CandleFocus

Africa dominates Web3 adoption as it outpaces the west

Author: Content Editor
Summary: The adoption of Web3 technologies in Africa is increasing, with Big Tech companies playing a significant role. Over 66% of surveyed African consumers are aware of cryptocurrency. African blockchain businesses have seen increased funding and deal activity. Nigeria, South Korea, South Africa, Brazil, and India have higher cryptocurrency awareness compared to Japan and Indonesia. Crypto cross-border payments are in demand in Africa due to lower transaction fees. Digital financial transactions are on the rise, with Nigeria, South Africa, Egypt, and Kenya leading the way. GameFi, particularly play-to-earn games, is growing in popularity in Ethiopia, Kenya, Nigeria, and South Africa. The cryptocurrency market in Africa has grown significantly, with Tanzania, Kenya, and South Africa being among the top adopters. Blockchain technology has potential application in various sectors, including SME financing, supply chain, governance, and education verification. Kenya has a high crypto adoption rate. The eNaira has seen substantial usage and transaction volume in Nigeria. South Africa is utilizing Web3 technologies, including blockchain and AI, in the agriculture sector. Large U.S. fintech companies are expected to expand operations in Africa. Remittances play a significant role in Sub-Saharan Africa's GDP.

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