Ali Raza
Around half of US adults have heard of non-fungible tokens (NFTs), but only 2% of Americans have bought an NFT, according to a new survey conducted by Pew Research between June 5 and June 17, 2022.
49% of us adults have heard of NFTs
NFTs have boomed in popularity over the past year. In the US, much attention has gone to NFTs because of the crypto marketing efforts of athletes, artists, and journalists. Following such endorsements, 49% of US adults have heard about NFTs, with 11% saying they have heard a lot about these assets, according to a new survey.
The survey also found that only 2% of US adults have bought an NFT. The survey classified the penetration of the NFT market by gender and age, where men were 22% more likely to have heard of NFTs than women.
Additionally, 69% of US adults aged between 18 and 19 have heard a little about NFTs. NFT awareness seems to be higher among the older demographic, with 56% of those aged between 30 and 49 saying they have heard of NFTs compared with 36% of those aged above 50 years.
The survey results further broke down NFT awareness regarding race, ethnicity, and income. 66% of Asian Americans have heard about NFTs, while around half of the White and Hispanic adults have heard about NFTs. Only 38% of the Black adults said they heard about NFTs.
US adults that had higher incomes were more likely to have heard about NFTs. 66% of high-income earners were knowledgeable about NFTs compared to 51% of middle-income earners. Only 36% of low-income earners have heard about NFTs. Small percentages of each of these income groups have bought NFTs.
US adults have invested in cryptocurrencies
While only a small section of US adults have invested in NFTs, many have invested in cryptocurrencies such as Bitcoin and Ether. The survey results showed that out of the 16% of US adults that have admitted to having cryptocurrency investments, 46% have said that their investments have performed poorly.
Cryptocurrency prices have been on a downtrend since the beginning of the year, hence the high number of US adults that decry the losses made from their investments. Despite the high number of Americans who have said their investments have made losses, only 15% have said that their investments have performed above their expectations. 8% said they were not sure of how their investments had performed.
The survey also showed that the share of US adults that had invested, traded, or used cryptocurrencies had remained unchanged since September last year. The lack of change comes despite the increased attention that cryptocurrencies have received this year, even from mainstream media platforms.
The US is a hub for leading social trading platforms, including Binance US, Coinbase, and FTX US. These exchanges have attracted millions of US adult crypto investors.
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This article was written for Business 2 Community by Ali Raza.
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