Tech

People love NFTs but don’t know what to do with them

NFTs have moved through culture and commerce to an uncertain future in which they will either have an enduring impact on digital ownership or be a foamy fad. A new survey from United Talent Agency’s Web3 division and its data, analytics and research arm, UTA IQ, offers a better glimpse into the future.

“We really wanted to understand where this market is really going,” says Joe Kessler, Global Head of UTA IQ. “What is it really made of? Who is really participating? And who do we think will take part later?”

UTA’s survey, conducted among more than 1,500 U.S. teens and adults ages 16 to 54, found that 6% of respondents currently own an NFT, but 38% would like to own one in the future, indicating a potential market of 65 million people. The predominant demographic group for owning NFT is heavily male (59%), millennial (62%), white (66%), and with a median household income of $92,000.

But the NFT market could be heading towards more inclusivity across the board, albeit with modest gains.

Of the people who do not currently own NFTs but intend to do so in the future, 46% are women compared to 53% men. Gen Z and Gen X will be more represented at 16% and 33% respectively (Millennials 51%). Black (10%), Asian (12%) and Hispanic (15%) demographics are projected to own more NFTs, although at 64% they are still dwarfed by White owners. And the median household income is expected to drop to $81,000.

[Image: UTA]

The top five areas of interest for NFTs right now are tech, music, gaming, sports and travel. Future NFT owners will be mostly interested in that, except cooking is surprisingly knocking gaming out of the ladder. Similarly, the most desirable types of NFTs (e.g. digital art, trading cards/collectibles, etc.) will remain stable – but future NFT owners are far more interested in redeemable physical goods and TV show/movie assets than they are Memes or brand-related moments.

The UTA survey also examined the key market drivers for NFTs and found profit and pride at 63%, followed by product ownership (50%), fandom (48%) and access (37%).

“There’s this notion of flex in the NFT space, and digital property is inherently connected to flex,” says Lesley Silverman, Head of Web3 at UTA. “And so there’s a whole new generation of people who are going to feel really seamless with the idea of ​​digital ownership and physical ownership.”

Consumer NFT creation is also predicted to increase: currently 2% have created an NFT but 3 out of 4 are interested, representing 125 million consumers.

All in all, there is still a large education gap in the NFT field. According to the UTA survey, 69% of people don’t know how to buy NFTs or what to do once they own one.

“There will be less friction into space because new application layers have been built and companies have focused on helping people onboard faster and more seamlessly,” says Silverman.

What also needs to be addressed in order to have a sustainable market are the top concerns of current and prospective NFT owners: theft or fraud of an NFT (58%), market volatility (49%) and the environmental impact of minting NFTs (22%). .

Read UTA’s full survey here.

https://www.fastcompany.com/90740609/people-are-excited-about-nfts-but-still-dont-know-what-to-do-with-them-uta-survey-finds?partner=feedburner&utm_source=feedburner&utm_medium=feed&utm_campaign=feedburner+fastcompany&utm_content=feedburner People love NFTs but don’t know what to do with them

JACLYN DIAZ

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