yet even as new solutions to the industry's biggest obstacles continue to surface, a considerable resistance to adoption persists. The research reveals that a majority of respondents (>50 percent) express a high level of confidence using crypto products and services – yet only 27 percent of respondents indicated they regularly use added security measures, with 6 percent acknowledging they neglected to add them entirely.

This staggering security-adoption gap is even more striking when you consider 40 percent of all respondents indicated they’d like to explore new products, features, and services from web3 wallets and protocols. The data emphasizes the urgency of educating users on existing security measures and the need for developers to prioritize enhanced safety features, addressing both their desire for heightened security and potential implementation barriers.

“The survey makes clear that there is a rich and growing demand for web3-native products and services on the horizon. With web3 interest on the rise, understanding the crypto consumer – and the current crypto experience from the eyes of the consumer – is key to driving sustainable, widespread adoption,” said Jess Houlgrave, CEO of WalletConnect. “The growing shift in consumer behaviors from passive to active interest and participation suggests exciting times ahead for web3. As novel web3 and crypto applications and use cases continue to flourish into 2024, it is vital that web3 leaders and builders focus on user-friendly experiences, enhanced safety features, and educating users to bridge the gap between potential and adoption.”

Additional findings of WalletConnect’s 2024 Crypto Consumer Sentiment & Usage survey also include:

• Users remain bullish in their outlook on web3. More than one-third of participants expressed optimism regarding the development and adoption of crypto and web3 applications, with 16 percent indicating that they are actively seeking new web3 experiences.
• Users demand more NFTs, web3 social, and messaging. Looking ahead, a clear consensus emerges as the top 3 desired crypto experiences users are looking for: more NFTs (35%), more web3 social and messaging (32%), and more community and governance models (28%).
• There’s an appetite for novel Dapp experiences. While only 16 percent actively search for novel experiences, 40 percent express a willingness to explore new elements if they come their way. This implies that a balanced strategy for Dapp creators, incorporating both innovative features for proactive seekers and ensuring a user-friendly approach for those more receptive to spontaneous exploration, could be beneficial.
• Security and user experience remain top of mind. When asked to select their top three wallet provider preferences, respondents overwhelmingly identified ‘advanced security’ and ‘user-friendliness’ as their top wallet provider features, with low fees and broad network also being important.

About the Survey

The survey results are based on a total sample of 299 individuals, aged 18 and above. The online survey was conducted from January 23, 2024 to February 6, 2024 on the international online research data and analytics technology group, YouGov, and was open to users registered in the United States and United Kingdom.

The purpose of the survey was to gather sentiment and measure behaviors toward web3/crypto and its usage, including wallet preferences, as well as gather perceptions on broader aspirations for the future of web3. In addition to measuring overall survey sentiment, the report analyzes the opinions of specific subgroups—recent wallet, Dapp, and web3 users—to explore variations within the consumer data. The report also highlights perspectives from leading wallets, apps, and investors on their thoughts for the current and future state of consumer crypto. Leaders at Ledger, Fireblocks, dYdX, Safe, OKX, Rarible, and 1kx, are among those who share their thoughts on topics ranging from seed phrases to smart accounts, social to self-custody, and sovereignty to security.

WalletConnect’s full survey report as well as contributed industry perspectives are available here.

To learn more about WalletConnect, please visit https://walletconnect.com/ and follow us on Twitter at @WalletConnect.

ABOUT WALLETCONNECT

WalletConnect is the web3 communications protocol enabling interoperability between wallets and dapps across chains. Having been integrated by over 500 wallets and 3,000 apps, it facilitates millions of end user connections each month. Today, it is also empowering developers to build engaging web3 experiences with a suite of SDKs: Web3Modal, Web3Wallet, and Web3Inbox. It has raised $25 million from some of the world’s leading tech and crypto investors, including Union Square Ventures, 1kx, Shopify, Coinbase Ventures, Circle Ventures, and Uniswap Labs Ventures. WalletConnect integrations currently span the Ethereum, Solana, NEAR, Cosmos, and other blockchains. For more information, please visit https://walletconnect.com.

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