NFTs Variety magazine ran a study in July to find out how consumers feel about non-fungible tokens (NFTs), especially those who haven’t bought any.
Just 15% of non-owners think NFTs are a good investment, while the majority of non-owners think NFT is a negative investment. The remainder, those who had an NFT already, were less carefree.
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- But since only 13% of those surveyed presently own NFT, it’s possible that non-owners perspectives will have a bigger influence on the market’s future.
- Owners of NFTs, on the other hand, view them from a quite different angle. Just 5% believe it to be a negative investment, whereas the majority (66%) do.
The term “Crossing the Chasm” was first used in the early 1990s by Geoffrey Moore. This indicates that in order for a new product to become widely accepted, it must appeal to more people than simply a limited number of innovators and early adopters.
Interestingly, early adopters typically make up 13.5% of the market. Whether NFTs have crossed the abyss is currently the biggest question in the room.
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They Might Have For a Particular Population
Unexpectedly, the age range of 15 to 29 has the highest penetration rate, with 25% of its members having an NFT. With a sharp decline among the elderly, the statistic for the 30- to 44-year-old age group is slightly lower.
In the past six months, ownership has declined slightly among the older age groups while remaining consistent in the youngest age group. Yet, given that about 1,000 people participated in GetWizer’s study, the numbers might not mean much.
A decrease in the general outlook was the part that NFT promoters found to be especially worrisome. For instance, 44% of respondents now believe NFTs to be a transformative idea, down from 58% in January. Similar to this, 59% of people—a 12 percentage point decline—believe NFTs will still exist in five years.
Quick fact: 57% of people are aware of NFT, an increase from 35% a year ago and an all-time high.
Dollar sales since the crypto crisis started in earnest in May have decreased from $3.1 billion to $647 million, according to CryptoSlam. Nonetheless, transactions only decreased by 12%, supporting those already working in the industry’s optimistic attitude.
Several in the industry believed that the future of NFTs would be as incentives or membership tokens that offered benefits to the owner before the NFT boom really took off. Recently, there has been a shift towards using NFTs that involve “membership” more frequently without referring to them as loyalty clubs.
People Also Ask
Q: What are NFTs?
A: NFTs (Non-Fungible Tokens) are unique digital assets that are stored on a blockchain. They can represent anything from digital art, music, videos, or even tweets.
Q: Are NFTs a good investment in 2022 and beyond?
A: As with any investment, it’s impossible to predict with certainty whether NFTs will be a good investment in 2022 and beyond. However, NFTs have gained significant popularity and attention in recent years, and there is a growing demand for unique and collectible digital assets. Some NFTs have sold for millions of dollars, which indicates that there is potential for significant returns. However, like any investment, there are risks involved, and it’s important to do your own research and understand the market before investing.
Q: What are the risks associated with investing in NFTs?
A: NFTs are a relatively new market, and as such, there is a lack of regulation and oversight. This means that it’s important to be cautious when investing in NFTs and to do your own research. Additionally, the value of NFTs is highly dependent on market demand, which can be unpredictable.
Q: How do I invest in NFTs?
A: There are various platforms where you can buy and sell NFTs, including OpenSea, Nifty Gateway, and SuperRare. You’ll need to set up a cryptocurrency wallet and fund it with Ethereum or other cryptocurrencies before you can start buying NFTs.
Q: Can I make money by creating and selling NFTs?
A: Yes, many artists, musicians, and other creators have made significant amounts of money by creating and selling NFTs. However, the success of an NFT depends on its uniqueness, quality, and market demand. It’s important to do your own research and ensure that your NFT are of high quality and in demand before listing them for sale.
Q: Is there a bubble in the NFT market?
A: There has been speculation about whether there is a bubble in the NFT market, and some experts have warned of a potential crash. However, others argue that the NFT market is still in its early stages and that there is significant potential for growth. As with any investment, it’s important to be cautious and do your own research before investing.
Wrap Up
Variety looked at the market from an entertainment perspective, but NFTs already have a wide range of sub-sectors. Activities like music, athletics, games, and other NFT are examples of activities that have proven to be useful and valuable.
Sports rights generate the majority of revenue because there is a ready market for collectibles, whether they are traditional or NFT, among sports fans worldwide. Despite the apparent decline in NFT interest, the Premier League in the United Kingdom is expected to announce an NFT agreement soon. The amount spent on rights may decrease if sentiment is low.
