For the third consecutive year, Adan has revealed the findings of its annual study on Web 3 and crypto in France and Europe, conducted in collaboration with KPMG and Ipsos.
In this latest edition, the study aimed to provide updated insights into the level of adoption among the general public in France and Europe, to assess the size of the industry, and to shed light on the challenges faced by Web 3 companies in 2024.
The data on adoption rates in France and Europe is derived from a survey conducted by Ipsos, with a sample size of 2001 French respondents aged 18 and above. Additionally, samples from other European countries such as Germany, the United Kingdom, Italy, and the Netherlands were included to provide comparative analysis. Respondents' ages ranged from 18 to 75 across all countries surveyed.
To complement Ipsos' data on adoption and update the figures on the Web 3 industry, a quantitative and qualitative questionnaire was administered to French companies operating in the sector. This part of the study, titled "Industry," delves into seven main themes, yielding 13 key insights.
Adoption by the general public and profile of crypto-assets holders
The study reveals that 6.5 million French individuals, constituting 12% of the population, currently own crypto-assets—a significant increase from the 9.6% reported last year. Moreover, 15% of French people have owned crypto-assets at some point, up from 13% the previous year. Notably, nearly a quarter of non-owners express interest in acquiring them in the future, indicating a substantial potential adoption pool in the years ahead.
The demographics of French investors show a rejuvenation, with 24% belonging to the 18-24 age group. Male investors still dominate, comprising 70% of crypto-assets buyers. However, there's a more balanced distribution among socio-professional categories, reflecting evolving investor profiles.
Most investors exercise caution, with 54% investing no more than 10% of their total savings in crypto-assets. Additionally, the study highlights a preference for "crypto-native" services among holders, although there's a growing interest in using traditional banking channels for crypto transactions.
Overview of the Web 3 industry
The Web 3 sector encompasses a diverse range of services beyond finance, with SMEs comprising 69% of the industry. While French investors predominantly support early-stage companies, concerns arise regarding long-term growth and sovereignty due to limited investment at later stages.
Despite economic challenges in 2023, confidence remains high among Web 3 companies, with many planning to raise funds and expand operations. The sector continues to target the 25-40 age group, which exhibits both purchasing power and a keen interest in Web 3 technologies.
Challenges persist in establishing relationships with banking and insurance actors, although the sector has witnessed improvements in partnering with fiscal, legal, and technical entities. Despite a temporary slowdown in growth, companies anticipate hiring and revenue expansion in 2024, supported by increased training opportunities in the market.
The findings underscore the evolving landscape of Web 3 and crypto in France and Europe, highlighting both opportunities and challenges for stakeholders in the sector.
Through rigorous research and analysis, the 2024 edition of the study provides valuable insights into the continued evolution and growth of Web 3 and crypto in the region. As the sector matures, it presents new avenues for innovation, investment, and societal impact, shaping the digital landscape of tomorrow.
Download the study on ADAN's website
