If you have been keeping up with crypto and blockchain news, you probably know what non-fungible tokens are (NFTs). In line with this, a recent survey by the Pew Research Center has revealed that about half of U.S. adults have heard of NFTs, but only a mere 2% have bought one.
NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated. They rely on blockchain and crypto technology to turn digital art, such as images or items in video games, into something that cannot be exchanged for another.
While the NFT market has been down for most of the time in 2022, it still processes about $24.87 in weekly trade volume, according to data from the Block.
46% of U.S. Adults Have Heard Of NFTs
NFTs had their day in the sun during the 2021 bull market, with top crypto collections such as CryptoPunks sold for tens of millions of dollars. This class of digital assets has caught the attention of top celebrities, including musical artists, journalists, actors, and athletes who have helped in their marketing. As a result of such promotional efforts, about 49% of U.S. adults “have heard at least a little about non-fungible tokens,” according to a survey by Pew Research Center. This includes 11% of those surveyed who said they had heard much about NFTs.
The study also found that only 2% of U.S. adults have bought this digital art class.
“About half of U.S. adults (49%) say they have heard at least a little about non-fungible tokens, including 11% who have heard a lot. But just 2% of Americans say they have bought an NFT.”
The Pew data also revealed evident splits along demographic groups defined by gender, age, ethnic background, and income levels. According to the research, men (22%) were likelier to have heard of NFTs than women (10%). Against this, more men (3%) said that they had bought an NFT compared to women at 1%.
In addition, 69% of young adults aged between 18 and 29 years said they had heard at least a little about NFTs, compared with those in the older age brackets, with 56% of those aged 30 to 49 years and only 36% of those aged 50 years and above.
Looking at age and gender together, the report revealed significant differences. For instance, men in the 18-29 age bracket were more likely to have heard little about NFTs at 79% compared to women in the same age group at 58%. Interestingly, both men and women under 30 were equally likely to say that they had purchased an NFT. This figure was 5% for men and 7% for women between 18 and 29.
NFT Awareness Varies With Race, Ethnicity, and Income Levels
Pew Research Center analysts also noted that “the share of adults who have heard about NFTs also varies by race, ethnicity, and income.”
According to the survey findings, Asian Americans were the most likely to say that they have heard at least a little about digital art assets (66%) among the studied ethnic and racial groups. This percentage was 49% and 48% for White and Hispanic adults, respectively, and 38% for Black Americans. Notable was the high percentage of Hispanic and Black adults who said they had bought an NFT (5% and 4%, respectively).
In addition, wealthy adults were twice as likely as low-income people to know about NFTs (66% vs. 36%). However, low-income respondents were more likely to have bought at NFT at 3% compared to the other income classes, which were both at 2%.
The research also revealed that the fraction of U.S. adults that had invested, used, or traded in cryptocurrencies had remained the same since September 2021. This lack of change is experienced despite the increased attention that cryptos have received this year, even from mainstream media platforms and government institutions.
The United States is a cryptocurrency hub with leading crypto trading platforms, including Binance US, Coinbase, and FTX US operating within its jurisdiction. These exchanges serve millions of U.S. adult crypto investors.