The sudden hype around NFTs

What do people think about it?

NFTs, or non-fungible tokens, have become a hot commodity lately, with everyone from artists, musicians, sportspeople, and even entrepreneurs jumping on the NFT bandwagon and making thousands and even millions trading them. This report delves into public awareness and opinion about this latest blockchain-related digital trade.

From cartoon kittens, short video clips, artwork, and even a tweet, everything seems to be up for grabs and offered as digital assets in the crypto world. NFTs, which first appeared around 2015 but remained primarily speculative, are fast becoming mainstream now, thanks to celebrities like Jack Dorsey, Beeple, Logan Paul, Grimes, Patrick Mahome, Mark Cuban, and Kings of Leon, who are betting big on it. The concept, which involves unique tokens that certify ownership of a seller’s original property or art, is fast changing how things are traded in the digital world. Significantly, the phenomenal growth and adoption of NFTs will likely start to threaten traditional markets soon, particularly in the realm of art and entertainment. Given the ongoing crypto rage and the recent million-dollar NFT sales, how excited are people about this latest fad? Piplsay polled 30,390 Americans and 6,050 Britons nationwide to get some insights. Here is a summary of what we found:

Other Insights

• 37% of Millennials and 33% of Gen Xers in the US and 28% of Millennials and 17% of Gen Xers in the UK are quite aware of NFTs
• 38% of Gen Zers in the US think NFTs are just a fad as compared to 33% of Gen Xers and 28% of Millennials
• 41% of Millennials in the UK believe NFTs will be the future as compared to 38% of Gen Zers and 21% of Gen Xers
• 62% and 57% of Millennials in the US and the UK think celebrities should act responsibly given cryptocurrency’s environmental impact; highest amongst all ages

Survey Methodology: This Piplsay survey (powered by Market Cube) was conducted nationwide in the US and the UK from March 29-31, 2021. We received 30,390 and 6,050 online responses respectively from individuals aged 18 years and older.