Insights from the Trends in Blockchain for 2023 Survey: A Data Study of the Crypto Space
In order to get a better understanding of the current state of the industry, we conducted a survey to gather insights from participants about their involvement in and views on Web3.
As the crypto space continues to evolve and grow, it is essential to stay up to date on the latest trends and developments. In order to get a better understanding of the current state of the industry, we conducted a survey to gather insights from participants about their involvement in and views on Web3. The results of this survey provide valuable information on the platforms and sources used to stay informed, factors influencing investment decisions, and the preferred methods of buying and selling tokens and coins.* By analyzing this data, we aim to gain a better understanding of the current trends in the blockchain and how they may shape the future of blockchain technology.
How long have you been involved in the crypto space?
Based on the results of our survey, it seems that the majority of respondents have been involved in Web3 for at least a couple of years, with about 45% having 2–5 years of experience and 22% having more than 5 years of experience. This suggests that decentralized technologies have a significant number of seasoned participants who have been around for a while and have a good understanding of how things work.
It’s also worth noting that there is a significant portion of newer participants, with 6.3% having 0–12 months of experience and 30.2% having 1–2 years of experience. This indicates that the blockchain industry is still attracting new users and that there is a continuous influx of people looking to get involved.
There could be a number of reasons why 45% of respondents have 2–5 years of experience in Web3. One possibility is that these individuals saw potential in the technology early on and decided to get involved. They may have believed in the potential of blockchain and cryptocurrency to revolutionize various industries and were excited to be a part of this change.
Another possibility is that these respondents saw the potential for financial gain in Web3 and decided to invest their time and resources in learning about it. They may have been attracted to the crypto market’s high volatility and potential for quick profits.
Regardless of the specific motivations, it seems that a significant portion of respondents have stuck around in the crypto space for a number of years, which suggests that they are committed to the industry and believe in its long-term potential.
Which tokens and coins do you feel confident about?
The results of this question suggest that a significant portion of respondents have confidence in a variety of different tokens and coins. The top five choices mentioned were Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Ferrum Network (FRM), and Binance Coin (BNB).
It’s worth noting that these are all established players in Web3, with Bitcoin and Ethereum being two of the most well-known and widely-used cryptocurrencies. Another choice for holding is Polkadot (DOT) due to its advanced technology. The inclusion of Ferrum Network in the top choices suggests that respondents are also interested in newer, up-and-coming projects and are keeping an eye on their potential. Binance Coin (BNB), the native token of Binance Smart Chain, also made the list, indicating that respondents have confidence in the platform and its role in the blockchain industry.
Overall, these results suggest that respondents have a diverse range of interests and are confident in a variety of different projects within the space of decentralized technologies.
What is your primary motivation for being involved in crypto?
The results of this question suggest that the majority of respondents are primarily motivated by the potential for financial gain in the Web3. 54% of respondents said that they are involved in Web3 because they believe it is a good investment and are looking for a high return on their investment. This suggests that a significant portion of respondents see the blockchain market as an opportunity to grow their wealth and are willing to take on some level of risk in order to reap the potential rewards. .
At the same time, a significant minority of respondents (27%) said that they are involved in Web3 because they believe in the underlying blockchain technology. These respondents may be more interested in technological innovations and the potential for blockchain to disrupt various industries rather than the financial aspect.
Finally, a small percentage of respondents (12.7%) said they are motivated by the sense of community in the crypto space. These individuals may enjoy being a part of a passionate and dedicated group of like-minded people who are all interested in the same thing.
Overall, the results of this question suggest that people are motivated to be involved in blockchain for a variety of different reasons, with financial gain and belief in the technology being the most common.
Do you prefer to hold onto your crypto assets for the long term, or do you regularly trade them?
A majority of survey respondents (65.1%) reported a preference for holding onto their cryptocurrency assets for the long term, also known as “HODLing.” This indicates confidence in the long-term potential of the Web3 market and a willingness to withstand short-term price fluctuations. In contrast, 28.6% of respondents stated that they engage in trading from time to time, seeking opportunities to buy low and sell high. Only a small percentage (1%) reported trading their digital assets on a daily basis. These results suggest that the crypto market is comprised of both long-term holders and more active traders, with a slight leaning toward the former.
Which community app do you prefer to use the most?
The results of this question suggest that a significant majority of respondents (71.4%) prefer to use Telegram as their primary crypto-community app. Telegram is a messaging app that is popular in the Web3 due to its focus on privacy and security, as well as the various features that make it well-suited for group communication and community-building.
A smaller percentage of respondents (20.6%) said they prefer to use Discord as their primary crypto-community app. Discord is a communication platform that is popular among gamers but has also gained traction in the decentralized space due to its focus on voice and text communication and its various features that make it well-suited for communities.
Overall, the results of this question suggest that Telegram and Discord are the two most popular platforms for crypto community communication, with Telegram having a clear lead, at least amongst surveyed participants.
Do you have any concerns about the security of your crypto assets? If so, what steps do you take to protect them?
The results of this question indicate that respondents have a range of concerns about the security of their digital assets. Some respondents reported that they have no concerns, while others mentioned specific steps they take to protect their assets, such as using hardware wallets, spreading their assets across different wallets, and using multi-factor authentication. Other respondents mentioned concerns about the potential for hacks, scams, and fraud and the need to be cautious when interacting with smart contracts and other Web3 applications. Still, others mentioned concerns about the possibility of losing their recovery phrases or private keys and the importance of being aware of potential backdoors and vulnerabilities in Web3 applications. Overall, these results suggest that security is a major concern for many people in Web3 and that there is a need for robust and user-friendly solutions that can help people protect their assets.
Have you ever participated in an initial coin offering (ICO), initial dex offering (IDO), or any other private or public sale? If so, what was your experience like?
The results of this question show that respondents have had a range of experiences with initial coin offerings (ICOs), initial dex offerings (IDOs), and other private or public sales. Most of the respondents reported that they have never participated in such sales, while others mentioned that they have had both positive and negative experiences. Some respondents mentioned that they had made good profits from participating in these sales, while others mentioned that they had lost money. Some respondents mentioned concerns about scams and bad actors in the space, while others mentioned that they had had good experiences with projects and teams they trusted. Still, others mentioned the importance of being aware of vesting periods, cliff periods, and other tokenomics considerations when participating in these sales. Overall, these results suggest that the ICO and IDO markets are diverse and dynamic and that it is crucial for participants to be aware of the risks and rewards of these sales.
Have you ever used any decentralized finance (DeFi) products? Such as staking, farming, providing liquidity, lending, borrowing, etc. If so, what was your experience like?
It seems like a majority of people have had positive experiences with DeFi products, such as staking, farming, providing liquidity, lending, and borrowing. Some people mentioned that they have lost money or encountered problems with specific DeFi platforms, but overall it seems that most people find DeFi to be a valuable and profitable way to manage their cryptocurrency assets. It’s essential to do thorough research and be cautious when using DeFi products, as with any financial product, to minimize the risk of losing money.
Who do you typically listen to or follow for crypto-related information and updates?
Many people typically listen to and follow various sources for crypto-related information and updates. Some popular sources include social media platforms like Twitter and Telegram, as well as news websites like Cointelegraph and Coindesk. Other individuals follow specific influencers or market leaders on YouTube and Twitter, while some prefer to do their own research and avoid following any one person blindly. Some people also follow the owners of the tokens they are invested in, while others rely on groups or chats on social media to stay informed. Some individuals even follow the updates and research of companies, such as Binance, or listen to podcasts for crypto news. It is important to have a diverse range of sources and to approach information with a critical eye, rather than blindly following any one person or platform.
What sources do you use to stay informed about the latest developments in the crypto world?
To stay informed about the latest developments in Web3, many sources are used by respondents. 88.9% use Twitter, while 55.6% watch YouTube and 33.3% read blogs. Around half use CoinMarketCap (52.4%) and Coin Gecko (49.2%), and around a quarter use Reddit (23.8%) and listen to podcasts (22.2%). A smaller number use crypto-related forums (28.6%), watch TikTok (4.8%) and use other sources (1.1%). It is clear that Twitter, YouTube, and blogs are the most popular sources for staying up to date on all things crypto.
Ferrum Network is actively engaged on Reddit and maintains a subreddit (https://www.reddit.com/r/FerrumNetwork/) where our community can stay up to date on the latest news and developments, and participate in discussions about the crypto space. We encourage our community to join us on Reddit and get involved in the conversation.
In your opinion, what are the biggest challenges facing the crypto industry today?
The results of this question indicate that respondents see a number of challenges facing Web3 today. One of the major concerns mentioned is the lack of interoperability, which refers to the ability of different blockchain platforms and systems to work together seamlessly. This is seen as a critical issue because it can hinder the growth and adoption of the crypto industry by making it difficult for different projects and networks to communicate and interact with each other.
Another concern mentioned is the bear market, which refers to a period of declining prices and negative sentiment in Web3. This can be a challenging time for investors and can make it difficult for projects to secure funding and attract new users.
Difficulties with user experience and onboarding were also mentioned as significant challenges. Many respondents noted that the process of getting started with crypto can be intimidating and confusing for new users and that the user interface and user experience of many platforms and tools have not improved as much as expected. This can make it difficult for the industry to attract new users and achieve mass adoption.
Risks of hacks and exchange failures were also mentioned as a major concern. Web3 has seen a number of high-profile hacks and exchange failures in the past, which can erode user trust and make it difficult for the industry to establish itself as a reliable and secure place to store and exchange assets.
Manipulation by whales, or large holders of a particular asset, was also mentioned as a challenge. These individuals can have a disproportionate impact on the market and can make it difficult for smaller investors to participate and for the market to function efficiently.
Lack of knowledge and transparency were also mentioned as challenges. Many respondents noted that there is a lack of understanding about blockchain among the general public and that the industry can be opaque, which can make it difficult for people to trust it and for the market to function effectively.
Concerns about scams and fraud were also mentioned as a significant challenge facing the crypto industry. There have been a number of high-profile scams and “rug pulls” (where a project suddenly disappears and takes user funds with it) in the past, which can erode trust in the industry and make it difficult for legitimate projects to gain traction.
Overall, these results suggest that Web3 is facing a range of complex challenges that will need to be addressed in order for it to continue to grow and mature.
What factors influence your decision to invest in a specific crypto project?
There are a few key factors that influence an individual’s decision to invest in a specific crypto project. Social media presence, or the project’s ability to effectively communicate and engage with its community, is an essential consideration for many investors. This can help to establish trust and build confidence in the project.
The team’s approachability is also an essential factor, as investors often want to interact with the team and ask questions or raise concerns. Clear and thorough documentation, including a well-written whitepaper, can also help to establish credibility and trust in a project.
Finally, some investors may be influenced by the hype and buzz surrounding a project. While this can be a double-edged sword, as hype can drive up demand and increase valuations, it can also be a risk if the project is not able to live up to expectations.
Do you have any other comments or thoughts about the crypto industry that you would like to share?
Some of the respondents mentioned that it is important to do your own research before investing in a specific Web3 project. They also emphasized the importance of having a solid and innovative team, as well as a track record of notable accomplishments. Social media presence, the approachability of the team, and the quality of the documentation and whitepaper were also mentioned as factors that influence investment decisions. Some respondents mentioned that they invest based on hype, while others cautioned against this approach. Many respondents also mentioned the importance of user experience in driving greater adoption of cryptocurrency. Some respondents highlighted the risks associated with centralized exchanges and the importance of protecting your assets against scams. Other comments included the need for more stability in the crypto market, the potential for Web3 to be used in everyday activities, and the belief that the blockchain industry is on the verge of significant changes.
In conclusion
In summary, Web3 is a dynamic and fast-moving space, with many sources and platforms for staying up to date on the latest developments. Most people rely on social media, particularly Twitter, as well as forums and blogs, to keep informed. When it comes to buying tokens and coins, Binance and PancakeSwap are the most popular platforms, with a smaller percentage using DEXs like UniSwap. Factors that influence investment decisions include the social media presence and approachability of the team behind a project, as well as the quality of the documentation and whitepaper. However, some people admitted to being influenced by hype when making investment decisions. In terms of other thoughts and comments about the industry, there was a mix of optimism and caution, with some people stressing the importance of doing one’s own research and protecting assets from scams and others expressing excitement about the potential for growth and innovation.
PART II — Ferrum Network
In the survey, we asked participants about their knowledge and opinions of Ferrum Network. Overall, it appears that awareness of Ferrum Network is relatively high among survey respondents, with a significant percentage indicating that they are familiar with the project. When asked about their opinions of Ferrum Network, the majority of respondents had positive things to say. Many cited the team behind the project and the innovative technology being developed as reasons for their favorable view. A few respondents mentioned that they had invested in Ferrum Network and had confidence in its potential for success.
We also asked survey participants about their involvement with Ferrum Network. A significant portion of respondents indicated that they are actively following the project and keeping up with its updates and developments. A smaller but still notable percentage of respondents reported being investors in Ferrum Network, while a minority said that they have not yet looked into the project but are interested in learning more.
The majority of respondents, 59.7%, learned about Ferrum Network through Twitter, while 24.2% learned about it through a friend. Online articles and YouTube also played a role, with 14.5% and 19.4% of respondents, respectively, learning about Ferrum Network through these channels. A smaller portion of respondents, 9.7%, learned about Ferrum Network through giveaways, and 7% learned about it through CoinMarketCap.
Out of the participants who took our survey, 61.3% stated that the team behind Ferrum Network influenced their decision to invest in the project. Additionally, 71% cited the technology behind Ferrum Network as a factor that influenced their investment decision. Transparency was also an essential factor for 43.5% of participants, while 46.8% cited the strength of the community as a factor that influenced their decision to invest. Finally, 17.7% mentioned that hype played a role in their decision to invest in Ferrum Network.
Overall, the majority of respondents who have used Ferrum Network’s platform or products had positive experiences. Some mentioned that there were some bugs or issues with certain products, such as Unifyre (which has since been retired) and the launchpad process, but overall they were satisfied with their experiences. Some also mentioned that they would like to see improvements in the user interface and user experience, as well as more regular updates and detailed explanations of specific processes. Despite these minor issues, most respondents were pleased with the reliability and functionality of Ferrum Network’s products.
When asked what sets Ferrum Network apart from other crypto platforms or projects, the most common responses were the team, transparency, and community. Suggestions for improving Ferrum Network or its products included:
- Improving the user interface and user experience.
- Increasing transparency and communication.
- Expanding the range of products and services offered.
Based on the results of our survey, Ferrum Network will be focusing on exploring other platforms and expanding our reach to new users in order to grow our community. With valuable data at our fingertips and a talented team, 2023 is shaping up to be a great year for Ferrum Network. We are confident that our efforts to constantly improve and innovate will continue to drive us forward in the crypto space.
*We are reading into all of this data bearing in mind that things may be skewed due to a large number of Ferrum community members as well as folks who are a degree of separation from Ferrum.
About Ferrum Network
Ferrum is ushering in the era of blockchain interoperability 2.0. Powered by a multichain messaging engine known as Quantum Portal, Ferrum Network’s mainnet will bring value, data, and functional interoperability to every chain in the industry.
Utilize Ferrum Network to build and deploy solutions on one network and instantly enable multichain functionality without the burden or technical debt that comes with managing a multichain infrastructure.
