New Survey by United Talent Agency Finds 65  Million Americans Are ‘NFT Curious’

A survey by United Talent Agency recently found that 6% of U.S. consumers ages 16-54 have owned an NFT, either through purchase, winning it or receiving it as a gift, but 38% want to own an NFT in the future. Combined, that equates to 65 million U.S. consumers ages 16-54.

Respondents who indicated they are interested in learning more about NFTs or owning a digital asset in the future were classified as “NFT curious.” Of those, 8 in 10 believe NFTs are more than just “hype,” and three-quarters of those aware of NFTs are interested in creating one themselves.

The survey was conducted after the widely reported sale last year of an NFT by the digital artist Beeple for $69 million, which both set the high water mark (so far) for an NFT sale and triggered an NFT boom. Since nobody expected every NFT to sell for millions of dollars, UTA wanted to get a sense of where the industry is headed, said Lesley Silverman, Head of UTA Web3.  

 “The impetus for this study was the talk of big numbers for NFTs and we wanted to know what was driving the boom cycle,” Silverman said.

The survey found that reports of NFTs selling for huge sums both generated interest among consumers while creating a perception that price might put NFT ownership out of reach. Joe Kessler, Global Head of UTA IQ, said the survey was conducted during a “frothy” period in the NFT market following the Beeple sale but ultimately showed that there is a sustained market for NFTs, at least potentially.

“We found that consumers have their own motivations for purchasing NFTs, and that there are barriers to entry,” Kessler said. “The most significant barriers are education and access. Interested consumers don’t know how to purchase an NFT. They need a way that is easy and accessible.”

Profit and fandom drive NFT interest

In the time since the survey was conducted and released, the top of the NFT market has declined, but consumer interest in acquiring an NFT, either as a memento, an investment, or as an aesthetic purchase, has grown. The survey found the single biggest motive for the NFT curious is to make a profit, but simple pride of ownership is also a major motive.

“There will always be a case for art for art’s sake, no matter what the medium,” said Silverman, noting that the survey found half of NFT owners display their NFT on social media and one-in-three display them in their homes. There is much interest in platforms for displaying NFTs, much as a person would hang a painting or a poster on their wall.

“I think that is a logical turn for the market,” Kessler said.

But what can I do with it?

The vast majority of consumers surveyed – 92%, to be precise – who are NFT curious believe brands have a role to play in the NFT space. Forty percent said they like when brands create NFTs connected to physical goods or rewards, and one-in-three consumers believe NFTs can bring fans closer to creators.

Silverman said consumers are eager to see NFTs connected to an experience or object in the physical world, perhaps as the ticket to a concert which they can keep as a memento, or something like a coupon that can be redeemed for an item at a store.

 “People want to be able to exchange an NFT for something in the physical world, or to gain entry to an event,” she said. “Utility feels like the buzzword of the market.”

The survey found that while interest in NFT ownership rose with income, people are clearly price constrained. The survey found consumers generally were willing to pay between $100 and $1,000 for an NFT.

“There is a strong indication we will see a lot more consumer interest, but a thousand dollars is still a lot of money,” Silverman said.

Kessler observed that during the pandemic, when live entertainment and movie theaters were closed, fans quickly shifted to interact with artists in new, or at least previously little used, ways. Live streaming of concerts and movies increased dramatically, as did the amount of time people spent online. While NFTs existed before the pandemic, it was during the pandemic that the public became far more aware of them. The survey found that there is most interest in owning NFTs connected to music and video games.