Talking research News & PR

PRESS RELEASE: NFTs Failing to Gain Traction With Consumers, But Brands Should Remain Hopeful

  • By Getwizer team
  • November 27, 2022
  • 3 min
Back

The popularity of NFTs (Non-Fungible Tokens) remains limited with just under 11% saying they actually own one or more, according to research conducted by Getwizer, the hybrid consumer insights platform. While an additional 20.5% of respondents say they are knowledgeable about NFTs, almost 70% of consumers say they either don’t know much about (35.4%) or have never heard of NFTs (33.2%).

The performance of NFTs among younger age groups is noticeably more prevalent, with ownership levels hitting 16% for Gen Z (under age 25), 20% for 25-to-34 year olds, and nearly 18% for those between 35 to 44. Men are also more likely to dabble in NFTs, with almost 15% saying they own at least one, compared to just over 7% of women, according to Getwizer’s research.

Ethnicity also impacts on ownership levels, with NFTs being most popular among Hispanics (almost 16%) compared to Caucasians (less than 11%), African Americans (8.4%) and others (9.5%).

Even though currently only one-in-ten consumers actually own an NFT, Getwizer found 43% of consumers have some level of interest in purchasing one, with:

The majority, however, show little or no interest in NFTs

Interest in NFTs, like ownership, also differs depending on ethnicity. While only 4% of Caucasian respondents were extremely interested in NFTs, this compared to 16.5% of African Americans, 16.1% of Hispanics and 15.7% of others.

“The levels of consumer interest are very positive, given that currently the majority of people know little or nothing about NFTs,” says Alex Frankel Schorr, VP, Global Client Success at Getwizer. “The research shows that brands who embrace NFTs have an opportunity to bridge the educational gap in the market. So, for forward-thinking brands, the research points to a host of opportunities to play a transformational role in this emerging sector.”

While NFTs are available across a wide variety of categories, the most popular among consumers, according to Getwizer’s research, are:

“The potential, which spans multiple categories, is significant for brands interested in using NFTs as part of their promotional, marketing and business strategy,” says Alex Frankel Schorr, VP Global Client Success at Getwizer. “Our research, for example, shows that apparel brands can use NFTs as tokens to give access to exclusive physical products or to access digital clothing that can be worn in the metaverse. Such targeted research will reveal how best brands can develop their NFT strategy to match their product line and customer base. In such a young, evolving sector, consumer research will be key for success.”

The survey was conducted by Getwizer during the summer of 2022 using a sample of adults (18+) that was representative of US Census data in terms of age, gender, ethnicity, and region.

Media contact:

Roni Dagan

roni.dagan@getwizer.com

About Getwizer

Getwizer is a hybrid consumer insights platform integrating the very best of tech and human expertise to deliver a custom, quick and efficient research experience. We enable insights, product and marketing teams to study whatever they need, whenever they need it, freeing them up to focus on decision-making that drives growth. Getwizer counts among its clients brands such as Reebok, Wilson Sporting Goods, Playtika and Next Insurance. For more information visit www.getwizer.com.

Get started

You too can test anything, anytime, over and over again.

We'll be in touch soon. Privacy settings