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Only 25%: Why Filipinos Are Not Familiar with Web3 — Report

Only 25% - Why Filipinos Are Not Familiar with Web3 -- Report
  • A recent study by ConsenSys and YouGov revealed that Filipinos have a limited understanding of web3 technology, with only 25% of respondents familiar with it.
  • Among the three concepts surveyed, familiarity with the metaverse was the highest at 38%, followed by NFTs at 35%, and web3 at 25%.
  • Limited opportunities to explore new technology, a culture of collectivism, lack of government regulations, and the need for education and inclusive learning materials were identified as factors hindering web3 adoption in the Philippines.

Despite the Philippines being one of the countries at the forefront of crypto adoption, Blockchain firm ConsenSys and international online research data and analytics technology group YouGov’s recent study revealed that Filipinos in general still have a limited understanding of web3 technology.

Filipino Web3 Familiarity

Among the 1022 Filipinos surveyed, only 25% –fairly familiar (17%) and very familiar (8%)– are aware of web3; 33% said they are not very familiar while 32% said not familiar at all.

Photo for the Article - Only 25%: Why Filipinos Are Not Familiar with Web3 -- Report
Filipino Web3 Familiarity

“However, there is a higher level of familiarity with the Metaverse (38%) and NFTs (non-fungible tokens) (35%) than with Web3 (25%),” the analysis noted.

(Read more: What is the Difference Between Web1, Web2, and Web3)

Filipinos’ level of familiarity with the metaverse is the highest among the three; it shows a diverse range of responses. According to the survey, only 10% of respondents indicated that they are very familiar with the concept, while 28% stated they are only fairly familiar. On the other hand, 33% admitted to not being really familiar with the metaverse, and 22% answered that they are not familiar with it at all.

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Filipinos’ awareness of the metaverse may have rooted to the adoption of large companies of the metaverse such as Globe, Facebook, and others. Last February, a study by Coin Kickoff revealed that the Philippines is the most interested country in the metaverse where Filipinos conducted the highest number of Google searches for the metaverse, with 2,421 searches per 1000 people. 

On the other hand, the familiarity of Filipinos with NFT totals to 35% with 11% saying they are very familiar and 24% claiming they are fairly familiar. In addition, several people stated they are not really familiar (31%) or even not at all (24%). 

This is probably because of the sudden boom of play-to-earn (P2E) NFT games in 2021. In a survey conducted by global fintech platform Finder in 2022, the Philippines secured the 4th position among 26 countries in terms of global NFT adoption. The study also unveiled that 25% of Filipinos, equivalent to one out of every four individuals, actively engaged in p2e games—this year, as per David Tng, the Head of Growth at TZ APAC, NFT art and play-to-earn (P2E) games are anticipated to be the key catalysts driving NFT adoption in the Philippines. 

Why is the familiarity low?

Kristian Quirapas - Web3 Philippines
Kristian Quirapas – Web3 Philippines Co-Founder

In an interview, Kristian Quirapas, co-founder of Web3 Philippines, told BitPinas that the reason why the web3 familiarity of Filipinos is attributed to the limited opportunities to explore new technology.

“That’s understandable. They would most likely be focused on putting food on the table and keeping the family afloat,” he added. 

Davao-based Axie Infinity content creator Shanks, or JC Isidro in real life, cited the limitation to the country’s culture of collectivism that pushes people to trust traditional institutions more  than new technologies, “which can make it a bit harder for the majority to accept the decentralized nature of web3.“

“Given that web3 is a relatively new technology, it is expected that there will be a greater number of Filipinos who are not yet knowledgeable or even aware of web3 compared to the ones who are already familiar with it,” he explained. 

Isidro also added that the government is yet to properly lay regulations overseeing the emerging industry which further hinders the masses to access web3 use-cases. 

What can be done?

To address the limited accessibility of web3 utilities in the country, Quirapas stated that Filipinos should necessitate the use of the technology. 

“The way forward is to compel people to use web3, by addressing a need, rather than a nice-to-have. People didn’t care about digital e-wallets until COVID-19 made it a necessity,” he stated.  

JC Isidro
JC Isidro, Web3 Community Manager and Guild Leader

Moreover, he also noted that Web3 Philippines, as a non-tech builder community, can only improve web3 awareness through education and public relations. 

“Our way of pushing further adoption is to compel by building products mass consumers can use to support them in day-to-day needs. They don’t even have to know it’s web3, it just has to solve a problem and help them live better lives,” he added.

Isidro, on the other hand, stated that there should be a collaborative effort between people who are already learning web3 and the government. He also suggested using learning materials in different languages and dialects used in the country to promote inclusivity; as well as teaching the technology in schools to allow students to learn as early as now. 

“I always make sure that I really know what I am talking (about) before I share it with everyone. On web3, I always make sure that I can translate or break the information into much simpler terms for the newbies to understand. My partner who has no idea how the tech works is my number 1 student, if I can make her understand what I just learned about web3, then that is the time I move on to the next person and share what I’ve learned about it,” he answered when asked how he helps people understand web3 in his own efforts. 

Moreover, Isidro also shared his plans to rebuild his community whose sole purpose is to spread correct information about web3. 

Web3 Educational Initiatives in PH

To date, local and even some international web3 entities are actively providing web3 education for free to allow and help Filipinos understand and adopt the new technology.

This includes financial technology firms PDAX, Coins.ph, and Maya. Organizations and initiatives are also pushing for web3 awareness and education, such as SparkLearn EdTech, Metacrafters, Bitskwela, Web3 Metaversity and more

Global crypto firm Binance’s education platform Binance Academy, has also been active in the Philippines; one of its local initiatives is the Southeast Asia University Tour which just finished its first leg in the country where it visited five educational institutions.

Government Dabbling in Web3

Recently, cryptocurrency wallet and exchange Coins.ph and Bicol-based metaverse-focused platform Ownly, along with Bicolano web3 startups SparkLearn EdTech and Sparkpoint met with government agency leaders of Albay and Region 5 as well as local business owners to discuss the possible blockchain integration in the region.

Last month, DynaQuest, a blockchain and IT solutions provider, collaborated with the Bataan Public-Private Partnership and Investment Center to host a two-day workshop centered around distributed ledger technology (DLT). This initiative aligns with the province’s commitment to embrace and incorporate the technology into its existing systems. The government officials of the province also attended a workshop on blockchain technology in Switzerland, sponsored by their partner nChain.

This article is published on BitPinas: Only 25%: Why Filipinos Are Not Familiar with Web3 — Report

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.